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Article: Investor reactions to management earnings guidance Attributions: The Effects Of News Valence, Attribution Locus, And Outcome Controllability
Title | Investor reactions to management earnings guidance Attributions: The Effects Of News Valence, Attribution Locus, And Outcome Controllability |
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Authors | |
Keywords | Attribution Attribution locus Management earnings guidance Outcome controllability |
Issue Date | 2016 |
Publisher | Pergamon. 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? |
Abstract | We 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 Identifier | http://hdl.handle.net/10722/236446 |
ISSN | 2023 Impact Factor: 3.6 2023 SCImago Journal Rankings: 2.208 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Han, J | - |
dc.contributor.author | Chen, W | - |
dc.contributor.author | Tan, H | - |
dc.date.accessioned | 2016-11-25T00:53:31Z | - |
dc.date.available | 2016-11-25T00:53:31Z | - |
dc.date.issued | 2016 | - |
dc.identifier.citation | Accounting, Organizations and Society, 2016, v. 55, p. 83-95 | - |
dc.identifier.issn | 0361-3682 | - |
dc.identifier.uri | http://hdl.handle.net/10722/236446 | - |
dc.description.abstract | We 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.language | eng | - |
dc.publisher | Pergamon. The Journal's web site is located at http://www.elsevier.com/locate/aos | - |
dc.relation.ispartof | Accounting, Organizations and Society | - |
dc.rights | This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. | - |
dc.subject | Attribution | - |
dc.subject | Attribution locus | - |
dc.subject | Management earnings guidance | - |
dc.subject | Outcome controllability | - |
dc.title | Investor reactions to management earnings guidance Attributions: The Effects Of News Valence, Attribution Locus, And Outcome Controllability | - |
dc.type | Article | - |
dc.identifier.email | Han, J: junhan@business.hku.hk | - |
dc.identifier.authority | Han, J=rp01066 | - |
dc.description.nature | postprint | - |
dc.identifier.doi | 10.1016/j.aos.2016.10.002 | - |
dc.identifier.scopus | eid_2-s2.0-84994607334 | - |
dc.identifier.hkuros | 270606 | - |
dc.identifier.volume | 55 | - |
dc.identifier.spage | 83 | - |
dc.identifier.epage | 95 | - |
dc.identifier.isi | WOS:000389731300006 | - |
dc.publisher.place | United Kingdom | - |
dc.identifier.issnl | 0361-3682 | - |