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Investors' Information Processing Behavior: Management Disclosures' Fluency and Sentiment

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Pubblicato in:Iranian Journal of Management Studies vol. 18, no. 1 (Jan 2025), p. 145
Autore principale: Asnaashari, Hamideh
Altri autori: Daghani, Reza, Sajadi, Seyed Hossein, Maghrebi, Yeganeh Fagh-four
Pubblicazione:
University of Tehran, Qom College
Soggetti:
Information processing
Management decisions
Cognitive load
Linguistics
Disclosure
Investments
Perceptions
Hypotheses
Emotions
Stockholders
Influence
Decision making
Investors
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Abstract:This study investigates the influence of management disclosures' fluency and sentiment on investors' information processing behavior (IPB), and explores how investors' attributes impact their IPB. In this regard, we use A2 x 2 x 2 between-subjects experimental design to present 201 individual investors with disclosures containing bad news about firm performance. These disclosures varied in terms of fluency and sentiment. Our findings suggest that fluency and sentiment impact investors' IPB. Moreover, expert investors respond differently to variations in fluency and sentiment than non-expert investors, and fluency has a more significant effect on IPB than sentiment. This study offers valuable insights into the impact of fluency and sentiment in management disclosures. Additionally, it underscores the significance of considering investors' characteristics when formulating effective disclosure policies.
ISSN:2008-7055
2345-3745
DOI:10.22059/ijms.2024.363681.676110
Fonte:ABI/INFORM Global