Business and financial information integration and voluntary management earnings forecasts

• 作者: Jing Huang Zhe Li Zipeng Mei
• 来源期刊: 中国会计学刊:英文版
• 学科: 经济
• 关键词: Business and financial information integration Voluntary management earnings forecasts(VMEF) Textual analysis Management discussion and analysis(MD&A) Media coverage
• 年，卷（期）: 2020,（3）
• 页码范围: 291-307
• 页数: 17页
• 分类号: F832.51

摘要

In this study,the impact of business and financial information integration(BFⅡ)on the voluntary management earnings forecasts(VMEFs)of listed firms in China between 2008 and 2018 is investigated.Drawing on litigation cost and ability signaling theories,we find that the adoption of BFⅡencourages top managers to disclose VMEFs.BFⅡfirms are identified through the textual analysis of management discussion and analysis(MD&A)reports,and the empirical results indicate that BFⅡfirms have a higher probability and frequency of issuing VMEFs than non-BFⅡfirms.The results remain robust after we identify causality by applying a propensity score matching and difference-in-differences(PSM-DID)test and use an alternate measure of BFⅡ.Further tests show that BFⅡfirms issue more accurate VMEFs and are able to issue them at an earlier stage.We also find that the positive relationship between BFⅡand VMEFs is weakened if the media expresses concern about the uncertainty of BFⅡadoption.