Full metadata record
DC FieldValueLanguage
dc.contributorSchool of Accounting and Financeen_US
dc.contributor.advisorNg, Jeffrey (AF)en_US
dc.contributor.advisorWang, Chong (AF)en_US
dc.creatorAaron, Aurelius-
dc.publisherHong Kong Polytechnic Universityen_US
dc.rightsAll rights reserveden_US
dc.titleWithdrawal of management earnings guidance during the COVID-19 pandemicen_US
dcterms.abstractThe Covid-19 pandemic has produced unprecedented adverse macroeconomic conditions for many firms. It has also provoked a surge in firms withdrawing prior guidance— a corporate disclosure phenomenon that has captured the attention of media and practitioners. In this paper, we examine how firms' exposure to the onset of the pandemic affects their guidance withdrawals. Our empirical analysis reveals that firms more affected by the pandemic are more likely to withdraw guidance, consistent with firms being unwilling to publicly commit to targets when facing macroeconomic adversity. The effect is more pronounced for firms facing higher litigation risk and product market competition, consistent with these conditions making the firm less willing to publicly commit to targets in the face of adversity. We also provide evidence that firms with greater exposure to the pandemic are likely to take the combined action of withdrawing prior guidance and stopping the issuance of new guidance. Moreover, as the number of guidance reinstatements is quite large, we find that firms that are likely to do so are those with improving firm performance subsequent to their initial withdrawal decision. Finally, we document that firms with greater exposure to the pandemic are discussing the pandemic less during earnings conference calls, suggesting that the unwillingness to disclose information about the pandemic extends beyond quantitative disclosure to qualitative disclosure. Overall, our paper offers early and novel evidence on how corporate disclosure has been affected by the pandemic.en_US
dcterms.extentvii, 64 pages : color illustrationsen_US
dcterms.isPartOfPolyU Electronic Thesesen_US
dcterms.educationalLevelAll Masteren_US
dcterms.LCSHCOVID-19 (Disease) -- Economic aspectsen_US
dcterms.LCSHCorporate governanceen_US
dcterms.LCSHDisclosure of informationen_US
dcterms.LCSHHong Kong Polytechnic University -- Dissertationsen_US
dcterms.accessRightsopen accessen_US

Files in This Item:
File Description SizeFormat 
5791.pdfFor All Users1 MBAdobe PDFView/Open

Copyright Undertaking

As a bona fide Library user, I declare that:

  1. I will abide by the rules and legal ordinances governing copyright regarding the use of the Database.
  2. I will use the Database for the purpose of my research or private study only and not for circulation or further reproduction or any other purpose.
  3. I agree to indemnify and hold the University harmless from and against any loss, damage, cost, liability or expenses arising from copyright infringement or unauthorized usage.

By downloading any item(s) listed above, you acknowledge that you have read and understood the copyright undertaking as stated above, and agree to be bound by all of its terms.

Show simple item record

Please use this identifier to cite or link to this item: https://theses.lib.polyu.edu.hk/handle/200/11315