高管从军经历与公司年报语调

Executives'Military Experience and Firms'Annual Report Tone

本文以2017~2020年A股上市公司为样本,考察高管的从军经历对于公司年报语调的影响。研究发现,高管从军经历与公司年报语调呈显著正相关关系,表明高管从军经历使得公司年报语调更加积极。区分公司产权性质后发现,与国有企业相比,非国有企业高管从军经历与公司年报语调积极性之间的正相关关系更显著。经过稳健性检验后,上述结论保持不变。进一步研究发现,高管从军经历既增加了正面语调又减少了负面语调。文章丰富了高阶理论和公司年报语调的相关文献,具有一定的理论和现实意义。

Taking Chinese A-share listed companies from 2017 to 2020 as the research samples to study the influence of military experience of executives on the firms'annual report tone.The results show that there is a significant positive correlation between the military experience of executives and the firms'annual report tone,indicating that executive's military experience can lead to a more positive tone of the company's annual report.After distinguishing the nature of the company's property rights,it is found that compared with state-owned enterprises,the positive relationship between the executive's military experience and the tone enthusiasm of the company's annual report in non-state-owned enterprises is more significant.After the robustness test,the above conclusion remains unchanged.Further research finds that the impact of executive's military experience on the tone of the company's annual report is mainly achieved by increasing the positive tone and reducing the negative tone.This paper enriches relevant literature on upper echelons theory and annual report tone,and has certain theoretical and practical significance.