The perceived credibility of forward-looking performance disclosures
The perceived credibility of forward-looking performance disclosures
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DOI：
10.1080/00014788.2013.867403
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发表时间：
2013-04
影响因子：
1.7
通讯作者：
V. Athanasakou;K. Hussainey
中科院分区：
文献类型：
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作者：
V. Athanasakou;K. Hussainey
我们调查的前瞻性业绩披露（FLPDs）在年度报告的叙述部分的可信度，投资者认为。我们对这些披露的替代是关于未来业绩的声明索引。我们发现，公司在增加债务或在财务报表中传达坏消息时会发布更多的FLPD。在存在这些管理激励措施的情况下，投资者对FLPD的依赖随着经审计财务报表中报告的收益质量的提高而增加。我们的研究结果表明，公司从高质量的盈利声誉中获得了更高的可信度。
We investigate the credibility of forward-looking performance disclosures (FLPDs) in the narrative sections of annual reports, as perceived by investors. Our proxy for these disclosures is an index of statements about future performance. We find that companies issue more FLPDs when raising debt or conveying bad news in the financial statements. In the presence of these managerial incentives, investor reliance on FLPDs increases with the quality of earnings reported in the audited financial statements. Our results suggest that firms derive a benefit in terms of higher credibility for their narrative disclosures from having a reputation for high quality earnings.