The spillover effects of managers' evasiveness: Evidence from earnings communication conferences

被引：0
|
作者：
Yang, Baochen [1 ]
Ren, Xiaoning [1 ]
Liu, Yifang [2 ,3 ]
机构：
[1] Tianjin Univ, Coll Management & Econ, Tianjin, Peoples R China
[2] Tianjin Univ Technol, Sch Management, Tianjin, Peoples R China
[3] 391 Bin Shui Xi Dao Rd, Tianjin 300384, Peoples R China
来源：
ACCOUNTING AND FINANCE | 2024年 / 64卷 / 03期
基金：
中国国家自然科学基金;
关键词：
earnings communication conferences; managers' evasiveness; spillover effects; textual analysis; INFORMATION TRANSFERS; AGENCY COSTS; DISCLOSURE; EXTERNALITIES; DEBT;
D O I：
10.1111/acfi.13234
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We investigate how managers' evasiveness affects peer firms' stock returns. Managers' evasiveness is measured by the degree of managers' irrelevant answers and non-answers during earnings communication conferences. Our results show that peer firms' investors react negatively to managers' evasiveness. Moreover, we find that the spillover effects are stronger for peer firms with lower information transparency, and the leading firms with a higher market power or a higher leverage ratio.
引用
收藏
页码：2789 / 2815
页数：27
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