Less timely earnings announcements and voluntary disclosure

The release of earnings information has become less timely in recent years partly because firms increasingly disclose earnings concurrently with their periodic reports (e.g., 10-Ks, 10-Qs). We examine whether firms use voluntary disclosure to mitigate the negative economic consequences of less timely earnings announcements (EAs). We find that firms with less timely EAs are more likely to provide voluntary 8-K filings over the period leading to the EA. We also find that investors’ demand for timely information, the nature of earnings news and litigation risk affect the extent to which firms provide voluntary disclosure to compensate for less timely EAs. The negative effect of less timely EAs on information asymmetry is attenuated when firms provide voluntary 8-K filings prior to EAs. Overall, our findings suggest that firms voluntarily communicate with investors using voluntary disclosure when their EAs are less timely.     

What are the predictors of nonprofit association members' supportive behaviors?

This study investigates the factors of members' supportive behavioral intentions to donate and recommend membership to others in the context of engineering professional membership associations. Using data collected from 3,464 members across three engineering professional membership associations, this study found that age, past donation experience, personal and professional benefits, gender, income, and longevity in the field were significant factors to determine giving intention, while personal benefits, professional benefits, past behaviors (donation and volunteering), and longevity in the field were predictors of membership recommendation intentions of engineering professionals.     

Corporate social responsibility and strategic trade policy: An endogenous timing game and its policy implications

This study incorporates the corporate social responsibility (CSR) initiatives of a domestic firm and analyses strategic trade policy towards a foreign firm in a different market structure. We show that the tariff rate under a foreign (domestic) firm's leadership is lowest when the degree of CSR is large (small). We also show that the foreign firm's leadership yields the highest welfare when the degree of CSR is intermediate, while the domestic firm's leadership yields the highest welfare otherwise. In an endogenous‐timing game, we show that a simultaneous‐move outcome is the unique equilibrium when the degree of CSR is small; thus, it is never socially desirable. We also show that the domestic firm's leadership can be an equilibrium, which results in the highest welfare when the degree of CSR is large. Finally, when the degree of CSR is large, collusive behaviours between the domestic and foreign firms can increase welfare.     

Do Web Users Care About Banner Ads Anymore? The Effects of Frequency and Clutter in Web Advertising

This study investigates the effects of frequency of exposure to banner ads and ad clutter in web pages upon online users’ psychological responses. In a 7 (frequency 1 through 7) × 2 (clutter vs. non-clutter) between-participants factorial experiment, participants (N = 250) were randomly assigned to one of fourteen news websites, each with 20 separate pages of news stories and animated banner ads downloaded from various websites. Results indicated that frequency of exposure is a powerful psychological cue affecting users’ memory, attitudes, and behavior. However, contrary to expectation, banner clutter does not lead to negative effects on recall, attitudes, and behavior. Negative impact of banner clutter was significant only on ad recognition.     

Why Do Local South Korean Market Leaders Supply Retailer Grocery Brands?

This article examines why many of the leading South Korean brand manufacturers produce retailer brand products within their major product categories. The reasons identified include pressure from retailers, protection of other national brand product ranges, maintenance or improvements in working relationships, protection of other distribution channels, savings in marketing budgets, diversification of product lines, and changing competitive structures. Evidence is also provided of the dynamic nature of decision making relating to retail brand supply across the whole portfolio of brands which the manufacturer offers, rather than in respect of individual product brands or markets, the focus of much existing work.     

Corporate social responsibility performance and information asymmetry

Using Corporate Social Responsibility (CSR) performance scores from KLD STAT, we investigate whether CSR performance affects information asymmetry. We find that both positive and negative CSR performance reduce information asymmetry. Moreover, we find that the influence of negative CSR performance is much stronger than that of positive CSR performance in reducing information asymmetry. We also investigate the effect of informed investors on the CSR performance-asymmetry relation. We find that the negative association between CSR performance and bid-ask spread decreases for firms with a high level of institutional investors compared to those with a low level of institutional investors. This finding suggests that informed investors may exploit their CSR information advantage. Overall, our results suggest that CSR performance plays a positive role for investors by reducing information asymmetry and that regulatory action may be appropriate to mitigate the adverse selection problem faced by less-informed investors.     

Motivation for emergency and retirement saving: an examination of Regulatory Focus Theory

Can Regulatory Focus Theory be used to better understand consumers' saving attitudes and behaviours? The theory posits that prevention‐ and promotion‐oriented personality traits may influence financial decision making. Using secondary and experimental survey data, two research questions were examined: (1) Are promotion‐ and prevention‐related saving goals, in combination with promotion‐ and prevention‐oriented personality traits, related to attitudes towards saving behaviour? (2) To what extent does the match between these goals and traits affect actual saving behaviour? Findings confirmed that promotion‐oriented consumers were less likely to save for prevention goals, while the opposite was true for prevention‐oriented individuals. Further, consumers' saving goal and personality trait‐based regulatory focus were found to influence cognitive attitudes towards saving. The discussion focuses on how these findings and theoretical perspectives may predict and influence consumers' financial decision making.