{"title":"分析师跟踪与企业创新不一致","authors":"Jing Qiu, Dan Li","doi":"10.1016/j.ribaf.2024.102484","DOIUrl":null,"url":null,"abstract":"<div><p>Disclosing corporate innovation information plays a crucial role in investors’ decision-making. It is important to regulate the consistency between a company’s words and actions to ensure that their narrative innovation disclosures accurately reflect their innovation activities. This study utilizes data from Chinese A-share listed companies from 2011 to 2022 and explores the governance role of analyst coverage on corporate innovation inconsistency from a flexible governance perspective. The research finds that analyst tracking promotes a company’s innovation inconsistency of “saying less and doing more” through the information effect and suppresses “saying more and doing less” through the monitoring effect. Further, analysts who work harder, have higher education levels, are more motivated, and demonstrate greater independence and objectivity significantly impact companies’ innovation inconsistency. This study is of great theoretical and practical significance for understanding innovation inconsistency in companies, as well as the role of analysts in the capital market.</p></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":null,"pages":null},"PeriodicalIF":6.3000,"publicationDate":"2024-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Analyst tracking and innovation inconsistency in companies\",\"authors\":\"Jing Qiu, Dan Li\",\"doi\":\"10.1016/j.ribaf.2024.102484\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>Disclosing corporate innovation information plays a crucial role in investors’ decision-making. It is important to regulate the consistency between a company’s words and actions to ensure that their narrative innovation disclosures accurately reflect their innovation activities. This study utilizes data from Chinese A-share listed companies from 2011 to 2022 and explores the governance role of analyst coverage on corporate innovation inconsistency from a flexible governance perspective. The research finds that analyst tracking promotes a company’s innovation inconsistency of “saying less and doing more” through the information effect and suppresses “saying more and doing less” through the monitoring effect. Further, analysts who work harder, have higher education levels, are more motivated, and demonstrate greater independence and objectivity significantly impact companies’ innovation inconsistency. This study is of great theoretical and practical significance for understanding innovation inconsistency in companies, as well as the role of analysts in the capital market.</p></div>\",\"PeriodicalId\":51430,\"journal\":{\"name\":\"Research in International Business and Finance\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":6.3000,\"publicationDate\":\"2024-07-10\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Research in International Business and Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0275531924002770\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Research in International Business and Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0275531924002770","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Analyst tracking and innovation inconsistency in companies
Disclosing corporate innovation information plays a crucial role in investors’ decision-making. It is important to regulate the consistency between a company’s words and actions to ensure that their narrative innovation disclosures accurately reflect their innovation activities. This study utilizes data from Chinese A-share listed companies from 2011 to 2022 and explores the governance role of analyst coverage on corporate innovation inconsistency from a flexible governance perspective. The research finds that analyst tracking promotes a company’s innovation inconsistency of “saying less and doing more” through the information effect and suppresses “saying more and doing less” through the monitoring effect. Further, analysts who work harder, have higher education levels, are more motivated, and demonstrate greater independence and objectivity significantly impact companies’ innovation inconsistency. This study is of great theoretical and practical significance for understanding innovation inconsistency in companies, as well as the role of analysts in the capital market.
期刊介绍:
Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance