Does Share Pledging Affect Management Earnings Forecasts?

被引：5
|
作者：
Wang, Xin [1 ]
Xiong, Jiacai [2 ]
Ou, Jitao [3 ]
机构：
[1] Renmin Univ China, Sch Business, Beijing, Peoples R China
[2] Jiangxi Univ Finance & Econ, Sch Accounting, Nanchang 330013, Jiangxi, Peoples R China
[3] Hong Kong Baptist Univ, Dept Math, Kowloon Tong Kowloon, Hong Kong, Peoples R China
来源：
EMERGING MARKETS FINANCE AND TRADE | 2022年 / 58卷 / 02期
基金：
中国国家自然科学基金;
关键词：
Share pledging; the risk of losing control right; management earnings forecast; DIRECTORS; STOCK;
D O I：
10.1080/1540496X.2020.1776695
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We examine the impact of share pledging (SP) on management earnings forecasts (MEFs). Our findings suggest that an SP firm has more optimistic MEFs than a non-SP firm, suggesting that SP contributes to more optimistically biased MEFs. In addition, an SP firm is more likely to provide less specific MEFs than a non-SP firm. The results are robust to alternative measures of SP and MEFs and accounting for endogeneity. Additional analysis suggests that when the controlling shareholder has a high risk of losing control rights (the firm is located in a high marketization region or the stock has a high crash risk) or the corporate governance is poor, the impact of SP on optimistic MEFs and vague MEFs is magnified.
引用
收藏
页码：512 / 524
页数：13
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