Do Earnings Announcements Affect Employee Spending? Evidence from Transaction Data*

IF 10.4 2区管理学 Q1 BUSINESS, FINANCE

Journal of Accounting Research Pub Date : 2026-03-25 Epub Date: 2025-11-05 DOI:10.1111/1475-679X.70027

Ben Lourie, Alexander Nekrasov, Phong Truong, Chenqi Zhu

{"title":"Do Earnings Announcements Affect Employee Spending? Evidence from Transaction Data*","authors":"Ben Lourie, Alexander Nekrasov, Phong Truong, Chenqi Zhu","doi":"10.1111/1475-679X.70027","DOIUrl":null,"url":null,"abstract":"<div>\n \n <p>Leveraging micro-level data on individual employees’ bank and credit card transactions, we examine the impact of earnings announcement (EA) news on employee spending. Utilizing an event study methodology, we find strong evidence that EA news elicits significant reactions in employee spending. These reactions are stronger for employees located in the firm's headquarters state, with longer tenure, possessing investment experience, or earning higher wages, consistent with these employees being more likely to attend to their firm's EAs. The reactions are also stronger for the fourth fiscal quarter than interim quarters, suggesting that year-end results garner greater employee attention. Furthermore, consistent with media facilitating employee processing of EA news, the reactions are stronger for EAs covered by a larger number of news articles. Finally, in line with the notion that EAs contain information about employees’ future cash flows, we find that EA news predicts changes in employee wages and that employees with higher past wage-to-EA news sensitivity exhibit stronger spending reactions. Overall, our findings provide evidence of the role of financial reporting in employees’ spending decisions.</p>\n </div>","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"64 2","pages":"979-1020"},"PeriodicalIF":10.4000,"publicationDate":"2026-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Accounting Research","FirstCategoryId":"91","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/1475-679X.70027","RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2025/11/5 0:00:00","PubModel":"Epub","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

Abstract

Leveraging micro-level data on individual employees’ bank and credit card transactions, we examine the impact of earnings announcement (EA) news on employee spending. Utilizing an event study methodology, we find strong evidence that EA news elicits significant reactions in employee spending. These reactions are stronger for employees located in the firm's headquarters state, with longer tenure, possessing investment experience, or earning higher wages, consistent with these employees being more likely to attend to their firm's EAs. The reactions are also stronger for the fourth fiscal quarter than interim quarters, suggesting that year-end results garner greater employee attention. Furthermore, consistent with media facilitating employee processing of EA news, the reactions are stronger for EAs covered by a larger number of news articles. Finally, in line with the notion that EAs contain information about employees’ future cash flows, we find that EA news predicts changes in employee wages and that employees with higher past wage-to-EA news sensitivity exhibit stronger spending reactions. Overall, our findings provide evidence of the role of financial reporting in employees’ spending decisions.

查看原文本刊更多论文

盈利公告会影响员工支出吗？交易数据的证据*

利用员工个人银行和信用卡交易的微观数据，我们研究了盈利公告（EA）新闻对员工支出的影响。利用事件研究方法，我们发现EA新闻在员工支出中引起显著反应的有力证据。对于公司总部州的员工来说，这些反应更强烈，他们的任期更长，拥有投资经验，或者收入更高，这与这些员工更有可能参加公司的ea一致。第四财季的反应也比中期财季更强烈，这表明年终业绩得到了员工更多的关注。此外，与媒体促进员工对EA新闻的处理一致，新闻报道数量越多，员工对EA的反应越强烈。最后，与EA包含员工未来现金流信息的概念一致，我们发现EA新闻预测了员工工资的变化，并且过去工资对EA新闻敏感度较高的员工表现出更强的支出反应。总体而言，我们的研究结果为财务报告在员工支出决策中的作用提供了证据。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Journal of Accounting Research BUSINESS, FINANCE-

CiteScore

7.80

自引率

6.80%

发文量

期刊介绍： The Journal of Accounting Research is a general-interest accounting journal. It publishes original research in all areas of accounting and related fields that utilizes tools from basic disciplines such as economics, statistics, psychology, and sociology. This research typically uses analytical, empirical archival, experimental, and field study methods and addresses economic questions, external and internal, in accounting, auditing, disclosure, financial reporting, taxation, and information as well as related fields such as corporate finance, investments, capital markets, law, contracting, and information economics.