摘要
Abstract
Annual report inquiry letters provide incremental information to the market,which may lead to divergent interpretations.Using A-share listed companies on the Shanghai and Shenzhen Stock Exchanges as the sample,this paper empirically examines the impact of annual report inquiry letters on investor disagreement,as well as the moderating effect of corporate ESG performance.The findings are summarized as follows.(1)Annual report inquiry letters often contain a large amount of technical and specialized content.As a result,investors with different cognitive abilities and information-processing preferences are likely to interpret the same information differently,leading to greater investor disagreement.(2)When firms delay responding to inquiry letters,the resulting information vacuum may trigger various market speculations about the reasons for the delay.Furthermore,when inquiry letters require responses from third-party institutions,the diversity of information sources compels investors to assess the reliability of third-party information,further increasing the difficulty for investors to interpret information.Both situations amplify investor disagreement.(3)Sound ESG performance enhances investors'trust in firms,helping investors better assess firms'long-term value,which in turn helps reduce investor disagreement and mitigate excessive stock price reactions.This paper extends research on the relationship between annual report inquiry letters and investor behavior,and provides empirical support for improving corporate information disclosure and preventing market risk.关键词
年报问询函/ESG表现/有限注意力/投资者意见分歧Key words
annual report inquiry letters/ESG performance/limited attention/investor disagreement分类
管理科学
