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Managerial career concerns and the content of corporate disclosures: An analysis of the tone of earnings press releases

机译:管理职业问题和公司披露的内容:盈利新闻发布的基调分析

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摘要

This study examines how the narrative content of corporate disclosures is affected by managers' career concerns, measured by the enforceability of noncompete provisions in employment contracts. We provide empirical evidence that career concerns lead managers to manipulate the content of corporate disclosures by inflating the tone of earnings press releases to convey a more optimistic picture about the firm's financial performance. We ensure the causality of our findings by exploiting changes to noncompete enforceability following court rulings. We also show that tone inflation is stronger when CEOs are younger, less capable and less experienced, as well as for managers of firms with more independent boards, more analysts following and better governance.
机译:本研究探讨了公司披露的叙述内容如何受到管理人员的职业问题的影响,通过在就业合同中的非股份条款的可执行性来衡量。我们提供了经验证据,职业生涯涉及牵头管理人员通过膨胀盈利新闻发布的基调来操纵公司披露的内容,以传达关于该公司的财务业绩的更乐观的榜样。我们通过在法院裁决之后利用对非匹配可执行性的变化来确保我们的结果的因果关系。我们还表明,当首席执行官年龄更年轻,较少的能力和更不经验,以及拥有更多独立董事会的公司的管理人员,更多的分析师跟随和更好的治理,以及更好的治理。

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