CPA Research Seminar Series : the Presence of a Chief Marketing Officer and Managment Revenue Forecasts
Friday, February 5, 2016, 10:00 a.m. to 11:30 a.m.
Presented by Dongyoung Lee, Assistant Professor, Accounting, Desautels Faculty of Management McGill University
- Friday, February 5, 2016
- 10:00 a.m. to 11:30 a.m.
- Telfer School of Management
55 Laurier Avenue East
Ottawa, Ontario K1N 6N5
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We examine the role of the chief marketing officer (CMO) in corporate voluntary disclosures. Using a sample of S&P 1500 firms for the period from 2003 to 2011, we find that a CMO’s presence in top management is positively associated with the likelihood and frequency of a firm’s issuing management revenue forecasts. We also find that the firms that have a CMO in top management provide more accurate revenue forecasts than those that do not. We show that (1) change analyses and (2) adjustments for endogeneity from self-selection bias using a Heckman approach yield a consistent inference about the impact of the presence of a CMO on both the quantity and quality of management revenue forecasts.
Overall, our study suggests that CMOs play an important role in firms’ voluntary disclosures of future revenue performance.
For more information, please contact Kathy Cunningham at CPA-Canada AGRC