Using Online Video to Announce a Restatement: Influences on Investment Decisions and the Mediating Role of Trust
研究发现，当CEO在在线视频中为财务重述承担内部责任时，投资者建议更大投资；当推卸外部责任时，建议更小投资，且信任起中介作用。
ABSTRACT Press releases accompanying earnings restatements attempt to minimize negative reactions by explaining the reasons for the restatement. Although text-based press releases have been the norm for years, firms have recently begun using online video for such announcements. We examine the implications of doing so, and find that when a CEO accepts responsibility by making an internal attribution for a restatement, investors viewing the announcement online via video recommend larger investments in the firm than do investors viewing the announcement online via text. In contrast, when the CEO denies responsibility by making an external attribution for the restatement, investors viewing the announcement online via video recommend smaller investments in the firm than do investors viewing the announcement online via text. Our results also reveal that investor trust mediates the effect of disclosure venue and attribution on investment recommendations. These findings are important given the economic significance and trust-damaging implications of restatements, as well as the increased use of online video to make important announcements. Data Availability: Contact the authors for data and video.