Experimental Research On Economic Consequence Of Corporate Performance Attributional Information Disclosure

Digital information disclosure of operating performance of listed companies hasbeen a hot issue that attracts theory circle and investor’s attention.With the increasedimportance of narrative informations,rencently, more and more researchers have paidattention to the economic consequence of the narrative informations which is disclosedtogether with digital information. Based on psychology,this thesis studies different typesof reasons’ affecting on investors’ decision-making in the specific operating environment.The research results are useful to strengthen supervision for regulators and promotedisclosure quality of attributional information for listed companies.This thesis’s research methods combine theoretical research and empirical analysis.In the theories part, based on plenty of national and international references aboutattributional information’s impact on investors’ decision-making and Weiner’s Cause andResult theory, it proposes hypothesis about corporate performance attributionalinformation disclosure’s effect on investors’ decision-making. In the part of the positiveanalysis, it designes basic data of virtual company to investigate whether there aredifference about the investors’ evaluation of the management capacity, investors’expectation of the future performance and investors’ decision-making in the bad new context.We choose200sophomore students and second-grade postgraduates as experimentalsubjects who are divided into five groups and are provided different types of reasons toread experimental datas and answer questions. This thesis analyzes experimental data andthe effects of causes on investment decision and their influence path by using StructuralEquation Modeling. The results show that the reason for site directly affects theevaluation of the management capacity, the reason for stability directly affectsexpectation of the future performance, reason for site indirectly affects the expectation ofthe future performance by affecting the evaluation of the management capacity andreason for stability indirectly affects the evaluation of the management capacity byaffecting the expectation of the future performance. Both the evaluation of themanagement capacity and the expectation of the future performance affect the investors’ decision-making. Based on these analyses, the thesis proposes policy suggestions abouthow to improve information disclosure quality, specially about related specifications ofinformation disclosure to reduce misleading to investor because of wrong or deliberateCorporate performance disclosure.