Discovery Projects - Grant ID: DP210101354

财务绩效、不确定性与公司投资决策。众所周知，向外部利益相关者提供财务报告会影响他们的决策。然而，外部报告的财务指标（如收益）在多大程度上可以解决不确定性，以及它们对公司投资决策的影响在很大程度上是未知的。本项目确定了将收益分解为市场、行业和公司特定组成部分如何解释财务信息质量的差异，以及对规范定期业绩报告的会计准则的影响。它适用于由此产生的见解，以确定减少不确定性的作用，财务报告，以及在收益中包含的信息影响投资决策的方式。

Financial performance, uncertainty and corporate investment decisions. It is well understood that the provision of financial reports to external stakeholders impacts their decision making. Yet the extent to which externally reported financial measures such as earnings can resolve uncertainty, and their influence on corporate investment decisions is largely unknown. This project identifies how disaggregation of earnings into market-, industry- and firm-specific components explains differences in the quality of financial information, and the implication for accounting standards regulating the reporting of periodic performance. It applies the resulting insights to identify an uncertainty reduction role for financial reporting, and the way in which information contained in earnings impacts investment decisions.