个性化沟通对投资者收益固定性的影响

IF 2.3 Q2 BUSINESS, FINANCE
Paul W. Black, Kevin E. Jackson, Stephen P. Rowe, Aaron F. Zimbelman
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引用次数: 0

摘要

技术使管理层有可能与个人投资者进行广泛的个性化沟通。在信息处理研究的基础上,我们预测并发现,个性化沟通会促使投资者更系统地处理财务信息,减少对盈利等总结性指标的依赖。在评估投资吸引力时,接受个性化沟通较多(相对较少)的投资者对管理层提高短期业绩的近视决策的反应较少,因此他们认为增加研发(以牺牲净收入为代价)的公司更具吸引力,而减少研发的公司吸引力较低。进一步的分析表明,造成这一结果的原因是投资者在评估财务报表方面具有更丰富的经验,在个性化的情况下,他们能更全面地处理研发支出对业绩的长期影响。我们的论文揭示了投资者的盈利固着和管理层的近视行为,并为实施投资者沟通策略提供了启示。 JEL 分类:O33;O31;L14;M41;D12;D83。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The Effect of Personalized Communication on Investor Earnings Fixation
Technology makes it possible for management to personalize communication with individual investors on a broad scale. Building on information processing research, we predict and find that personalized communication prompts investors to process financial information more systematically and rely less on summary measures, such as earnings. Investors receiving more (as opposed to less) personalized communication respond less to management’s myopic decisions that boost short-term performance in their assessments of investment attractiveness, such that they assess a company that increases R&D (at the expense of net income) as more attractive and a company that decreases R&D as less attractive. Further analysis suggests this result is driven by investors with greater experience evaluating financial statements processing the longer-term implications of R&D expenditures for performance more fully when personalization is present. Our paper speaks to investor earnings fixation and myopic behavior from management and provides insights for implementing investor communication strategies. JEL Classifications: O33; O31; L14; M41; D12; D83.
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来源期刊
Journal of Financial Reporting
Journal of Financial Reporting BUSINESS, FINANCE-
自引率
6.70%
发文量
19
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