The impact of major customers’ qualitative forward-looking information on suppliers’ future operating performance
研究发现客户管理层盈利预测报告中的定性信息质量（如文本可读性、不确定性）与供应商未来经营绩效负相关，而定性信息内容（语调变化）的正向作用取决于信息质量，且对分析师关注度高的供应商影响更显著。
This study investigates the impact of qualitative information in the forward-looking management earnings forecast reports (MEFRs) on the future operating performance of suppliers in the supply chain. We find the following: First, the qualitative information quality of customer MEFRs, as measured by textual unreadability or uncertainty, is significantly and negatively associated with suppliers’ future operational performance; Second, the positive association between qualitative information content, measured by textual tone change in customer MEFRs, and suppliers’ future performance depends on the qualitative information quality of such reports; Third, the influences of qualitative information quality and content of customer MEFRs are more pronounced for suppliers with a greater analyst following. Further analysis reveals that the quantitative and qualitative quality of customer MEFRs complement each other in improving suppliers’ future performance. In addition, the impact of qualitative information quality and content of customer MEFRs is stronger for more dependent suppliers and those with greater sales volatility. In summary, these findings indicate that the information contained in customer MEFRs is not only relevant to the future operating performance of suppliers but also that the qualitative characteristics of these reports influence its effectiveness.