The purpose of this paper is to examine how a firm’s mergers and acquisitions (M&A) goals influence its voluntary disclosure policy. Specifically, this paper examines how a firm’s M&A financing intentions influence the degree of aggregation in management guidance prior to and after the M&A transaction.,Using a logistic model, this study tests the relation between M&A financing and the decision to issue disaggregate earnings guidance for 3,929 acquiring firms from 2007 to 2011.,The logistic regression results show that firms are more likely to provide disaggregate earnings guidance when using mostly stock to finance M&A and that the incentives to disaggregate guidance vary throughout the M&A transactional window. Alternatively, because the value of cash is independent of the true value of the acquirer, the results show that firms offering mostly cash to finance M&A are less likely to issue disaggregate earnings forecasts. Additional analysis reveals that the decision to issue disaggregate earnings guidance also influences post-merger outcomes such as CEO turnover.,The choice to disaggregate earnings guidance and the choice to use stock as a means to finance an acquisition is made by management, thus are endogenous which could introduce bias.,This study provides insights into management’s incentives and attitudes toward the use of management forecasts to effect a potential merger and acquisition. Given the flexibility management has in issuing voluntary forecasts, management can tailor a financial message toward investors and potential targets in attempt to facilitate a merger and acquisition and to further the firm’s goals.

中文翻译：

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（非）汇总收益预测和收购融资

本文的目的是研究公司的并购（M＆A）目标如何影响其自愿披露政策。具体而言，本文研究了企业的并购融资意图如何影响并购交易前后的管理指引中的集合度。使用逻辑模型，本研究检验了并购融资与发布并购指引的决策之间的关系。 Logistic回归结果显示，从2007年到2011年，共有3929家并购公司。当大多数公司使用股票来为并购提供资金时，公司更有可能提供分类收益指导，并且在整个M＆A交易窗口中，分类指导的动机各不相同。另外，由于现金的价值与收购方的真实价值无关，结果表明，主要提供现金来进行并购的公司发布分类业绩预测的可能性较小。进一步的分析表明，发布分类收益指引的决定也会影响合并后的结果，例如首席执行官的营业额。分类收益指引的选择以及使用股票作为收购融资的手段的选择是管理层做出的，因此是内生的这项研究提供了对管理层动机和对使用管理层预测来实现潜在并购的态度的见解。鉴于管理层在发布自愿性预测方面具有灵活性，管理层可以针对投资者和潜在目标量身定制财务信息，以促进并购和实现公司目标。