财务与会计学系学术讲座No.119

发布时间:2024-06-18来源:葛涵浏览次数:58

题目The unintended consequence of executive-firm match on corporate voluntary disclosure:  Evidence from non-GAAP earnings

时间:2024年6月21日(周五)10:00-12:00

地点:浙江大学紫金港校区yl23411永利A423

主讲人:KE Yun,University of Texas at El Paso

主持人:董望副教授,yl23411永利

主持人简介:

      KE Yun,University of British Columbia会计学博士,本科就读于清华大学,现任University of Texas at El Paso助理教授,曾任职Brock University助理教授 。

摘要:

      Prior literature often attributes the increased likelihood and reduced quality of non-GAAP earnings  to managerial opportunism. We propose an alternative explanation that this phenomenon may be  driven by executive-firm match, particularly related to the demand of general managerial skills.  These skills have become increasingly important for CEOs and have been in high demand by firms  over the past two decades. Using the General Ability Index (GAI) developed by Custódio, Ferreira,  and Matos (2013), we explore whether and how executive-firm match affects the use of non-GAAP  earnings, an important type of voluntary disclosure. We document the dark side of executive-firm  match by demonstrating that CEOs with higher general managerial skills (i.e., generalist CEOs)  are more likely to provide non-GAAP earnings than specialist CEOs. This finding holds to a  battery of robustness tests and shows considerable cross-sectional variations. However, we find  that the quality of non-GAAP earnings, measured by several ways, provided by generalist CEOs  tends to be lower than that provided by specialist CEOs. Overall, our study provides new evidence  of how executive-firm match related to general and firm-specific managerial capital can shape  firms’ disclosure differently, resulting in unintended consequences.  

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