CEO, CFO, Financial Reporting Quality, Hierarchical Linear Modeling
使用分层线性模型量化行业、公司、CEO、CFO和年份对财务报告质量不同维度的影响，发现行业和公司层面影响最大，CFO对会计数字影响更大，CEO对叙述性披露影响更大。
Industry, firm, CEO, CFO, and time effects likely have a significant influence on a firm’s financial reporting quality (FRQ). However, our understanding of the extent to which each of these factors affects different facets of FRQ remains limited. In this paper, we employ hierarchical linear multi-level modeling (HLM) techniques to quantify the relative influence of industry, firm, manager (CEO and CFO), and year factors on FRQ attributes of accruals quality, annual report readability, comparability, and disclosure disaggregation. Our findings suggest that, on average, industry and firm-level effects have the largest impact on FRQ. CEO and CFO effects too are quite considerable. We also find that the CFO (CEO) is the comparatively more influential senior manager in shaping FRQ in terms of accounting numbers (narrative disclosure). In most cases, the five factors of industry, firm, CEO, CFO, and year explain over 70% of the variation in FRQ. The paper contributes to the literature by expanding our understanding of the extent to which characteristics that are inherent to the firm as well as those that vary by managers influence FRQ.