Discovery Projects - Grant ID: DP210101354

财务业绩、不确定性和企业投资决策。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，以及它们对企业投资决策的影响，在很大程度上是未知的。本项目确定将收益分解为特定于市场、行业和公司的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标准的影响。它将由此产生的见解应用于确定财务报告的不确定性减少作用，以及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.