An Eye Movement Study On The Relationship Between The Textual Emotional Intensity Of Independent Directors' Resignation Report And Investment Decision-making

To protect the interests of investors and accept the supervision of public,the China securities regulatory commission(CSRC)stipulated that listed companies should disclose information including the information related to the resignation of independent directors in 2007.Besides,the evaluation of independent directors in the resignation report released by the listed company reveals the performance of independent directors,which usually causes certain economic consequences.With the development and standardization of the independent director system,the resignation behavior which is of research value is inevitable.Therefore,the academia has also made an in-depth study of the independent director's resignation report.For the study of the resignation report of independent directors,most domestic scholars have studied from the perspective of economic consequences and influencing factors of the resignation report and their research methods are mostly literature reading or empirical research.In addition,most of the previous accounting research is straightforward results,but this paper uses the method of neuro-accounting and uses the eye tracker and facial expression to conduct experiments to examine the impact of the independent director's resignation report issued by listed companies on investors' investment decisions from the perspective of cognition.The research findings are as follows:(1)the stronger the emotional intensity of the resignation report of independent directors,the higher the investor's attention and arousal,and the easier the information is perceived by investors.(2)The emotional intensity of the independent director's resignation report positively affects the investment perception of the investors.(3)The information conveyed by the resignation reports of independent directors varies with their emotional intensity.Different information has different possibility of being perceived by people.The stronger the emotional intensity is,the more positive the information perceived by investors will be,which will have a great impact on the decision-making.(4)The report with strong emotional intensity indicates that the company is satisfied with the work of the independent directors,and the company operates well.The stronger the emotional intensity of the resignation report,the more positive the investment perception is,which is easier to make investment decisions for people.