The power of crowds: can minority shareholder activism promote management earnings forecast accuracy

Yinju Nie · Ming Jia

67 citations0/0 files storedAccounting and Finance

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Auditing, Earnings Management, Governance Financial Markets and Investment Strategies Corporate Finance and Governance

Abstract

Abstract Novel online activism of minority shareholders could be a new governance mechanism but has received little academic attention. This study examines the impact of such minority shareholder activism on management earnings forecast accuracy. Based on a sample of publicly listed firms in the Chinese Shenzhen Stock Exchange between 2010 and 2018, we find that online activism promotes earnings forecast accuracy. The effect is stronger with more negative media coverage and higher manager response quality. Overall, our results indicate that minority shareholders in China could play a monitoring role when they are empowered with voice in the information age.

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References

1970Exit, Voice and Loyalty: Responses to Decline in Firms, Organizations, and States.1972The Agenda-Setting Function of Mass Media 2001Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature 1997Toward a Theory of Stakeholder Identification and Salience: Defining the Principle of Who and What Really Counts 2008Annual report readability, current earnings, and earnings persistence 2010The financial reporting environment: Review of the recent literature 1997Moving Beyond Dyadic Ties: A Network Theory of Stakeholder Influences 1990The Double-Edge of Organizational Legitimation

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