The impact of financial accounting disclosures on investors’ reactions towards bad news: The moderating role of investors’ sentiments

References

• Ajzen, I., & Fishbein, M. (1980). Understanding attitudes and predicting social behaviour (Englewood Cliffs). Prentice-Hall.
   Google Scholar
• Aksu, M., & Kosedag, A. (2006). Transparency and disclosure scores stock exchange. Corporate Governance, 14(4), 277–34. https://doi.org/10.1111/j.1467-8683.2006.00507.x
   Web of Science ®Google Scholar
• Al-Tamimi, H. A. H. (2006). Factors influencing individual investor behavior: An empirical study of the UAE financial markets. Business Review, 5(2), 225–233. https://api.semanticscholar.org/CorpusID:168825812
   Google Scholar
• Armitage, C. J., & Conner, M. (2001). Efficacy of the theory of planned behaviour: A meta‐analytic review. British Journal of Social Psychology, 40(4), 471–499. https://doi.org/10.1348/014466601164939
   PubMed Web of Science ®Google Scholar
• Baker, M., & Wurgler, J. (2007). Investor sentiment in the stock market. Journal of Economic Perspectives, 21(2), 129–151. https://doi.org/10.1257/jep.21.2.129
   Web of Science ®Google Scholar
• Barberis, N., Shleifer, A., & Vishny, R. (1998). A model of investor sentiment. Journal of Financial Economics, 49(3), 307–343. https://doi.org/10.1016/S0304-405X(98)00027-0
   Web of Science ®Google Scholar
• Bayerlein, L., Davidson, P., & Hussainey, K. (2012). The influence of connotation on readability and obfuscation in Australian chairman addresses. Managerial Auditing Journal, 27(2), 175–198. https://doi.org/10.1108/02686901211189853
   Google Scholar
• Bloomfield, R. J. (2002). The “Incomplete Revelation Hypothesis” and financial reporting. Accounting Horizons, 16(3), 233–243. https://doi.org/10.2308/acch.2002.16.3.233
   Google Scholar
• Bolaman, Ö., & Evrim Mandacı, P. (2014). Effect of investor sentiment on stock markets. Finansal Araştırmalar ve Çalışmalar Dergisi, 6(11), 51–64. https://doi.org/10.14784/JFRS.2014117327
   Google Scholar
• Brennan, N. M., & Merkl Davies, D. M. (2013). Accounting narratives and impression management (1st ed.). London. The Routledge Companion to Accounting Communication.
   Google Scholar
• Brown, S. A., & Venkatesh, V. (2005). Model of adoption of technology in households: A baseline model test and extension incorporating household life cycle. MIS Quarterly, 29(3), 399–426. https://doi.org/10.2307/25148690
   Web of Science ®Google Scholar
• Chen, A., Kao, L., Tsao, M., & Wu, C. (2007). Building a corporate governance index from the perspectives of ownership and leadership for firms in Taiwan. Corporate Governance an International Review, 15(2), 251–261.‏. https://doi.org/10.1111/j.1467-8683.2007.00572.x
   Web of Science ®Google Scholar
• Cheung, Y. L., Connelly, J. T., Limpaphayom, P., & Zhou, L. (2007). Do investors really value corporate governance? Evidence from the Hong Kong market. Journal of International Financial Management & Accounting, 18(2), 86–122.‏. https://doi.org/10.1111/j.1467-646X.2007.01009.x
   Google Scholar
• Cheung, Y. L., Jiang, P., & Tan, W. (2010). A transparency disclosure index measuring disclosures: Chinese listed companies. Journal of Accounting and Public Policy, 29(3), 259–280.‏. https://doi.org/10.1016/j.jaccpubpol.2010.02.001
   Web of Science ®Google Scholar
• Clatworthy, M., & Jones, M. J. (2003). Financial reporting of good news and bad news: Evidence from accounting narratives. Accounting and Business Research, 33(3), 171–185.‏. https://doi.org/10.1080/00014788.2003.9729645
   Google Scholar
• Collett, P., & Hrasky, S. (2005). Voluntary disclosure of corporate governance practices by listed Australian companies. Corporate Governance an International Review, 13(2), 188–196. https://doi.org/10.1111/j.1467-8683.2005.00417.x
   Web of Science ®Google Scholar
• Demaline, C. J. (2018). Firm performance and readability of the manager ’ s disclosures : A causal-comparative study. [ Doctoral dissertation]. Grand Canyon University.1–283.
   Google Scholar
• East, R. (1993). Investment decisions and the theory of planned behaviour. Journal of Economic Psychology, 4(2), 337–375.‏. https://doi.org/10.1016/0167-4870(93)90006-7
   Google Scholar
• Frankel, R., & Li, X. (2004). Characteristics of a firm’s information environment and the information asymmetry between insiders and outsiders. Journal of Accounting and Economics, 37(2), 229–259.‏. https://doi.org/10.1016/j.jacceco.2003.09.004.
   Web of Science ®Google Scholar
• Gandía, J. L. (2008). Determinants of internet-based corporate governance disclosure by Spanish listed companies. Online Information Review, 32(6), 791–817. https://doi.org/10.1108/14684520810923944
   Web of Science ®Google Scholar
• Gigler, F. B., & Hemmer, T. (2001). Conservatism, optimal disclosure policy, and the timeliness of financial reports. The Accounting Review, 76(4), 471–493.‏. https://doi.org/10.2308/accr.2001.76.4.471
   Web of Science ®Google Scholar
• Haat, M. H. C., Rahman, R. A., & Mahenthiran, S. (2008). Corporate governance, transparency and performance of Malaysian companies. Managerial Auditing Journal, 23(8), 744–778. https://doi.org/10.1108/02686900810899518
   Google Scholar
• Hassan, M. K. (2012). A disclosure index to measure the extent of corporate governance reporting by UAE listed corporations. Journal of Financial Reporting and Accounting, 10(1), 4–33. https://doi.org/10.1108/19852511211237426
   Google Scholar
• Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1–3), 405–440.‏. https://doi.org/10.1016/S0165-4101(01)00018-0
   Web of Science ®Google Scholar
• Heflin, F., Shaw, K. W., & Wild, J. J. (2011). Credit ratings and disclosure channels. Research in Accounting Regulation, 23(1), 20–33. https://doi.org/10.1016/j.racreg.2011.03.004
   Google Scholar
• Hidajat, T. (2019). Behavioural biases in bitcoin trading. Fokus Ekonomi. Fokus Ekonomi : Jurnal Ilmiah Ekonomi, 14(2), 337–354.‏. https://doi.org/10.34152/fe.14.2.337-354
   Google Scholar
• Hussainey, K. (2004). A study of the ability of (partially) automated disclosure scores to explain the information content of annual report narratives for future earnings. Manchester University of Manchester, 1–230. 0000 0001 3585 2009.
   Google Scholar
• Hussainey, K., & Al-Nodel, A. (2008). Corporate governance online reporting by Saudi listed companies. Research in Accounting in Emerging Economies, 8, 39–64. https://doi.org/10.1016/S1479-3563(08)08002-X
   Google Scholar
• Kahneman, D., & Tversky, A. (1979). On the interpretation of intuitive probability: A reply to Jonathan Cohen. Cognition, 7(4), 409–411. https://doi.org/10.1016/0010-0277(79)90024-6
   Web of Science ®Google Scholar
• Koseoglu, S. D. (2019). Behavioral finance vs. traditional finance. Behavioral Finance and Decision-Making Models (pp. 1–23). IGI Global.
   Google Scholar
• Kumar, S., & Goyal, N. (2015). Behavioural biases in investment decision making–a systematic literature review. Qualitative Research in Financial Markets, 7(1), 88–108. https://doi.org/10.1108/QRFM-07-2014-0022
   Web of Science ®Google Scholar
• Lovric, M., Kaymak, U., & Spronk, J. (2008). A conceptual model of investor behavior.‏ 1-52. ERIM Report Series. Reference No. ERS-2008-030-F&A.
   Google Scholar
• Mahastanti, L., & Hariady, E. (2014). Determining the factors which affect the stock investment decisions of potential female investors in Indonesia. International Journal of Process Management and Benchmarking. https://doi.org/10.1504/IJPMB.2014.060407
   Google Scholar
• Mahoney, M. L. (2011). An examination of the determinants of top management support of information technology projects. ProQuest LLC. 789 East Eisenhower Parkway, PO Box 1346.
   Google Scholar
• Makau, M. M., & Ambrose, J. (2018). Systematic risk factors, investor sentiment and stock market. International Journal of Management & Commerce Innovations, 5(2), 132–1143. http://ir-library.ku.ac.ke/handle/123456789/20120
   Google Scholar
• Malmendier, U., & Shanthikumar, D. (2003). Are small investors naïve About Incentives? NBER Working Paper, 10812(2003), 1–31. http://www.nber.org/papers/w10812
   Google Scholar
• Merikas, A., & Prasad, D. (2003). Factors influencing Greek investor behaviour on the Athens Stock Exchange. The Journal of Business, 66(1), 1–20.‏. https://doi.org/10.4236/me.2014.513113
   Google Scholar
• Morris, R. D. (1987). Signalling, agency theory and accounting policy choice. Accounting and Business Research, 18(69), 47–56.
   Google Scholar
• Pavlopoulos, A., Magnis, C., & Iatridis, G. E. (2019). Integrated reporting: An accounting disclosure tool for high quality financial reporting. Research in International Business and Finance, 49, 13–40.
   Web of Science ®Google Scholar
• Phan, K. C., & Zhou, J. (2014). Factors influencing individual investor behavior: An empirical study of the Vietnamese stock market. American Journal of Business and Management, 3(2), 77–94.‏. https://doi.org/10.11634/216796061403527
   Google Scholar
• Schoenfeld, J. (2017). The effect of voluntary disclosure on stock liquidity: New evidence from index funds. Journal of Accounting and Economics, 63(1), 51–74. https://doi.org/10.1016/j.jacceco.2016.10.007
   Web of Science ®Google Scholar
• Securities and Commodities Authority. (2018). Regulations, UAE government. https://www.sca.gov.ae/
   Google Scholar
• Sheppard, B. H., Hartwick, J., & Warshaw, P. R. (1988). The theory of reasoned action: A meta-analysis of past research with recommendations for modifications and future research. The Journal of Consumer Research, 15(3), 325–343.‏. https://doi.org/10.1086/209170
   Web of Science ®Google Scholar
• Song, J., & Zahedi, F. (2005). A theoretical approach to web design in E-commerce: A belief reinforcement model. Management Science, 51(8), 1219–1235. https://doi.org/10.1287/mnsc.1050.0427
   Web of Science ®Google Scholar
• Tan, H.-T., & Tan, S.-K. (2009). Investors’ reactions to management disclosure corrections: Does presentation format matter? Contemporary Accounting Research, 26(2), 1–43. https://doi.org/10.1111/j.1475-679X.2009.00350.x
   Web of Science ®Google Scholar
• Thoms, C., Degenhart, A., & Wohlgemuth, K. (2020). Is bad news difficult to read? A readability analysis of differently connoted passages in the annual reports of the 30 DAX companies. Journal of Business and Technical Communication, 34(2), 157–187.‏. https://doi.org/10.1177/1050651919892312
   Web of Science ®Google Scholar
• Tsamenyi, M., Enninful-Adu, E., & Onumah, J. (2007). Disclosure and corporate governance in developing countries: Evidence from Ghana. Managerial Auditing Journal, 22(3), 319–334. https://doi.org/10.1108/02686900710733170
   Google Scholar
• Venkatesh, V., & Davis, F. D. (2000). A theoretical extension of the technology acceptance model: Four longitudinal field studies. Management science, 46(2), 186–204.
   Web of Science ®Google Scholar
• Verma, V. K., & Chandra, B. (2018). An application of theory of planned behavior to predict young Indian consumers’ green hotel visit intention. Journal of Cleaner Production, 172, 1152–1162. https://doi.org/10.1016/j.jclepro.2017.10.047
   Web of Science ®Google Scholar
• Veronesi, P. (1999). Stock market overreaction to bad news in good times: A rational expectations equilibrium model. The Review of Financial Studies, 12(5), 975–1007.‏. https://doi.org/10.1093/rfs/12.5.975
   Web of Science ®Google Scholar
• Yang, L., Lau, L., & Gan, H. (2020). Investors’ perceptions of the cybersecurity risk management reporting framework. International Journal of Accounting & Information Management, 28(1), 167–183. https://doi.org/10.1108/IJAIM-02-2019-0022
   Web of Science ®Google Scholar