This paper examines the relation between a series of past earnings increases and the credibility of voluntary management earnings forecasts. We demonstrate that both analyst forecast revisions and stock price reactions around management earnings forecasts that contain good news are more...

Using firm-level union membership data for the period of 2002–2016, we show that firms with higher union membership are more likely to engage in real earnings management than accrual-based earnings management, with abnormal production as the dominant form of real earnings management. We...

Using the exogenous adoption of state-level constituency statute as a natural experiment for corporate stakeholderism and the data of U.S. manufacturing firms for the period of 1980-2018, we find that firms increase their inventory holdings after the adoption of the statute. This effect is more...