Financial Reporting and Consumer Behavior

• 成果类型: Article
• 署名作者: Noh, Suzie; So, Eric C.; Zhu, Christina
• 署名单位: Stanford University; Massachusetts Institute of Technology (MIT); University of Pennsylvania
• 刊物名称: ACCOUNTING REVIEW
• ISSN/ISSBN: 0001-4826
• DOI: 10.2308/TAR-2023-0293
• 发表日期: 2025
• 页码: 407-435
• 关键词: negative publicity; investor relations; Media coverage; mere exposure; earnings; INFORMATION; attention; sales; news; dissemination

摘要

We show that financial reporting influences consumer behavior by drawing consumer attention to announcing firms. Analyzing global positioning system (GPS) data, we document upticks in foot traffic to firms' commercial locations immediately following their earnings announcements. This increase is more pronounced for announcements with substantial media attention, fewer concurrent announcements, heightened internet search volume, and extreme stock price jumps and earnings surprises-indicating that announcement coverage impacts consumer behavior by capturing attention. Furthermore, foot traffic increases with positive earnings for firms offering durable goods, suggesting consumers respond to news about firms' financial prospects. Consumer attention patterns increase revenues and advertising effectiveness, ultimately suggesting that financial reporting serves a marketing function.