Local CEOs, career concerns and voluntary disclosure

Yaqin Hu

35 citations0/0 files storedJournal of Business Finance &amp Accounting

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

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

Abstract

Abstract I study whether the management guidance provided by local chief executive officers (CEOs) differs from the guidance provided by nonlocal CEOs. The geographic preferences of the CEOs lead to segmented executive labor markets, which impose higher relocation costs and give rise to lower job mobility. I find that local CEOs, who grew up in the same states where the firm headquarters are located, provide fewer items in guidance and less frequent guidance than nonlocal CEOs. I also show that local CEOs have greater asymmetric withholding of bad news relative to good news and that they increase their disclosure during economic downturns in their home states. Collectively, these findings suggest that the geographically segmented CEO labor markets play an important role in the disclosure choices of CEOs.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 35 citations exist upstream.

References

2008Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches 2001Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature 2003Managing with Style: The Effect of Managers on Firm Policies 1999Home Bias at Home: Local Equity Preference in Domestic Portfolios 2009Defining place attachment: A tripartite organizing framework 1994Why Firms Voluntarily Disclose Bad News 2001PLACE ATTACHMENT: CONCEPTUAL AND EMPIRICAL QUESTIONS 2009On the use of instrumental variables in accounting research

Cited by

2022Home Sweet Home: Do Local CEOs Curb Stock Price Crash Risk?2024Unlocking the power of roots: Local CEOs and corporate maturity mismatch 2022Hometown sentiment: CEO hometown identity and company audit fees

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.