Corporate teamwork culture and management earnings forecast quality

Pub Date : 2023-06-15 DOI:10.1002/jcaf.22646
Wenye Tang, Chunhao Xu, Lili Gai
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Abstract

We examine the relationship between corporate teamwork culture and firms’ voluntary disclosure, specifically management earnings forecast quality. A new measure of corporate teamwork culture is used, which was calculated using a machine learning approach to analyze earnings call transcripts through a novel word embedding model. We find that firms with stronger corporate teamwork culture are more likely to issue earnings forecasts and file 8-K forms. Further analysis reveals that the corporate teamwork culture score is positively associated with the quality of management earnings forecast. It implies that firms with a stronger teamwork culture issue more accurate earnings forecasts as human harmony cooperation and strong employee responsibility help reduce errors in earnings forecasts. Our new empirical results contribute to the voluntary disclosure and corporate culture literature.

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企业团队合作文化与管理层盈利预测质量
我们考察了企业团队合作文化与企业自愿披露,特别是管理层盈利预测质量之间的关系。使用了一种新的企业团队合作文化测量方法,该方法通过一个新颖的单词嵌入模型,使用机器学习方法分析电话财报会议成绩单。我们发现,企业团队合作文化较强的公司更有可能发布盈利预测并提交8-K表格。进一步分析发现,企业团队合作文化得分与管理层盈利预测质量呈正相关。这意味着团队合作文化更强的公司会发布更准确的盈利预测,因为人与人之间的和谐合作和强烈的员工责任感有助于减少盈利预测中的错误。我们的新实证结果有助于自愿披露和企业文化文献。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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