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Product Market Competition and Managerial Disclosure of Earnings Forecasts: Evidence from Import Tariff Rate Reductions

مقاله انگلیسی رقابت در بازار

رقابت در بازار محصول و افشای مدیریتی پیش بینی سود: شواهدی از کاهش نرخ تعرفه واردات

THE ACCOUNTING REVIEW
Vol. 92, No. 3
May 2017
pp. 185–۲۰۷

American Accounting Association

DOI: 10.2308/accr-51558

Ying Huang
Ross Jennings
Yong Yu
The University of Texas at Austin

ABSTRACT:

This study examines the effect of product market competition on managerial disclosure of earnings forecasts using large reductions in U.S. import tariff rates to identify an exogenous increase in competition for domestic firms in U.S. product markets.

Our difference-in-differences estimations show that tariff reductions are associated with a significant decrease in management forecasts of annual earnings by U.S. domestic firms. Further,

this decrease is more pronounced when the tariff rate reduction triggers a greater increase in imports and when the forecasts are likely to incur higher proprietary costs.

Our findings are consistent with competition from existing rivals reducing voluntary disclosure through increased proprietary costs.

I. INTRODUCTION

How product market competition influences firms’ voluntary disclosures has attracted considerable attention from accounting researchers.

Theoretical models generally suggest that competition from existing rivals reduces voluntary disclosures because disclosures might assist active competitors

(Verrecchia 1983, 1990; Clinch and Verrecchia 1997),
while competition from potential entrants motivates firms to disclose more in order to deter entry into the industry (Darrough and Stoughton 1990; Wagenhofer 1990).

Yet empirical studies examining the relation between competition and disclosure have produced conflicting results (Beyer, Cohen, Lys, and Walther 2010; Berger 2011).

These studies have mainly used industry concentration to measure competition and tested cross-sectional associations.

However, industry concentration is a noisy measure of competition, and the endogeneity of competition makes it difficult to identify the causal relation between competition and disclosure using association tests (Ali, Klasa, and Yeung 2014; Lang and Sul 2014).

This study provides new evidence on the causal effect of product market competition on voluntary disclosure by conducting difference-in-differences tests of changes in disclosure surrounding an exogenous shock to competition.

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