This study examines whether and how a country’s implementation of corporate governance reforms affects the propensity and properties of management earnings forecasts. We propose competing hypotheses that the implementation of corporate governance reforms will either increase or reduce the likelihood of management earnings forecasts. Our sample includes public firms from 22 countries spanning from 2004 to 2009. Using a difference-in-differences (DID) research design and logistic regressions, we compare the change in earnings forecast practices between firms domiciled in countries that implemented corporate governance reforms and firms domiciled in countries that did not. We find that the implementation of corporate governance reforms in a country increases the propensity of firms in that country to issue earnings forecasts. However, the implementation of corporate governance reforms in a country does not significantly influence the quality of earnings forecasts issued in the post-reform period. Also, the effect of reforms on the level of earnings forecasts issued by firms is greater for countries adopting the comply-or-explain type of reform, for firms in countries with a weaker level of pre-reform corporate governance, and for countries with a common law legal origin. Overall, our findings shed light on how strengthened corporate governance affects firms’ voluntary disclosure practices.

中文翻译：

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公司治理改革和自愿披露：管理层盈利预测的国际证据

本研究探讨一国实施的公司治理改革是否以及如何影响管理层盈利预测的倾向和特性。我们提出了相互竞争的假设，即公司治理改革的实施将增加或减少管理层盈利预测的可能性。我们的样本包括 2004 年至 2009 年期间 22 个国家的上市公司。利用双重差分 (DID) 研究设计和逻辑回归，我们比较了注册地位于实施公司治理改革的国家的公司与公司之间盈利预测实践的变化。在没有定居的国家/地区定居。我们发现，一个国家实施公司治理改革会增加该国企业发布盈利预测的倾向。然而，一国公司治理改革的实施并不显着影响改革后发布的盈利预测的质量。此外，对于采用“遵守或解释”改革类型的国家、改革前公司治理水平较弱的国家以及改革前公司治理水平较低的国家的企业来说，改革对企业发布的盈利预测水平的影响更大。普通法的法律渊源。总体而言，我们的研究结果揭示了加强公司治理如何影响公司的自愿披露实践。