Article2017

Influential Chief Marketing Officers and Management Revenue Forecasts

44 citations0/0 files storedThe Accounting Review

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Auditing, Earnings Management, Governance Accounting and Organizational Management Forecasting Techniques and Applications

Abstract

ABSTRACT We examine the role of the chief marketing officer (CMO) in corporate voluntary disclosure of future revenues. Using a sample of S&P 1500 firms for the period from 2003 to 2011, we find that the presence of an influential CMO in top management is positively associated with the likelihood of a firm issuing a management revenue forecast. We also find that firms with an influential CMO provide more accurate revenue forecasts than other firms. These findings extend to long-window change analyses and are robust to the use of a propensity score matched-pair approach. Overall, the results are consistent with the notion that CMO influence in top management appears to play an important role in voluntary revenue disclosures. JEL Classifications: M12; M31; M41. Data Availability: All data are publicly available from sources identified in the paper.

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References

2005The economic implications of corporate financial reporting 1983Discretionary disclosure 1993Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures 2010The financial reporting environment: Review of the recent literature 1992POWER IN TOP MANAGEMENT TEAMS: DIMENSIONS, MEASUREMENT, AND VALIDATION.2004CEO incentives and earnings management 1985Disclosure of Nonproprietary Information 1989Firm characteristics and analyst following

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