We use computer-intensive techniques to study the informational properties of forward-looking disclosures in the MD&A sections of 10-K filings made with the SEC. We find that firms make more forward-looking MD&A disclosures when their stock prices have lower informational efficiency, i.e., when their stock prices poorly reflect future earnings information. The greater levels of forward-looking MD&A disclosures help improve but are unable to completely mitigate the lower informational efficiency of stock prices for such firms. These findings are stronger for operations-related forward-looking disclosures, disclosures that are made prior to 2000, and disclosures made by loss firms.

Volunteering has taken on growing significance as a benefit to society and in initiatives to promote sustainability; it is therefore important to understand the factors driving its success. One increasingly studied variable with a positive effect on volunteer behavior and retention is organization identification. The antecedents influencing the organization identification variable, however, have not yet been explored in the volunteer literature. We address this gap by implementing a survey among volunteers at the OUR HOUSE Grief Support Center in Los Angeles and analyzing results via simple and multivariate linear regression analyses. Specifically, we investigate whether or not communication factors affect both organization identification and volunteer intention to continue. We find that specific communication factors, including a relationship with one’s supervisor, internal communication, and external social media postings significantly increase the level of organization identification and retention. Our findings are consistent with the theories of leader-member exchange and absorption capacity. Practitioners and nonprofits can improve the organizational environment of volunteers by optimizing these communication practices.

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This study examines whether certain firm characteristics, specifically growth properties, are associated with the likelihood of achieving market expectations for revenues, as well as which mechanism (revenue manipulation or expectation management) growth firms utilize in order to avoid missing these expectations. The results show that growth firms are more likely to meet or exceed analyst revenue forecasts than non-growth firms. We also find that growth firms are more inclined to manipulate their reported revenues upwards, and less inclined to guide market expectations for revenues downward, in order to meet or beat expected revenues relative to non-growth firms. These findings suggest that window-dressing activities by growth firms may not be sustainable in the long-run and can misguide users of financial statements in their decision-making.

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