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Managerial Learning from Analyst Feedback to Voluntary Capex Guidance, Investment Efficiency, and Firm Performance

We test predictions that managers issuing voluntary capex guidance learn from analyst feedback and that this learning enhances investment efficiency and firm performance. Our findings are consistent with these predictions. First, we find that managers’ capex adjustments and capex guidance revisions relate positively with analyst feedback measured by differences between postguidance analyst capex forecasts and managerial capex guidance. Second, changes in investment efficiency relate positively with analyst feedback. Third, subsequent firm financial performance relates positively with the predicted values of both managers’ capex adjustments and capex guidance revisions. These findings extend prior evidence regarding sources of managerial learning and investment efficiency and help to explain the active issuance of voluntary guidance by managers in settings where, as for capex guidance, the potential for managerial learning from related share price effects is limited, as we also explain.

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Informasi Detail

Judul Seri

MANAGEMENT SCIENCE; Vol.68 No.1 January 2022

No. Panggil

-

Penerbit

: .,

Deskripsi Fisik

p. 583-607

Bahasa

English

ISBN/ISSN

-

Klasifikasi

NONE

Tipe Isi

-

Tipe Media

-

Tipe Pembawa

-

Edisi

-

Subjek

FIRM PERFORMANCE
INVESTMENT EFFICIENCY
VOLUNTARY DISCLOSURE
CAPEX GUIDANCE
ANALYST FEEDBACK
MANAGERIAL LEARNING

Info Detail Spesifik

https://doi.org/10.1287/mnsc.2020.3896

Pernyataan Tanggungjawab

Jihun Bae, Gary C. Biddle, Chul W. Park

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