Research Article

복수경영자 구조가 경영자 예측정보 공시여부 및 정확성에 미치는 영향

신재은, 이건

한국기술교육대학교
창원대학교

발행: 2023년 1월 · 52권 3호 · pp. 755-776

DOI: https://doi.org/10.17287/kmr.2023.52.3.755

초록

This paper examines the relationship between co-CEO structure and management forecast. Using 22,221 firm-year observations from year 2002 to 2019, we find the following results. First, we find a positive relation between co-CEO structure and the likelihood of management forecast issuance. Specifically, we find that firms with a co-CEO structure are more likely to issue a forecast for sales and operating earnings. Second, we find a negative relation between co-CEO structure and forecast error. The forecast error for sales, operating earnings, and earnings appears to be smaller for firms with a co-CEO structure compared to firms with a sole-CEO structure. Our results are consistent with co-CEOs having higher quality of private information compared to sole-CEOs, and co-CEOs delivering more forecasts to signal their ability in anticipation of future performance.

키워드: Co-CEO structureManagerial forecastsForecast likelihoodForecast accuracy

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발행일 2023-01-01

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