Influential Chief Marketing Officers and Management Revenue Forecasts

• 成果类型: Article
• 署名作者: Koo, David S.; Lee, Dongyoung
• 署名单位: University of Illinois System; University of Illinois Urbana-Champaign; McGill University
• 刊物名称: ACCOUNTING REVIEW
• ISSN/ISSBN: 0001-4826
• DOI: 10.2308/accr-51946
• 发表日期: 2018
• 页码: 253-281
• 关键词: corporate financial disclosure; EARNINGS FORECASTS; discretionary disclosure; voluntary disclosure; accounting research; POWER; managerial; INFORMATION; guidance; QUALITY

摘要

We examine the role of the chief marketing officer (CMO) in corporate voluntary disclosure of future revenues. Using a sample of S&P 1500 firms for the period from 2003 to 2011, we find that the presence of an influential CMO in top management is positively associated with the likelihood of a firm issuing a management revenue forecast. We also find that firms with an influential CMO provide more accurate revenue forecasts than other firms. These findings extend to long-window change analyses and are robust to the use of a propensity score matched-pair approach. Overall, the results are consistent with the notion that CMO influence in top management appears to play an important role in voluntary revenue disclosures.