The Association between Corporate Boards, Audit Committees, and Management Earnings Forecasts: An Empirical Analysis
研究公司董事会和审计委员会的结构如何影响管理层盈利预测的自愿披露行为，发现更有效的治理结构能提高预测频率、准确性和市场反应。
We study how corporate boards and audit committees are associated with voluntary financial disclosure practices, proxied here by management earnings forecasts. We find that in firms with more effective board and audit committee structures, managers are more likely to make or update an earnings forecast, and their forecast is less likely to be precise, it is more accurate, and it elicits a more favorable market response. Together, our empirical evidence is broadly consistent with the notion that effective corporate governance is associated with higher financial disclosure quality.