Moderating Effect of Error Source on the Continued Influence of Retracted Disclosure on Individual Investors’ Judgements
通过实验研究MBA学生作为个体投资者时，错误来源（管理层vs媒体）如何影响撤回披露的持续影响效应，发现媒体错误更易导致持续影响，且该效应由怀疑水平中介。
This study undertakes an experiment, in which Masters of Business Administration students participate as individual investors, to examine the impact of error sources (management versus press) on the continued influence of retracted disclosures. Given the increasing role of third parties in disseminating information, it is vital to examine the moderating effect of error source, a factor not previously emphasized in research on the continued influence effect. The results show that investors are more susceptible to the continued influence effect when the error is from the press (rather than from management), suggesting that individual investors should be more vigilant about the quality of information provided by external organizations. Additional analysis reveals that the differential effect found is mediated by the level of scepticism experienced by the participants. Unlike previous research, this study's results provide evidence that post‐exposure scepticism may moderate the continued influence effect under the conditions of task familiarity and clarity of actual error. Implications for regulators and researchers are also discussed.