政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/143127

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政大機構典藏 > 商學院 > 會計學系 > 期刊論文 > Item 140.119/143127

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题名:	The Information-Leveling Role of Management Forecast Consistency in Facilitating Investment Efficiency
作者:	金成隆 Chin, Chen‐Lung Chiu, Peng-Chia;Haight, Timothy;Yu, Po-Hsiang
贡献者:	會計系
关键词:	management forecast properties;information environment;investment efficiency;market frictions
日期:	2024-05
上传时间:	2023-01-31 16:32:25 (UTC+8)
摘要:	This study examines whether voluntary disclosure enhances investment efficiency through its information-leveling role in the capital markets. We argue that investment efficiency improves with the quality of managers’ past earnings forecasts because past forecast quality alleviates information frictions that inhibit firm access to investment capital. Our empirical results are consistent with this argument. To start, we document a baseline positive association between management forecast consistency and investment efficiency. Building on this result, we find that the consistency effect strengthens when cross-sectional attributes indicate higher information frictions and when industry-wide accounting quality is negatively shocked. In addition, we find that consistency effects are stronger for financially constrained firms and that consistency is associated with lower bid-ask spreads and positive changes in equity issuance. Overall, we show that building a reputation for high quality management earnings forecasts can help firms overcome information frictions that contribute to suboptimal investment.
關聯:	European Accounting Review, Vol. 33, No. 2, pp.519-543
数据类型:	article
DOI 連結:	https://doi.org/10.1080/09638180.2022.2105368
DOI:	10.1080/09638180.2022.2105368
显示于类别:	[會計學系] 期刊論文

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