Investor inattention to weekend disclosure of environmental punishment: evidence from China

被引：0
|
作者：
Zhou, Yucheng [1 ]
Huo, Di [1 ]
Wu, Dejun [2 ]
机构：
[1] Xiamen Univ, Sch Management, Xiamen, Fujian, Peoples R China
[2] Zhongnan Univ Econ & Law, Sch Accounting, Wuhan, Hubei, Peoples R China
来源：
ASIA-PACIFIC JOURNAL OF ACCOUNTING & ECONOMICS | 2024年 / 31卷 / 02期
关键词：
Environmental punishment information (EPI); market reaction; weekend disclosure; EARNINGS ANNOUNCEMENTS; MARKET REACTION; TIMELINESS; RELEASE; NEWS;
D O I：
10.1080/16081625.2022.2147966
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
The inattention hypothesis suggests that investors have a weak response to company information on weekends. Using a sample of Chinese listed companies from 2007 to 2019, we empirically study the strategic timing effect of disclosing environmental punishment information (EPI) on weekends. We find a significantly lower market reaction to EPI disclosed on weekends compared with disclosure on weekdays. Further tests show that the weekend timing effect is more pronounced when severe punishment and weak external supervision exist. Our evidence supports the inattention hypothesis from the perspective of weekend disclosure of negative environmental information.
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页码：176 / 195
页数：20
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