CEO Social Capital and the Value Relevance of Accounting Metrics
Equity investors value CEO social capital when pricing firm equity. When CEO social capital is high, the value relevance of the book value of equity declines, whereas the value relevance of earnings measures increases. Results are stronger for firms in high-tech industries where information asymmetr...
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Published in | Risks (Basel) Vol. 11; no. 4; p. 78 |
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Main Authors | , , |
Format | Journal Article |
Language | English |
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01.04.2023
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Abstract | Equity investors value CEO social capital when pricing firm equity. When CEO social capital is high, the value relevance of the book value of equity declines, whereas the value relevance of earnings measures increases. Results are stronger for firms in high-tech industries where information asymmetries are higher. Social capital may be deconstructed into informational and reputational effects and we report that social capital is a meaningful determinant of value relevance in both scenarios. Results are robust to alternative variable definitions, controls and tests for endogeneity. The results strongly suggest that CEO social capital improves the information environment around firms, benefiting users of accounting metrics. |
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AbstractList | Equity investors value CEO social capital when pricing firm equity. When CEO social capital is high, the value relevance of the book value of equity declines, whereas the value relevance of earnings measures increases. Results are stronger for firms in high-tech industries where information asymmetries are higher. Social capital may be deconstructed into informational and reputational effects and we report that social capital is a meaningful determinant of value relevance in both scenarios. Results are robust to alternative variable definitions, controls and tests for endogeneity. The results strongly suggest that CEO social capital improves the information environment around firms, benefiting users of accounting metrics. |
Audience | Academic |
Author | Luehlfing, Michael S Qiu, Huan McCumber, William R |
Author_xml | – sequence: 1 givenname: Michael S. surname: Luehlfing fullname: Luehlfing, Michael S. – sequence: 2 givenname: William R. surname: McCumber fullname: McCumber, William R. – sequence: 3 givenname: Huan orcidid: 0000-0002-9050-7838 surname: Qiu fullname: Qiu, Huan |
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SubjectTerms | Accounting accounting metrics Behavior Book value Capital market CEO social capital Chief executive officers Corporate governance Earnings per share Economic aspects Efficiency Equity Financial reporting Hypotheses Influence Intangible assets Investments Management Practice Profits Reputations Social aspects Social capital Social networks value relevance |
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Title | CEO Social Capital and the Value Relevance of Accounting Metrics |
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