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

页码：512 / 524

页数：13

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