The Influence Of Presidents’ Individual Trait Information On Investors’ Behavior

Voluntary information disclosure has long been one of the focuses of western scholars.With the gradual improvement of China’s information disclosure system and the expansion of investors’ demand for voluntary disclosure of information,voluntary disclosure has gradually attracted the attention of Chinese theoretical circles.Domestic and foreign scholars have much research on voluntary information disclosure,the theoretical framework is relatively mature,and some personal characteristics of executives have also been explored.However,there are few literature to discuss and analyze the voluntary disclosure of personal innate trait of president as well as how its disclosure may affect investors ’perceptions and willingness to act.In this paper,the voluntary disclosed photos of president in HKEX listed companies use as research basis,behavioral experiments with a questionnaire from the perspective of psychology to explore whether the disclosure of president photos will have an impact on investors ’behavior.First,this paper analyzes whether the president’s photo may have an impact on investors’ behavior,and then based on this to explore the influence of photo with different trustworthiness and attractiveness on the investors and examines the moderating effect of the investors’perception on the president’s leadership and trust.The study found that the disclosure of president’s photo and its different trait will affect the perception of trust and leadership of non-professional investors in companies and president,which in turn affects the willingness to invest.At the end of the dissertation,the paper puts forward some suggestions on whether the domestic listed companies should disclose the photos of presidents,further enrich the content and form of information disclosure,and also puts forward some policy proposal to the domestic regulators to disclose the president’ s photo in annual reports.