Earnings forecasts of female CEOs: quality and consequences

• 成果类型: Article
• 署名作者: Francoeur, Claude; Li, Yuntian; Singer, Zvi; Zhang, Jing
• 署名单位: Universite de Montreal; HEC Montreal; University of Colorado System; University of Colorado Denver
• 刊物名称: REVIEW OF ACCOUNTING STUDIES
• ISSN/ISSBN: 1380-6653
• DOI: 10.1007/s11142-021-09669-7
• 发表日期: 2023
• 页码: 1721-1764
• 关键词: gender-differences; information asymmetry; voluntary disclosure; CORPORATE DISCLOSURE; ethical evaluations; INVESTOR REACTIONS; management; women; READABILITY; performance

摘要

This study examines the voluntary disclosure of earnings forecasts by female CEOs. We find that in the backdrop of increased pressure to perform from investors and other stakeholders, female CEOs tend to issue more earnings forecasts than male CEOs, and those forecasts are more accurate. We also find that while financial analysts generally prefer to follow companies headed by male CEOs, female CEOs' efforts to issue accurate earnings forecasts pay off, as these efforts help them close the analyst coverage gap. We provide complementary evidence on the disclosure efforts of female CEOs with regard to updates to the forecast and the 10-K report. Lastly, we show that financial analysts rely more on the earnings forecasts of female CEOs, possibly because they recognize female CEOs' superior forecasting quality. Our results are robust to the use of alternative research designs, including difference-in-difference, propensity score matching, and entropy balancing. Overall, our study documents gender differences in voluntary disclosure by senior management.