Corporate governance, market conditions and investors’ reaction to information signals

IF 2 4区管理学 Q3 BUSINESS

Australian Journal of Management Pub Date : 2023-02-01 DOI:10.1177/03128962221096492

Nawaf Almaskati, R. Bird, Danny Yeung, Yue Lu

引用次数: 3

Abstract

We examine and compare the extent to which the reaction of investors to earnings announcements is influenced by a firm’s governance profile and prevailing market conditions. We find that firms with better governance characteristics experience a larger initial reaction to both good and bad earnings announcements regardless of the prevailing sentiment and uncertainty conditions. However, the influence of governance is constrained to the announcement period. We demonstrate that changes in market uncertainty and/or investor sentiment are related to the post-earnings announcement drift. We also find that a major channel through which greater corporate governance influences the market response to unexpected earnings news is by lowering information uncertainty and so providing greater clarity of the implication of the news for firm value. Finally, we establish that two types of uncertainties (market and information) have very different influence on investor’s response to information signals. JEL Classification: D81, G10, G14, G30, G32

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公司治理、市场状况和投资者对信息信号的反应

我们研究并比较了投资者对盈利公告的反应在多大程度上受到公司治理状况和当前市场条件的影响。我们发现，无论普遍情绪和不确定性条件如何，具有更好治理特征的公司对好的和坏的盈利公告都会有更大的初始反应。然而，治理的影响仅限于公告期。我们证明，市场不确定性和/或投资者情绪的变化与盈利公告后的漂移有关。我们还发现，更大的公司治理影响市场对意外盈利消息反应的一个主要渠道是降低信息的不确定性，从而使消息对公司价值的影响更加清晰。最后，我们确定了两种类型的不确定性（市场和信息）对投资者对信息信号的反应有非常不同的影响。JEL分类：D81、G10、G14、G30、G32

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Australian Journal of Management Multiple-

CiteScore

10.60

自引率

4.20%

发文量

期刊介绍： The objectives of the Australian Journal of Management are to encourage and publish research in the field of management. The terms management and research are both broadly defined. The former includes the management of firms, groups, industries, regulatory bodies, government, and other institutions. The latter encompasses both discipline- and problem-based research. Consistent with the policy, the Australian Journal of Management publishes research in accounting, applied economics, finance, industrial relations, political science, psychology, statistics, and other disciplines, provided the application is to management, as well as research in areas such as marketing, corporate strategy, operations management, organisation development, decision analysis, and other problem-focuses paradigms.