{"title":"Determinants and consequences of sales/production report issuance","authors":"","doi":"10.1016/j.bar.2023.101266","DOIUrl":null,"url":null,"abstract":"<div><p>This study empirically examines the determinants and consequences of firms’ issuance of sales/production reports. Our findings demonstrate that firms choose to issue these reports in order to meet the information needs of investors, supply chain<span> participants, and industry peers. As a result, these firms experience higher firm value, attributed to improvements in the information environment, increased trade credits, and strengthened tacit collusion. Our results remain robust when considering endogeneity and when replacing the binary issuance variable with the frequency of sales/production reports. Furthermore, the stock market shows a significant response to the information contained in these reports, reflected in larger abnormal returns and trading volumes, and the market reaction is positively related to the news conveyed by these reports. Overall, our findings indicate that the issuance of sales/production reports brings about economic benefits.</span></p></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":null,"pages":null},"PeriodicalIF":5.5000,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"British Accounting Review","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0890838923001233","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
This study empirically examines the determinants and consequences of firms’ issuance of sales/production reports. Our findings demonstrate that firms choose to issue these reports in order to meet the information needs of investors, supply chain participants, and industry peers. As a result, these firms experience higher firm value, attributed to improvements in the information environment, increased trade credits, and strengthened tacit collusion. Our results remain robust when considering endogeneity and when replacing the binary issuance variable with the frequency of sales/production reports. Furthermore, the stock market shows a significant response to the information contained in these reports, reflected in larger abnormal returns and trading volumes, and the market reaction is positively related to the news conveyed by these reports. Overall, our findings indicate that the issuance of sales/production reports brings about economic benefits.
期刊介绍：
The British Accounting Review*is pleased to publish original scholarly papers across the whole spectrum of accounting and finance. The journal is eclectic and pluralistic and contributions are welcomed across a wide range of research methodologies (e.g. analytical, archival, experimental, survey and qualitative case methods) and topics (e.g. financial accounting, management accounting, finance and financial management, auditing, public sector accounting, social and environmental accounting; accounting education and accounting history), evidence from UK and non-UK sources are equally acceptable.
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