Empirical Research On Market Reaction To Attribution Information Disclosure Of Listed Companies Based On Dimensions

In circulation times, investors are increasingly concerned about the causes ofchanges in operating results and other linguistic information. Scholars generally focusedon testing self-interested behavior of attribution information. However, the research ofwhether information could affect investors’ decisions, and the market reaction to theattribution information disclosure is still very limited. This thesis will using the capitalmarket real data to examine the subtle relationship between the two dimensions (Positionand stability) of the attribution information and stock price, in order to providerecommendations to improve attribution information disclosure norms and the quality ofattribution information disclosure, then help Stakeholders more effectively use attributioninformation.This thesis introduces Weiner’s attribution theory into the financial reportingsituations to explain the impact of attribution information on investor decision-making,and to forecast the capital market reaction which may be caused by attributioninformation disclosure. Including a sample of395management earnings forecasts, thisthesis is using content analysis method to code the position and stability of attributioninformation qualitatively. Then we use event study methodology to measure capitalmarket reaction to management earnings forecasts disclosure, and construct multiplelinear regression models to study whether the position and stability of attributioninformation influence stock prices. The findings are:(1) To profitable company,disclosing internal attribution is more likely to raise stock price than external attribution.The good news companies to disclose information on the stability of the attribution, thestronger the larger the market response, stability of the attribution positively correlatedwith the market reaction.(2) To deficit company, disclosing internal attribution is easierto reduce stock price than external attribution. Bad news for companies to discloseinformation on the attribution stability is stronger, the negative impact on the marketreaction is greater, stability of attribution negatively correlated with the market response. In this thesis, the mean adjustment model is re-measured to test the sensitivity of theregression results showed that the article is robust conclusions. Investor confidence in theperformance forecast management attribution information disclosed, and after thelocation and stability on the attribution dimensions judgments, which estimates thecompany’s stock price and make investment decisions.Finally, we argue regulators should consider norms operating results of listedcompanies disclose reasons for the formation, due to information disclosure guidanceformulated the relevant principles. Listed companies should improve operating resultsdue to the effectiveness of disclosure of information to enable investors to determine itsposition and stability, in order to make rational investment decisions.