题目：The Influence of Corporate Board Social Connections on Management Voluntary Financial Disclosures
报告人：上海交通大学上海高级金融学院 傅卉菁 教授
时间：
地点：武川路111号会计学院二楼报告厅
摘要：We study how the pre-existing social network ties between the CEO and outside board members are associated with the firms’ voluntary financial disclosure practices, proxied by management earnings guidance. We construct social network ties by considering the social ties in addition to the statutory ties. After controlling firm and year fixed effects, we find a substantially strong, negative relation between the likelihood of management earnings forecasts and the extend of outside directors’ connection to the CEO. Moreover, firms with boards of fewer connections are less likely to issue precise forecasts, but the forecasts issued are more accurate, and less optimistically biased. Together, our empirical evidence suggests that the pre-existing social connections among outside directors are associated with lower financial disclosure quality, thereby implying that social network ties between the CEO and outside board members weaken monitoring effectiveness of the board.
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