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Article: Investor reactions to management earnings guidance Attributions: The Effects Of News Valence, Attribution Locus, And Outcome Controllability

TitleInvestor reactions to management earnings guidance Attributions: The Effects Of News Valence, Attribution Locus, And Outcome Controllability
Authors
Issue Date2016
PublisherPergamon. The Journal's web site is located at http://www.elsevier.com/locate/aos
Citation
Accounting, Organizations and Society, 2016, v. 55, p. 83-95 How to Cite?
AbstractWe conduct two experiments to investigate how investors react to attributions accompanying management guidance. In our first experiment, we find that investors provide lower earnings estimates when management attributes negative guidance news to external factors than internal factors. When the guidance news is positive, the locus (internal versus external) of the attributions has no effect on investors' earnings estimates. In our second experiment, we separate out the effect of the attribution's outcome controllability (controllable versus uncontrollable) from that of attribution locus in a negative guidance news setting. We find that investors provide higher earnings estimates for internal and outcome controllable attributions than for internal and outcome uncontrollable attributions attributions. Outcome controllability does not matter when attributions are external. Our study extends prior research by showing how the valence of management guidance and the characteristics of guidance attributions jointly influence investors' earnings judgments.
Persistent Identifierhttp://hdl.handle.net/10722/236446
ISSN
2019 Impact Factor: 3.958
2015 SCImago Journal Rankings: 2.515
ISI Accession Number ID

 

DC FieldValueLanguage
dc.contributor.authorHan, J-
dc.contributor.authorChen, W-
dc.contributor.authorTan, H-
dc.date.accessioned2016-11-25T00:53:31Z-
dc.date.available2016-11-25T00:53:31Z-
dc.date.issued2016-
dc.identifier.citationAccounting, Organizations and Society, 2016, v. 55, p. 83-95-
dc.identifier.issn0361-3682-
dc.identifier.urihttp://hdl.handle.net/10722/236446-
dc.description.abstractWe conduct two experiments to investigate how investors react to attributions accompanying management guidance. In our first experiment, we find that investors provide lower earnings estimates when management attributes negative guidance news to external factors than internal factors. When the guidance news is positive, the locus (internal versus external) of the attributions has no effect on investors' earnings estimates. In our second experiment, we separate out the effect of the attribution's outcome controllability (controllable versus uncontrollable) from that of attribution locus in a negative guidance news setting. We find that investors provide higher earnings estimates for internal and outcome controllable attributions than for internal and outcome uncontrollable attributions attributions. Outcome controllability does not matter when attributions are external. Our study extends prior research by showing how the valence of management guidance and the characteristics of guidance attributions jointly influence investors' earnings judgments.-
dc.languageeng-
dc.publisherPergamon. The Journal's web site is located at http://www.elsevier.com/locate/aos-
dc.relation.ispartofAccounting, Organizations and Society-
dc.rightsThis work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.-
dc.titleInvestor reactions to management earnings guidance Attributions: The Effects Of News Valence, Attribution Locus, And Outcome Controllability-
dc.typeArticle-
dc.identifier.emailHan, J: junhan@business.hku.hk-
dc.identifier.authorityHan, J=rp01066-
dc.description.naturepostprint-
dc.identifier.doi10.1016/j.aos.2016.10.002-
dc.identifier.scopuseid_2-s2.0-84994607334-
dc.identifier.hkuros270606-
dc.identifier.volume55-
dc.identifier.spage83-
dc.identifier.epage95-
dc.identifier.isiWOS:000389731300006-
dc.publisher.placeUnited Kingdom-

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