Capital market response to high quality annual reporting: evidence from UK annual report awards
Capital market response to high quality annual reporting: evidence from UK annual report awards
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资本市场对高质量年度报告的反应：来自英国年度报告奖项的证据
DOI：
10.1080/00014788.2022.2106542
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发表时间：
2022
影响因子：
1.7
通讯作者：
Chircop J
中科院分区：
文献类型：
--
作者：
Chircop J
我们研究了资本市场对入围企业报告奖的年度报告发布的反应。我们发现较弱的资本市场的反应公布入围的年度报告相比，匹配的样本的非入围的年度报告，与入围的报告包含类似或较少的价格敏感信息，相对于非入围的报告一致。进一步的分析表明，发布入围报告的公司更有可能在整个财政年度内以更及时的方式向投资者发布信息。我们通过对富时350指数成分股公司高管和顾问的访谈证据来补充我们的档案实证分析，以阐明投资高质量年报的动机。总的来说，我们的研究结果支持这样的观点，即高质量的年度报告反映了上级公司层面的投资者沟通过程，更广泛的公司报告周期塑造了公司报告的信息作用。
We examine the capital market response to the publication of annual reports shortlisted for corporate reporting awards. We find weaker capital market reactions to the publication of shortlisted annual reports compared with a matched sample of non-shortlisted annual reports, consistent with shortlisted reports containing similar or less price sensitive information relative to non-shortlisted reports. Further analysis shows that firms publishing shortlisted reports are more likely to release information to investors in a timelier manner throughout the financial year. We complement our archival empirical analysis with interview evidence from FTSE350 executives and consultants to shed light on the motives for investing in high-quality annual reports. Collectively, our results support the view that high quality annual reporting reflects superior firm-level investor communication processes and that the broader corporate reporting cycle shapes the information role of firm reporting.