摘要
信息呈现存在顺序效应,影响信息使用者的关注程度。基于心理学顺序效应理论,本文实证研究企业社会责任报告中环境信息呈现位置对分析师关注度的影响。研究发现,环境信息的前置呈现吸引了更强的分析师关注。异质性分析表明,环境信息前置呈现对分析师关注的正向影响在企业所处地区污染更严重、已设立地区环保法庭、环保投资大的企业中,以及非明星分析师和非行业专家分析师的背景下更为显著。我们进一步检验环境信息前置呈现对分析师预测结果的影响,发现这种呈现方式加大了分析师的预测偏差和预测分歧。本文研究发现了环境信息呈现相对位置的分析师效应,分析师更加青睐“绿色前置”,该结论对于企业社会责任报告披露的改进和分析师效率的提升具有重要启示。
Order effect exists in information presentation,which affects the attention of information users.Based on the order effect theory of psychology,we empirically study the influence of environmental information presentation position in corporate social responsibility(CSR)reports on analysts following.We find that the preferential presentation of environmental information attracts more analysts following.Heterogeneity analyses show that the positive effect is more pronounced in the contexts of higher regional pollution,establishment of regional environmental courts,larger corporate environmental investment,as well as non-star and non-industry expert analysts.We further test the impact of position of environmental information presentation on analysts'efficiency and find that green front increases analysts'prediction bias and divergence.Our findings suggest an environmental information presentation position effect,and analysts prefer green front,which has important implications for the improvement of CSR disclosure and the analyst efficiency.
作者
吴德军
张雯洁
Wu Dejun;Zhang Wenjie
出处
《会计研究》
CSSCI
北大核心
2023年第5期179-192,共14页
Accounting Research
基金
国家社会科学基金一般项目(20BGL075)的资助
关键词
绿色前置
社会责任
呈现位置
分析师关注
Green Front
Corporate Social Responsibility
Presentation Position
Analyst Attention
作者简介
通讯作者:张雯洁,zhjoycer@163.com。
