Abstract:Few studies have considered that underperformance also may induce improper behaviors of firms. Moreover, most studies ignore that the connotations of historical and social aspirations are not the same. Using the data of A-share listed companies from 2008 to 2019, we make an empirical analysis and draw the following conclusions. With the increase of historical underperformance, the abnormal positive tone of corporate annual reports will be significantly reduced, but with the increase of social underperformance, the abnormal positive tone of corporate annual reports will increase significantly. Internal control defects and external governance can moderate the relationship between underperformance and annual report abnormal positive tone.
姜绍静,彭以忱,彭纪生. 绩效落差对企业年报异常积极语调的影响[J]. 管理学报, 2023, 20(2): 191-.
JIANG Shaojing,PENG Yichen,PENG Jisheng. The Effect of Underperformance on the Abnormal Positive Tone of Firms’ Annual Report. Chinese Journal of Management, 2023, 20(2): 191-.