How Does Using a Mobile Device Change Investors' Reactions to Firm Disclosures?

• 成果类型: Article
• 署名作者: Grant, Stephanie M.
• 署名单位: University of Washington; University of Washington Seattle
• 刊物名称: JOURNAL OF ACCOUNTING RESEARCH
• ISSN/ISSBN: 0021-8456
• DOI: 10.1111/1475-679X.12299
• 发表日期: 2020
• 页码: 741-775
• 关键词: information-flow; Cognitive load; decision-making; interactivity; memory; performance; Mediation; choices; self

摘要

I examine how characteristics of investors' information access tools change investors' reactions to firm disclosures. I examine my research question in the context of information choice (i.e., allowing investors to choose the order of information and sections to read within a disclosure) and spatial layout (i.e., how information is displayed when viewing the disclosure). Results of an experiment are consistent with information choice improving investors' judgments if the disclosure is viewed on a computer screen. Conversely, and consistent with cognitive overload, information choice harms investors' judgments if the disclosure is viewed on a smaller screen, such as that of a mobile device. Follow-up experiments show that changing the disclosure presentation to reduce the need to scroll is one way to improve investors' judgments on a smaller (or mobile) screen. My findings caution firms and regulators about expanding information choice within disclosures without considering the screen size used to access the disclosure.