"More Talk,Less Action"Disclosure of Digital Transformation and Analyst Forecast Behavior
Against the backdrop of China's policies to accelerate corporate digital transformation,this paper reveals that some companies exhibit a"more talk,less action"(MTLA)approach in their digital transformation disclosures.From the perspective of analysts as important information interme-diaries,the study finds that MTLA in digital transformation disclosures increases both analysts'forecast disagreement and errors.Heterogeneity tests show that this effect is more pronounced in firms with poorer internal and external information environments.Further analysis reveals that MTLA digital transfor-mation disclosures exacerbate analysts'optimistic bias,and the fewer star analysts tracking a company,the greater the optimistic bias.This study contrib-utes to the identification of companies with MTLA digital transformation behaviors in the capital market and provides new recommendations for ensuring the smooth progress of digital transformation in China.
Digital TransformationMore Talk Less ActionInformation DisclosureAnalyst BehaviorInformation Efficiency
万方数据
