Michele Fabrizi, Elisabetta Ipino, Federico Longhin, Antonio Parbonetti
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Moreover, the uncertainty brought by Covid-19 directly challenged firms' value drivers and business models, potentially inhibiting the ability to map earnings onto stock prices.</p>\n </section>\n \n <section>\n \n <h3> Research Findings/Insights</h3>\n \n <p>The empirical findings show that earnings announcements lost part of their information content during the Covid-19 crisis. Cross-sectional tests document that geographic dispersion of operations and the degree of institutional ownership significantly affected the relationship under study. We also find that the loss of earnings announcements' informativeness was driven by exposure to the pandemic.</p>\n </section>\n \n <section>\n \n <h3> Theoretical/Academic Implications</h3>\n \n <p>The recent accounting literature investigates the role of accounting information in supporting public policy during systemic crises. Our results highlight the firm-specific attributes that affect investors' perceptions of the informativeness of earnings announcements by showing how geographic dispersion and ownership structure affect it in periods of uncertainty.</p>\n </section>\n \n <section>\n \n <h3> Practitioner/Policy Implications</h3>\n \n <p>In a context in which earnings announcements' informativeness decreases, regulators and standard-setters should consider taking corrective action to restore its informativeness, such as by strengthening disclosure requirements. The documented decrease in the informativeness of earnings announcements could be partially offset by heightening disclosure requirements to complement financial statements.</p>\n </section>\n </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"31 5","pages":"795-813"},"PeriodicalIF":4.6000,"publicationDate":"2023-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.12552","citationCount":"0","resultStr":"{\"title\":\"The informativeness of earnings announcements during times of global uncertainty: Evidence from the Covid-19 pandemic\",\"authors\":\"Michele Fabrizi, Elisabetta Ipino, Federico Longhin, Antonio Parbonetti\",\"doi\":\"10.1111/corg.12552\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div>\\n \\n \\n <section>\\n \\n <h3> Research Question/Issue</h3>\\n \\n <p>This study shows how investors assessed the informativeness of earnings announcements during the Covid-19 pandemic. Prior studies suggest that earnings announcements are more likely to provide value to investors during periods of heightened uncertainty. However, the massive regulatory intervention that took place during the pandemic is likely to have led investors to seek alternative sources of information and to have reduced their reliance on earnings to price stocks. Moreover, the uncertainty brought by Covid-19 directly challenged firms' value drivers and business models, potentially inhibiting the ability to map earnings onto stock prices.</p>\\n </section>\\n \\n <section>\\n \\n <h3> Research Findings/Insights</h3>\\n \\n <p>The empirical findings show that earnings announcements lost part of their information content during the Covid-19 crisis. Cross-sectional tests document that geographic dispersion of operations and the degree of institutional ownership significantly affected the relationship under study. We also find that the loss of earnings announcements' informativeness was driven by exposure to the pandemic.</p>\\n </section>\\n \\n <section>\\n \\n <h3> Theoretical/Academic Implications</h3>\\n \\n <p>The recent accounting literature investigates the role of accounting information in supporting public policy during systemic crises. Our results highlight the firm-specific attributes that affect investors' perceptions of the informativeness of earnings announcements by showing how geographic dispersion and ownership structure affect it in periods of uncertainty.</p>\\n </section>\\n \\n <section>\\n \\n <h3> Practitioner/Policy Implications</h3>\\n \\n <p>In a context in which earnings announcements' informativeness decreases, regulators and standard-setters should consider taking corrective action to restore its informativeness, such as by strengthening disclosure requirements. 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The informativeness of earnings announcements during times of global uncertainty: Evidence from the Covid-19 pandemic
Research Question/Issue
This study shows how investors assessed the informativeness of earnings announcements during the Covid-19 pandemic. Prior studies suggest that earnings announcements are more likely to provide value to investors during periods of heightened uncertainty. However, the massive regulatory intervention that took place during the pandemic is likely to have led investors to seek alternative sources of information and to have reduced their reliance on earnings to price stocks. Moreover, the uncertainty brought by Covid-19 directly challenged firms' value drivers and business models, potentially inhibiting the ability to map earnings onto stock prices.
Research Findings/Insights
The empirical findings show that earnings announcements lost part of their information content during the Covid-19 crisis. Cross-sectional tests document that geographic dispersion of operations and the degree of institutional ownership significantly affected the relationship under study. We also find that the loss of earnings announcements' informativeness was driven by exposure to the pandemic.
Theoretical/Academic Implications
The recent accounting literature investigates the role of accounting information in supporting public policy during systemic crises. Our results highlight the firm-specific attributes that affect investors' perceptions of the informativeness of earnings announcements by showing how geographic dispersion and ownership structure affect it in periods of uncertainty.
Practitioner/Policy Implications
In a context in which earnings announcements' informativeness decreases, regulators and standard-setters should consider taking corrective action to restore its informativeness, such as by strengthening disclosure requirements. The documented decrease in the informativeness of earnings announcements could be partially offset by heightening disclosure requirements to complement financial statements.
期刊介绍：
The mission of Corporate Governance: An International Review is to publish cutting-edge international business research on the phenomena of comparative corporate governance throughout the global economy. Our ultimate goal is a rigorous and relevant global theory of corporate governance. We define corporate governance broadly as the exercise of power over corporate entities so as to increase the value provided to the organization"s various stakeholders, as well as making those stakeholders accountable for acting responsibly with regard to the protection, generation, and distribution of wealth invested in the firm. Because of this broad conceptualization, a wide variety of academic disciplines can contribute to our understanding.
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