The impact of descriptor identicalness on investors' judgements of managers’ opportunistic estimation choices

IF 3.6 2区 管理学 Q1 BUSINESS, FINANCE Accounting Organizations and Society Pub Date : 2024-09-21 DOI:10.1016/j.aos.2024.101575
Ling L. Harris , Elaine Y. Wang
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Abstract

We conduct two experiments to examine how descriptor identicalness influences investors' assessments of managers' opportunistic estimation choices. We manipulate the identicalness of descriptors (identical versus non-identical) and managers' opportunistic estimation choices (more versus less opportunistic). We find that investors are better able to integrate information when managers use identical descriptors in their disclosures than when managers use non-identical descriptors. We also find that investors who observe identical descriptors tend to make less favorable investment judgments when managers' estimation choices are more (versus less) opportunistic, whereas those presented with non-identical descriptors are less likely to discern between more and less opportunistic estimation choices. Lastly, our supplemental analyses indicate that descriptor identicalness facilitates information integration, which in turn moderates the impact of managers' estimation choices on investors’ credibility assessments and subsequent investment judgments. Our findings have important implications for regulators, managers, and investors, shedding light on how investors use and incorporate accounting disclosures into their investment decision-making processes.

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描述符相同性对投资者判断管理者机会主义估算选择的影响
我们进行了两项实验,研究描述符的相同性如何影响投资者对经理人机会主义估计选择的评估。我们操纵了描述符的相同性(相同与不相同)和经理人的机会主义估计选择(更多机会主义与更少机会主义)。我们发现,与经理人使用非相同描述符相比,经理人在披露信息时使用相同描述符时,投资者能更好地整合信息。我们还发现,当经理人的机会主义估计选择较多(相对较少)时,观察到相同描述符的投资者倾向于做出较不利的投资判断,而观察到非相同描述符的投资者则较难分辨机会主义估计选择较多还是较少。最后,我们的补充分析表明,描述符的相同性有利于信息整合,而信息整合反过来又会调节管理者的估计选择对投资者的可信度评估和后续投资判断的影响。我们的研究结果对监管者、管理者和投资者都有重要意义,揭示了投资者如何使用会计信息披露并将其纳入投资决策过程。
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来源期刊
CiteScore
7.80
自引率
6.40%
发文量
38
期刊介绍: Accounting, Organizations & Society is a major international journal concerned with all aspects of the relationship between accounting and human behaviour, organizational structures and processes, and the changing social and political environment of the enterprise.
期刊最新文献
What you are versus what you do: The effect of noun-verb framing in earnings conference calls Seeking justice: Inequitable management compensation and employee whistleblowing The impact of descriptor identicalness on investors' judgements of managers’ opportunistic estimation choices Bringing morality back in: Accounting as moral interlocutor in reflective equilibrium processes Accounting and the shifting spheres: The economic, the public, the planet
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