https://cws.journals.yorku.ca/index.php/cws/article/download/14795/13847

Men and Women of the Corporation

The corporate information environment develops endogenously as a consequence of information asymmetries and agency problems between investors, entrepreneurs, and managers. We provide a framework for analyzing the three main decisions that shape the corporate information environment in a capital markets setting: (1) managers’ voluntary reporting and disclosure decisions, (2) reporting and disclosures mandated by regulators, and (3) reporting decisions by third-party intermediaries (analysts). We review current research on disclosure regulation, information intermediaries, and the determinants and economic consequences of corporate disclosure and financial reporting decisions. We conclude that in the last ten years, research has generated a number of useful insights. Despite this progress, we call for researchers to consider interdependencies between the various decisions that shape the corporate information environment and highlight changes in the economic financial environment that raise new and interesting issues for researchers to address.

The Financial Reporting Environment: Review of the Recent Literature

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https://link.springer.com/content/pdf/10.1057%2Fjors.1974.92.pdf

The Nature of Managerial Work

Social scientists often estimate models from correlational data, where the independent variable has not been exogenously manipulated; they also make implicit or explicit causal claims based on these models. When can these claims be made? We answer this question by first discussing design and estimation conditions under which model estimates can be interpreted, using the randomized experiment as the gold standard. We show how endogeneity – which includes omitted variables, omitted selection, simultaneity, common-method variance, and measurement error – renders estimates causally uninterpretable. Second, we present methods that allow researchers to test causal claims in situations where randomization is not possible or when causal interpretation could be confounded; these methods include fixed-effects panel, sample selection, instrumental variable, regression discontinuity, and difference-in-differences models. Third, we take stock of the methodological rigor with which causal claims are being made in a social sciences discipline by reviewing a representative sample of 110 articles on leadership published in the previous 10 years in top-tier journals. Our key finding is that researchers fail to address at least 66% and up to 90% of design and estimation conditions that make causal claims invalid. We conclude by offering 10 suggestions on how to improve non-experimental research.

On making causal claims : A review and recommendations

The financial reporting environment: Review of the recent literature

Which Types of Analyst Firms Are More Optimistic

https://digitalcommons.unl.edu/cgi/viewcontent.cgi?article=1267&context=managementfacpub

Metacritiques of Upper Echelons Theory: Verdicts and Recommendations for Future Research:

Prior research shows that directors generally lose some, but not all, of their board seats following their association with financial fraud. This study investigates why some boards are more likely ...

Damaged Goods: Board Decisions to Dismiss Reputationally Compromised Directors

Boards experience elevated levels of turnover among outside directors following financial fraud. Scholars have proposed two mechanisms that may drive this turnover. The first views turnover as part of a board's efforts to repair organizational legitimacy and avert resource withdrawal. The second argues that turnover is a byproduct of individual directors' efforts to safeguard their own reputations and mitigate professional devaluation. We use data on director departures following 63 fraud events to explore the relative importance of these two mechanisms. The results clarify our understanding of responses to governance failures and the challenges of reconstituting board membership following financial improprieties.

Cleaning house or jumping ship? Understanding board upheaval following financial fraud

Research optimism among securities analysts has been attributed to incentives provided by underwriting activities. We examine how analysts' forecast optimism varies with the business activities used to fund research. We find that analysts at firms with underwriting and trading businesses are actually less optimistic than those at pure brokerage houses, who perform no underwriting. The relatively less optimistic forecasts for underwriting firms are not fully explained by bank reputation. Nor is the relative optimism of brokerage firms explained by the types of clients they serve (retail or institutional). We conclude that sales and trading activities used to fund research create strong incentives for analyst optimism.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID436686_code030827590.pdf?abstractid=436686&mirid=4

Amanda P. Cowen

Papers

Which Types of Analyst Firms Are More Optimistic

Metacritiques of Upper Echelons Theory: Verdicts and Recommendations for Future Research:

Damaged Goods: Board Decisions to Dismiss Reputationally Compromised Directors

Cleaning house or jumping ship? Understanding board upheaval following financial fraud

Which Types of Analyst Firms Make More Optimistic Forecasts