Financial Reporting and Consumer Behavior
研究发现财务报告通过吸引消费者注意力影响其行为，企业财报发布后客流量增加，尤其在有媒体关注、股价波动大时，且正面盈利会提升耐用品商店客流，表明财务报告具有营销功能。
ABSTRACT 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. Data Availability: All other data are available from the public sources cited in the text. JEL Classifications: G10; G11; G12; G14; G40; G41.