Does reputation matter? Evidence from share repurchases
Does reputation matter? Evidence from share repurchases
复制标题
DOI：
10.1016/j.jcorpfin.2019.05.006
复制
发表时间：
2019-10
影响因子：
6.1
通讯作者：
K. Ota;Hironori Kawase;David Lau
中科院分区：
文献类型：
--
作者：
K. Ota;Hironori Kawase;David Lau
本文研究了在评估公开市场回购公告时，股票市场是否会考虑通过管理层盈利预测历史建立的公司声誉。我们将这种已建立的声誉称为公司的“预测声誉”。我们发现，虽然股票市场认为公司的“回购声誉”（代理先前的回购完成率），它也认为公司的预测声誉建立从先前的管理盈利预测的准确性，这表明预测声誉的溢出效应。此外，两个声誉变量之间的交互作用检验表明，当公司的回购声誉较低时，市场对公司的预测声誉的反应更大。其他分析表明，当一家公司首次宣布股票回购计划时（即，当没有回购声誉时），投资者转向公司内部的预测声誉作为声誉的替代来源，以此评估回购公告的可信度。总的来说，我们的研究提供了证据表明，公司通过多种来源的公告在市场上建立声誉。
This paper examines whether the stock market considers the firm's reputation established through a history of management earnings forecasting when it evaluates open market repurchase announcements. We refer to this established reputation as the firm's “forecast reputation”. We find that while the stock market considers the firm's “repurchase reputation” (proxied by prior repurchase completion rates), it also considers the firm's forecast reputation established from the accuracy of prior management earnings forecasting, suggesting a spillover effect of forecast reputation. Further, interaction test between the two reputation variables reveals that the market reacts more to the firm's forecast reputation when its repurchase reputation is low. Additional analyses suggest that when a firm announces a share repurchase program for the first time (i.e., when there is no repurchase reputation), investors turn to the forecast reputation within the firm as an alternative source of reputation, on which the credibility of repurchase announcements is assessed. Overall, our study provides evidence that firms establish a reputation in the market through multiple sources of announcements.