Customer concentration and management earnings forecast
Customer concentration and management earnings forecast
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DOI：
10.1080/20954816.2019.1667600
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发表时间：
2019-10
期刊：
影响因子：
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通讯作者：
Jianbo Song;Xin Wang
中科院分区：
文献类型：
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作者：
Jianbo Song;Xin Wang
摘要客户是企业重要的外部利益相关者之一。本文利用2007 - 2015年中国上市公司的数据，从管理层盈余预测的角度考察客户集中度对信息披露的影响。实证结果表明，客户群体越集中，企业披露的盈利预测越积极。此外，客户集中度与管理层盈余预测之间的正相关关系在经济政策不确定性较高的情况下更为明显。进一步分析表明，企业发布更积极的盈利预测是为了降低融资风险，保护其特定关系投资。客户集中度降低了盈利预测的一致性，因为预测业绩与实际业绩的偏差较大。本文丰富了有关管理层盈余预测的决定因素和利益相关者对公司财务行为的影响的文献。我们的研究结果也为投资者、监管机构和各种利益相关者理解管理层盈余预测决策提供了启示。
Abstract Customers are one of the key external stakeholders for a company. Using Chinese listed companies’ data from 2007 to 2015, this paper examines the impact of customer concentration on information disclosure from the perspective of management earnings forecast. Empirical results show that a more concentrated customer base induces companies to disclose more positive earnings forecast. In addition, the positive association between customer concentration and management earnings forecast is more pronounced with higher economic policy uncertainty. Further analyses reveal that companies issue more positive earnings forecast to reduce the financing risk and protect their relationship-specific investment. Also, customer concentration reduces the consistency of earnings forecast since the deviation of the forecast performance and the actual performance is greater. This paper enriches the literature on the determinants of management earnings forecast and the effects of stakeholders on corporate financial behaviour. Our findings also provide implications for investors, regulators, and various stakeholders to understand management earnings forecast decisions.