Effect of Financial Information and Corporate Social Responsibility Disclosure on Investment Decision: Evidence from an Experimental Study

IF 0.8 Q4 BUSINESS, FINANCE

Asian Journal of Business and Accounting Pub Date : 2019-06-27 DOI:10.22452/AJBA.VOL12NO1.5

Hijroh Rokhayati, E. Nahartyo, Haryono H

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引用次数: 7

Abstract

Manuscript type: Research paper Research aims: This research is based on an experiment which is conducted to examine the effects of financial information and corporate social responsibility (CSR) disclosure on investment decision. Design/Methodology/Approach: The research employs the laboratory experiment design which involves 45 graduate students as subjects. The independent variable, financial information, is manipulated by favourable and unfavourable financial information while the CSR disclosure is manipulated by prevention focus and promotion focus. The dependent variable, investment decision, is manipulated by using the 10-point Likert scale. Subjects are randomly assigned to one of four treatments (favourable or unfavourable financial information and promotion focus or prevention focus of CSR disclosure). Research findings: The results show that CSR disclosure affects investment decision. The results also show that subjects decide on greater investments when the CSR disclosure is with a prevention focus. Theoretical contribution/Originality: By investigating the effect of financial information and CSR disclosure on investment decision, this research has effectively used the CSR disclosure strategy to determine investment decision. This research contributes to extant literature by highlighting that CSR disclosure based on regulatory focus can be more effective for investment decision, especially when it has a prevention focus. This persuades investors to make their investment decision. Practitioner/Policy implication: The findings of the current research show that investors make greater investments in financial information and CSR disclosure with a prevention focus. The findings of this research will encourage firms to disclose their CSR activities by taking into consideration the situational aspects, based on the prevention focus that emphasises on avoiding social and environmental negative effects. Research limitation/Implications: This research only examines the situational focus of regulation on investment decision. Future research can examine the effect of chronic regulatory focus on investors. Keywords: Financial Information, Corporate Social Responsibility, Regulatory Focus Theory, Experimental Design, Investment Decision JEL Classification: M41

查看原文本刊更多论文

财务信息和企业社会责任披露对投资决策的影响:来自实验的证据

论文类型:研究论文研究目的:本研究通过实验考察财务信息披露和企业社会责任披露对投资决策的影响。设计/方法/方法:本研究采用实验室实验设计，以45名研究生为研究对象。自变量财务信息受有利财务信息和不利财务信息的操纵，社会责任披露受预防重点和促进重点的操纵。因变量，投资决策，是通过使用10分李克特量表操纵的。受试者被随机分配到四种处理(有利或不利的财务信息和促进或预防CSR披露的重点)中的一种。研究发现:企业社会责任信息披露影响企业的投资决策。结果还表明，当企业社会责任披露以预防为重点时，被调查者决定加大投资力度。理论贡献/独创性:本研究通过考察财务信息和企业社会责任披露对投资决策的影响，有效地利用企业社会责任披露策略来决定投资决策。本研究对现有文献的贡献在于强调了基于监管焦点的企业社会责任披露对投资决策更有效，特别是当它具有预防焦点时。这会说服投资者做出投资决定。从业者/政策启示:目前的研究结果表明，投资者在财务信息和企业社会责任披露方面的投资更多，并以预防为重点。本研究的结果将鼓励企业在强调避免社会和环境负面影响的预防重点的基础上，通过考虑情境方面来披露其企业社会责任活动。研究局限/启示:本研究仅考察了监管对投资决策的情境关注。未来的研究可以检验长期监管对投资者的影响。关键词:财务信息、企业社会责任、监管焦点理论、实验设计、投资决策

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来源期刊

Asian Journal of Business and Accounting BUSINESS, FINANCE-

CiteScore

2.00

自引率

11.10%

发文量

期刊介绍： An academic journal that aims to advance knowledge in the business and accounting disciplines, to narrow the gap between theory and practice, and to set direction for policy initiatives in Asia. Welcome to the Asian Journal of Business and Accounting (AJBA). AJBA is an international refereed journal, published biannually (30th June and 30th December) by the Faculty of Business and Accountancy, University of Malaya, Malaysia. AJBA aims to publish scholarly business researches that are relevant to Malaysia and the Asian region. It intends to highlight the practical implications in promoting better business decision making process and the formulation of public policy in Asia. This journal publishes theoretical, conceptual, and empirical papers within the broad areas of business and accounting in Asia. The AJBA covers a broad spectrum of the business and accounting disciplines. A suggestive (though not necessarily comprehensive) list of areas that would be included in this journal are: general management, strategic management, human resource management, organizational behaviour, labour and industrial relations, international business management, business communication, entrepreneurship, leadership, management science, operations management, production management, supply chain management, marketing management, brand management, consumer behaviour, information management, e-marketing, e-commerce, quality management, retailing, service marketing, hospitality management, hotel and tourism management, asset pricing, capital and money markets, corporate finance, derivatives markets, finance and banking, financial economics, etc.