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| Tekijä: | Cianci, A.M. Kaplan, S. |
| Otsikko: | The Effects of Management's Preannouncement Strategies on Investors' Judgments of the Trustworthiness of Management |
| Lehti: | Journal of Business Ethics
2008 : JUN, VOL. 79:4, p. 423-444 |
| Asiasana: | management disclosure earnings investors trust |
| Kieli: | eng |
| Tiivistelmä: | This study investigates the effect of management's earnings preannouncements on judgments about its trustworthiness by nonprofessional investors. The effect is tested by examining MBA students' investment-related judgments under four different preannouncement strategies. The results show that managers' preannouncement decisions are significantly associated with investors' evaluations the trustworthiness. Particularly, holding the size of the earnings surprise constant, it is found that the judgments are damaged more following a negative as opposed to a positive earnings surprise, and the release of a preannouncement compared to no preannouncement. Furthermore, evaluations of management's trustworthiness are associated with judgments of the attractiveness of the firm's equity as an investment. |
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