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Peer effects in management forecast precision decision: evidence from a novel text-based network

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  • Yi Zhao
  • Fangyi Lin

Abstract

This paper examines the peer effects in strategic disclosure decisions. We exploit the heterogeneous and intransitive nature of peer networks by mapping out peers using MD&A textual comparability to identify such effects. Using recent developed spatial econometric techniques, we find a strong positive peer effect in the forecast precision decisions, which is consistent with social learning assumption. After mitigating the endogenous problems with two instrumental variables and excluding the geographic factors, our conclusion is still valid. Overall, our result shed light on the role of peer effects in the formation of voluntary disclosure.

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  • Yi Zhao & Fangyi Lin, 2023. "Peer effects in management forecast precision decision: evidence from a novel text-based network," Applied Economics Letters, Taylor & Francis Journals, vol. 30(12), pages 1671-1675, July.
    • Handle: RePEc:taf:apeclt:v:30:y:2023:i:12:p:1671-1675
    DOI: 10.1080/13504851.2022.2078772
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