Host: 上海立信会计金融学院

  • ISSN 2096-9554
  • CN 31-2074/F
Volume 39 Issue 1
Feb.  2025
Turn off MathJax
Article Contents
Article Navigation >  Accounting and Economic Research  > 2025  >  39(1): 3-24
Chen Haoxue, Lyu Changjiang. 2025. Investor Sophistication, Proprietary Costs, and Risk Information Disclosure: Evidence from Online Interactive Platform. Accounting and Economic Research, 39(1): 3-24.
Citation: Chen Haoxue, Lyu Changjiang. 2025. Investor Sophistication, Proprietary Costs, and Risk Information Disclosure: Evidence from Online Interactive Platform. Accounting and Economic Research, 39(1): 3-24.
shu

Investor Sophistication, Proprietary Costs, and Risk Information Disclosure: Evidence from Online Interactive Platform

  • 1.

    Economic Development Research Institute, Shanghai Investment Consulting (Group) Co., Ltd., Shanghai 200030, China

  • 2.

    School of International and Public Affairs, Shanghai Jiao Tong University, Shanghai 200030, China

  • 3.

    School of Management, Fudan University, Shanghai 200433, China

  • Received Date: 2024-03-21
    Available Online: 2025-05-27
  • Publish Date: 2025-02-25
    Abstract
  • Investor information utilization is vital for disclosure-oriented capital markets, necessitating understanding how investor sophistication shapes corporate information disclosure. From a risk disclosure perspective, we use the launch of online investor-platform interactions as an exogenous shock and find that enhanced investor sophistication significantly increases corporate risk information disclosure in social media environments. Moreover, this incentive effect is more pronounced when proprietary costs are higher, suggesting improved investor sophistication helps mitigate the proprietary cost-disclosure conflict. Three mechanisms drive this effect: reducing information uncertainty, narrowing investor information gaps, and strengthening investor monitoring capabilities. The economic consequences analysis reveals that this investor-driven disclosure mechanism reduces the capital cost. Our study reveals the demand-pull effect of investor information needs on corporate disclosure supply from the investor perspective, elaborates the complementary relationship between social media and information disclosure, and provides both theoretical foundations and practical implications for developing disclosure-oriented capital market ecosystems at the micro level.

     

    • FullText(HTML)
  • loading
    • References(72)
  • [1]
    卞世博, 陈曜, 管之凡, 周金花. 2023. 高质量的互动可以提高股票价格信息效率吗——基于“上证e互动”的研究. 会计研究 (4): 102−117.
    [2]
    卞世博, 管之凡, 奚欢, 张德崴. 2024. 管理层−投资者互动与股票流动性——来自上市公司年度业绩说明会的经验证据. 会计与经济研究 (3): 76−100.
    [3]
    蔡贵龙, 张亚楠, 徐悦等. 2022. 投资者−上市公司互动与资本市场资源配置效率——基于权益资本成本的经验证据. 管理世界 (8): 199−217. doi: 10.3969/j.issn.1002-5502.2022.08.014
    [4]
    陈皓雪, 吕长江, 范琳珊. 2023. 社交新媒体、业绩预告与资本市场效率——来自深沪两市投资者e互动的证据. 南开管理评论 (6): 116−129.
    [5]
    储一昀, 谢香兵. 2008. 业务复杂度、股权特征与董事会结构. 财经研究 (3): 132−143. doi: 10.3969/j.issn.1001-9952.2008.03.012
    [6]
    代昀昊. 2018. 机构投资者、所有权性质与权益资本成本. 金融研究 (9): 143−159.
    [7]
    丁慧, 吕长江, 陈运佳. 2018a. 投资者信息能力: 意见分歧与股价崩盘风险——来自社交媒体“上证e互动”的证据. 管理世界 (9): 161−171.
    [8]
    丁慧, 吕长江, 黄海杰. 2018b. 社交媒体、投资者信息获取和解读能力与盈余预期——来自“上证e互动”平台的证据. 经济研究 (1): 153−168.
    [9]
    董天一, 鲁桂华, 王玉涛. 2024. 网络水军与资源配置效率: 基于大股东减持视角. 南开管理评论 (6): 160−171. doi: 10.3969/j.issn.1008-3448.2024.06.016
    [10]
    范琳珊, 吕长江, 陈皓雪. 2022. 新媒体能缓解信息传染效应吗——基于环境污染曝光的事件研究. 会计研究 (3): 28−46. doi: 10.3969/j.issn.1003-2886.2022.03.003
    [11]
    高敬忠, 杨朝, 彭正银. 2021. 网络平台互动能够缓解企业融资约束吗——来自交易所互动平台问答的证据. 会计研究 (6): 59−75. doi: 10.3969/j.issn.1003-2886.2021.06.005
    [12]
    胡聪慧, 刘玉珍, 吴天琪, 郑建明. 2015. 有限注意、行业信息扩散与股票收益. 经济学(季刊) (3): 1173−1192.
    [13]
    李文贵, 路军. 2022. 网络平台互动与股价崩盘风险: “沟通易”还是“操纵易”. 中国工业经济 (7): 178−196. doi: 10.3969/j.issn.1006-480X.2022.07.010
    [14]
    李岩琼, 姚颐. 2020. 研发文本信息: 真的多说无益吗? ——基于分析师预测的文本分析. 会计研究 (2): 26−42. doi: 10.3969/j.issn.1003-2886.2020.02.003
    [15]
    罗琦, 吴乃迁, 苏愉越, 喻天琦. 2021. 投资者盈余乐观情绪与管理者迎合——基于社交媒体情感分析的证据. 中国工业经济 (11): 135−154. doi: 10.3969/j.issn.1006-480X.2021.11.008
    [16]
    毛新述, 叶康涛, 张頔. 2012. 上市公司权益资本成本的测度与评价——基于我国证券市场的经验检验. 会计研究 (11): 12−22. doi: 10.3969/j.issn.1003-2886.2012.11.003
    [17]
    潘红波, 杨海霞. 2022. 利益相关者“创新关注”促进了企业创新吗——来自深交所“互动易”的证据. 南开管理评论 (3): 85−96. doi: 10.3969/j.issn.1008-3448.2022.03.009
    [18]
    隋岩. 2018. 群体传播时代: 信息生产方式的变革与影响. 中国社会科学 (11): 114−134, 204−205.
    [19]
    孙鲲鹏, 王丹, 肖星. 2020. 互联网信息环境整治与社交媒体的公司治理作用. 管理世界 (7): 106−132.
    [20]
    谭松涛, 阚铄, 崔小勇. 2016. 互联网沟通能够改善市场信息效率吗? ——基于深交所“互动易”网络平台的研究. 金融研究 (3): 174−188.
    [21]
    王雄元, 高曦. 2018. 年报风险披露与权益资本成本. 金融研究 (1): 174−190.
    [22]
    于李胜, 王成龙, 王艳艳. 2019. 分析师社交媒体在信息传播效率中的作用——基于分析师微博的研究. 管理科学学报 (7): 107−126. doi: 10.3969/j.issn.1007-9807.2019.07.007
    [23]
    于李胜, 王艳艳. 2010. 信息竞争性披露、投资者注意力与信息传播效率. 金融研究 (8): 112−135.
    [24]
    张倩倩, 姜春子, 张晓玫, 王博. 2023. 中小投资者积极主义与资本市场效率——基于股市传闻的分析. 中国工业经济 (2): 169−188.
    [25]
    朱红兵, 蒋彧, 杨李华. 2023. 互动式交流质量与股价特质信息含量——来自交易所线上互动平台的证据. 会计研究 (2): 27−41.
    [26]
    Abraham, S., and P. Cox. 2007. Analysing the determinants of narrative risk information in UK FTSE 100 annual reports. The British Accounting Review 39(3): 227−248.
    [27]
    Ahmed, A. S., and R. A. Schneible. 2007. The impact of regulation fair disclosure on investors’ prior information quality—Evidence from an analysis of changes in trading volume and stock price reactions to earnings announcements. Journal of Corporate Finance 13(2-3): 282−299.
    [28]
    Amiram, D., E. Owens, and O. Rozenbaum. 2016. Do information releases increase or decrease information asymmetry? New evidence from analyst forecast announcements. Journal of Accounting and Economics 62(1): 121−138.
    [29]
    Arya, A., H. Frimor, and B. Mittendorf. 2010. Discretionary disclosure of proprietary information in a multisegment firm. Management Science 56(4): 645−658.
    [30]
    Bao, Y., and A. Datta. 2014. Simultaneously discovering and quantifying risk types from textual risk disclosures. Management Science 60(6): 1371−1391. doi: 10.1287/mnsc.2014.1930
    [31]
    Bartov, E., S. Radhakrishnan, and I. Krinsky. 2000. Investor sophistication and patterns in stock returns after earnings announcements. The Accounting Review 75(1): 43−63. doi: 10.2308/accr.2000.75.1.43
    [32]
    Beck, T., R. Levine, and A. Levkov. 2010. Big bad banks? The winners and losers from bank deregulation in the United States. The Journal of Finance (New York) 65(5): 1637−1667.
    [33]
    Bertomeu, J., and I. Marinovic. 2016. A theory of hard and soft information. The Accounting Review 91(1): 1−20.
    [34]
    Beyer, A., D. A. Cohen, T. Z. Lys, and B. R. Walther. 2010. The financial reporting environment: Review of the recent literature. Journal of Accounting and Economics 50(2-3): 296−343. doi: 10.1016/j.jacceco.2010.10.003
    [35]
    Blankespoor, E., E. DeHaan, and I. Marinovic. 2020. Disclosure processing costs, investors’ information choice, and equity market outcomes: A review. Journal of Accounting and Economics 70(2-3), 101344. doi: 10.1016/j.jacceco.2020.101344
    [36]
    Blankespoor, E., E. Dehaan, J. Wertz, and C. Zhu. 2019. Why do individual investors disregard accounting information? The roles of information awareness and acquisition costs. Journal of Accounting Research 57(1): 53−84. doi: 10.1111/1475-679X.12248
    [37]
    Boehmer, E., and E. K Kelley. 2009. Institutional investors and the informational efficiency of prices. The Review of Financial Studies 22(9): 3563−3594. doi: 10.1093/rfs/hhp028
    [38]
    Campbell, J. L., H. Chen, D. S. Dhaliwal, H. Lu, and L. B. Steele. 2014. The information content of mandatory risk factor disclosures in corporate filings. Review of Accounting Studies 19(1): 396−455.
    [39]
    Cheng, Q., and K. Lo. 2006. Insider trading and voluntary disclosures. Journal of Accounting Research 44(5): 815−848.
    [40]
    Cohen, L., and D. Lou. 2012. Complicated firms. Journal of Financial Economics 104(2): 383−400.
    [41]
    Collins, D. W., G. Gong, and P. Hribar. 2003. Investor sophistication and the mispricing of accruals. Review of Accounting Studies 8(2): 251−276.
    [42]
    Drake, M. S., D. T Roulstone, and J. R. Thornock. 2012. Investor information demand: Evidence from Google searches around earnings announcements. Journal of Accounting Research 50(4): 1001−1040.
    [43]
    Dye, R. A. 1985. Disclosure of nonproprietary information. Journal of Accounting Research 23(1): 123−145.
    [44]
    Dye, R. A. 1998. Investor sophistication and voluntary disclosures. Review of Accounting Studies 3(3): 261−287.
    [45]
    Elshandidy, T., and L. Neri. 2015. Corporate governance, risk disclosure practices, and market liquidity: Comparative evidence from the UK and Italy. Corporate Governance: An International Review 23(4): 331−356.
    [46]
    Filzen, J. J. 2015. The information content of risk factor disclosures in quarterly reports. Accounting Horizons 29(4): 887−916.
    [47]
    Fishman, M. J., and K. M. Hagerty. 1989. Disclosure decisions by firms and the competition for price efficiency. The Journal of Finance (New York) 44(3): 633−646.
    [48]
    Fishman, M. J., and K. M. Hagerty. 2003. Mandatory versus voluntary disclosure in markets with informed and uninformed customers. Journal of Law, Economics, and Organization 19(1): 45−63.
    [49]
    Francis, J., D. Manda, and P. Olsson. 2008. Voluntary disclosure, earnings quality, and cost of capital. Journal of Accounting Research 46(1): 53−99.
    [50]
    Healy, P. M., and K. G. Palepu. 2001. Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics 31(1): 405−440.
    [51]
    Heinle, M. S., D. Samuels, and D. Taylor. 2020. Proprietary costs and disclosure substitution: Theory and empirical evidence. SSRN Electronic Journal.
    [52]
    Heinle, M. S., and K. C. Smith. 2017. A theory of risk disclosure. Review of Accounting Studies 22(4): 1459−1491.
    [53]
    Heinle, M. S., K. C. Smith, and R. E. Verrecchia. 2018. Risk-factor disclosure and asset prices. The Accounting Review 93(2): 191−208.
    [54]
    Hope, O., D. Hu, and H. Lu. 2016. The benefits of specific risk-factor disclosures. Review of Accounting Studies 21(4): 1005−1045.
    [55]
    Indjejikian, R. J. 1991. The impact of costly information interpretation on firm disclosure decisions. Journal of Accounting Research 29(2): 277−301.
    [56]
    Jones, D. A. 2007. Voluntary disclosure in R&D-intensive industries. Contemporary Accounting Research 24(2): 489−522.
    [57]
    Kalay, A. 2015. Investor sophistication and disclosure clienteles. Review of Accounting Studies 20(2): 976−1011.
    [58]
    Kim, J., and K. Valentine. 2021. The innovation consequences of mandatory patent disclosures. Journal of Accounting and Economics 71(2-3), 101381.
    [59]
    Korajczyk, R. A., D. J. Lucas, and R. L. McDonald. 1991. The effect of information releases on the pricing and timing of equity issues. Review of Financial Studies 4(4): 685−708.
    [60]
    Kravet, T., and V. Muslu. 2013. Textual risk disclosures and investors’ risk perceptions. Review of Accounting Studies 18(4): 1088−1122.
    [61]
    Lambert, R., C. Leuz, and R. E. Verrecchia. 2007. Accounting information, disclosure, and the cost of capital. Journal of Accounting Research 45(2): 385−420.
    [62]
    Lang, M. H., and R. J. Lundholm. 2000. Voluntary disclosure and equity offerings: Reducing information asymmetry or hyping the stock. Contemporary Accounting Research 17(4): 623−662.
    [63]
    Lee, C. M., and Q. Zhong. 2022. Shall we talk? The role of interactive investor platforms in corporate communication. Journal of Accounting and Economics 74(2-3), 101524.
    [64]
    Lee, L. F., A. P. Hutton, and S. Shu. 2015. The role of social media in the capital market: Evidence from consumer product recalls. Journal of Accounting Research 53(2): 367−404.
    [65]
    Leuz, C., and P. D. Wysocki. 2016. The economics of disclosure and financial reporting regulation: Evidence and suggestions for future research. Journal of Accounting Research 54(2): 525−622. doi: 10.1111/1475-679X.12115
    [66]
    Linsley, P. M., and P. J. Shrives. 2006. Risk reporting: A study of risk disclosures in the annual reports of UK companies. The British Accounting Review 38(4): 387−404. doi: 10.1016/j.bar.2006.05.002
    [67]
    Miller, G. S., and D. J. Skinner. 2015. The evolving disclosure landscape: How changes in technology, the media, and capital markets are affecting disclosure. Journal of Accounting Research 53(2): 221−239. doi: 10.1111/1475-679X.12075
    [68]
    Muslu, V., S. Radhakrishnan, K. R. Subramanyam, and D. Lim. 2015. Forward-looking MD&A disclosures and the information environment. Management Science 61(5): 931−948. doi: 10.1287/mnsc.2014.1921
    [69]
    Noe, C. F. 1999. Voluntary disclosures and insider transactions. Journal of Accounting & Economics 27(3): 305−326.
    [70]
    Schrand, C. M., and J. A. Elliott. 1998. Risk and financial reporting: A summary of the discussion at the 1997 AAA/FASB conference. Accounting Horizons 12(3): 271−282.
    [71]
    Suijs, J. 2007. Voluntary disclosure of information when firms are uncertain of investor response. Journal of Accounting and Economics 43(2-3): 391−410. doi: 10.1016/j.jacceco.2006.10.002
    [72]
    Verrecchia, R. E. 1983. Discretionary disclosure. Journal of Accounting & Economics 5: 179−194.
    • Relative Articles
    • Supplements(0)
    • Cited By

Catalog

    通讯作者: 陈斌, bchen63@163.com
    • 1. 

      沈阳化工大学材料科学与工程学院 沈阳 110142

    1. 本站搜索
    2. 百度学术搜索
    3. 万方数据库搜索
    4. CNKI搜索

    Figures(2)  / Tables(15)

    Get Citation
    PDF
    XML
    Article views (27) PDF downloads(2) Cited by()
    Proportional views
    Related
    Link 

    Copyright © 会计与经济研究备案序号: 沪ICP备09005481号-4

    /

    DownLoad:  Full-Size Img  PowerPoint
    Return
    Return