Do Earnings Announcements Affect Employee Spending? Evidence from Transaction Data

• 成果类型: Article
• 署名作者: Lourie, Ben; Nekrasov, Alexander; Truong, Phong; Zhu, Chenqi
• 署名单位: University of California System; University of California Berkeley; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University
• 刊物名称: JOURNAL OF ACCOUNTING RESEARCH
• ISSN/ISSBN: 0021-8456; 1475-679X
• DOI: 10.1111/1475-679X.70027
• 发表日期: 2026-05
• 页码: 979-1020
• 关键词: financial reporting; rank-and-file employees; earnings announcements; Spending; wages; INFORMATION; disclosure; GROWTH; event

摘要

Leveraging micro-level data on individual employees' bank and credit card transactions, we examine the impact of earnings announcement (EA) news on employee spending. Utilizing an event study methodology, we find strong evidence that EA news elicits significant reactions in employee spending. These reactions are stronger for employees located in the firm's headquarters state, with longer tenure, possessing investment experience, or earning higher wages, consistent with these employees being more likely to attend to their firm's EAs. The reactions are also stronger for the fourth fiscal quarter than interim quarters, suggesting that year-end results garner greater employee attention. Furthermore, consistent with media facilitating employee processing of EA news, the reactions are stronger for EAs covered by a larger number of news articles. Finally, in line with the notion that EAs contain information about employees' future cash flows, we find that EA news predicts changes in employee wages and that employees with higher past wage-to-EA news sensitivity exhibit stronger spending reactions. Overall, our findings provide evidence of the role of financial reporting in employees' spending decisions.