分析师保守主义对盈余管理达成共识的影响

IF 2.2 4区管理学 Q2 BUSINESS, FINANCE

Accounting Horizons Pub Date : 2022-04-04 DOI:10.2308/horizons-2020-107

Matt Bjornsen, Bryan G. Brockbank, Jaclyn Prentice

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引用次数: 0

摘要

保守派分析师对负面消息的反应大于正面消息，市场对保守派分析师的预测修正反应更大（Hugon和Muslu，2010；Keskek和Tse，2018）。对于公司和管理者如何应对由更保守的分析师追随而导致的较低基准，我们知之甚少。我们通过权责发生制盈余管理研究了分析师保守主义对刚刚达到或超过基准的公司的影响。我们发现，拥有更保守分析师追随者的公司的盈利基准更低，更有可能达到或超过共识。此外，这些公司的盈利管理水平较低，达到了较低的基准，这种影响在信息环境较差的情况下最为强烈。总之，我们的研究结果表明，管理层的基准会议行为受到公司分析师追随者保守主义的影响。

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The Effect of Analyst Conservatism on Meeting the Consensus via Earnings Management

Conservative analysts react more to negative news than positive news, and the market response is greater for forecast revisions from conservative analysts (Hugon and Muslu, 2010; Keskek and Tse, 2018). Little is known about how firms and managers respond to a lower benchmark resulting from having a more conservative analyst following. We examine the effect of analyst conservatism on firms just meeting or beating the benchmark via accrual-based earnings management. We find that firms with a more conservative analyst following have lower earnings benchmarks and are more likely to just meet or beat the consensus. Additionally, these firms meet the lower benchmark with lower levels of earnings management, with this effect being strongest in poor information environments. Collectively, our results suggest that management’s benchmark meeting behavior is impacted by the conservatism of the firm’s analyst following.

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来源期刊

Accounting Horizons BUSINESS, FINANCE-

CiteScore

3.80

自引率

4.00%

发文量

期刊介绍： Accounting Horizons is one of three association-wide journals published by the American Accounting Association AAA. This journal seeks to bridge academic and professional audiences with articles that focus on accounting, broadly defined, and that provide insights pertinent to the accounting profession. The contents of Accounting Horizons, therefore, should interest researchers, educators, practitioners, regulators, and students of accounting.