CEO Political Ideology and Voluntary Forward-Looking Disclosure

被引：3

作者：

Elnahas, Ahmed ^{[1
]}

Gao, Lei ^{[2
]}

Hossain, Md Noman ^{[3
]}

Kim, Jeong-Bon ^{[4
,5
]}

机构：

[1] Univ Texas Rio Grande Valley, Robert C Vackar Coll Business & Entrepreneurship, Edinburg, TX 78539 USA

[2] George Mason Univ, Costello Coll Business, Fairfax, VA USA

[3] Cent Washington Univ, Coll Business, Ellensburg, WA USA

[4] Simon Fraser Univ, Beedie Sch Business, Burnaby, BC, Canada

[5] City Univ Hong Kong, Coll Business, Hong Kong, Peoples R China

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2023年

关键词：

INSTITUTIONAL INVESTORS; MANAGEMENT; ATTITUDES; CULTURE; RISK; OVERCONFIDENCE; INCENTIVES; LITIGATION; BEHAVIOR; MERGERS;

D O I：

10.1017/S0022109023001023

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study investigates whether the management earnings forecasts of Republican and Democratic CEOs differ due to systematic differences in their information disclosure preferences. We find that Republican CEOs prefer a less asymmetric information environment than Democrat CEOs, and thus make more frequent, timelier, and more accurate disclosures than Democrat CEOs. Results using the propensity score matched sample and difference-in-differences analysis show that our results are unlikely to be driven by potential endogeneity. Our results are robust to controlling for various CEO characteristics and are stronger for firms with higher levels of institutional ownership and litigation risk.

引用

页数：37

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