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Three Studies Examining Nonprofessional Investors' Decision Making
Title
Three Studies Examining Nonprofessional Investors' Decision Making.
Creator
Triki, Anis, Arnold, Vicky, Sutton, Steven, Schmitt, Donna, Hampton, Clark, University of Central Florida
Abstract / Description
This dissertation consists of three studies exploring nonprofessional investors' decision making. Technological advancements witnessed by the capital markets in recent years have caused significant changes to the dissemination and use of information, particularly by nonprofessional investors. Among these developments is the growth of social media that allows anyone to post information upon which others may rely and the availability of DAs that assist decision makers in evaluating the quality...
Show moreThis dissertation consists of three studies exploring nonprofessional investors' decision making. Technological advancements witnessed by the capital markets in recent years have caused significant changes to the dissemination and use of information, particularly by nonprofessional investors. Among these developments is the growth of social media that allows anyone to post information upon which others may rely and the availability of DAs that assist decision makers in evaluating the quality of information reported by an organization. The purpose of this dissertation is to investigate the benefits of using DAs that are capable assessing the quality of information reported to capital market participants and to investigate the effect of information retrieved from social media on nonprofessional investors' decisions.Study 1 highlights concerns over the ease of spreading video disclosures via social media outlets. Recent evidence from practice and research suggests that the trend of issuing video disclosures is growing and that investors are exposed to the risk of including deceptive information contained in those videos in their decision making process. The theoretical model introduced in this study suggests that investors can use deception detection DAs to identify deceptive behavior in video disclosures, and that the use of such DAs affects their perceptions of disclosure credibility. This study posits that management's pre-existing reputation affects investors' perceptions of disclosure credibility, and that the negative output of a deception detection DA can dilute the effect of management's pre-existing reputation on investors' perceptions of disclosure credibility. Using data from 376 nonprofessional investors, the findings support the proposed theoretical model and suggest that deception detection dilutes the effect of management's pre-existing reputation on investors' perceptions of disclosure credibility. The effect of management's pre-existing reputation on investors' perceptions of disclosure credibility is significantly weaker when the output of deception detection DA detects deception than when it fails to detect deception. Supplemental analyses suggest that the effect of deception detection is not limited to investors' perceptions of disclosure credibility, but also affects investors' willingness to invest. Deception detection dilutes the effect of management's pre-existing reputation on willingness to invest as well. These findings suggest that investors can mitigate the risks associated with video disclosures and improve their decisions by using deception detection DAs. Study 2 highlights concerns over the spread of linguistic manipulations in corporate disclosures. Recent evidence from the accounting literature suggests that managers strategically use linguistic manipulations and that investors unintentionally include the effect of these linguistic manipulations in their decisions. This study builds on the existing literature on linguistic manipulations and argues that providing investors with a DA that is capable of detecting linguistic manipulations can assist them in making investment decisions. The theoretical model introduced Study 2 suggests that the detection of linguistic manipulations (the occurrence of an expectation violation) moderates the effect of managers' incentives on investors' willingness to invest through disclosure credibility such that the effect of managers' incentive on investors' willingness to invest is expected to be weaker when the DA detects linguistic manipulations than when the DA fails to detect linguistic manipulations. Using data from 472 nonprofessional investors, the findings do not support the proposed theoretical model and suggest the effect of management incentive on investors' willingness to invest through disclosure credibility is not moderated by the detection of linguistic manipulations. These findings show that detecting linguistic manipulation has the same effect on managers with incentive to manipulate the language used corporate reports as those with no incentive to manipulate the language used in corporate reports. Study 3 highlights concerns over social media outlets that have enabled investors to communicate between themselves at an unprecedented rate. This study highlights the risk of using information retrieved from social media outlets and argues that investors are exposed to the risk of including erroneous information in their information set. This study uses the (")Social Identification of the De-individuation Effect(") model (SIDE) to argue that visual anonymity has an effect on investors' willingness to invest through their perceptions of disclosure credibility and that this effect depends on whether investors' have low or high social identification with the group of forum users. Using data from 401 nonprofessional investors, the findings do not support the proposed theoretical model. Nevertheless, findings from this study suggest that investors' social identification has an effect on their perceptions of disclosure credibility, and that social identification and visual anonymity have a joint effect on investors' willingness to invest. More precisely, investors with low social identification are more influenced by forum comments when they read the forum comments via text than when they view the forum comments via video; and, investors with high social identification are more influenced by forum comments when they view the forum comments than when they read the forum comments. While findings from this study provide support for the moderating role of social identification advanced in SIDE, the moderating role of social identification is in the opposite direction. Thus, this study fails to provide support for SIDE.
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Date Issued
2015
Identifier
CFE0005894, ucf:50879
Format
Document (PDF)
PURL
http://purl.flvc.org/ucf/fd/CFE0005894
The Diffusion of Digital Dashboards: An Examination of Dashboard Utilization and the Managerial Decision Environment
Title
The Diffusion of Digital Dashboards: An Examination of Dashboard Utilization and the Managerial Decision Environment.
Creator
Reinking, Jeffrey, Arnold, Vicky, Roberts, Robin, Sutton, Steven, Hampton, Clark, University of Central Florida
Abstract / Description
This dissertation consists of three related studies examining the diffusion of digital dashboard technology throughout today's organizations. Dashboards, once reserved for the executive level, are now available to managers at the lower levels of the organization. For these managers, dashboards have become an integral part of their work life to support their decision environment, to provide consistency in measures, to monitor performance, and to communicate information throughout the...
Show moreThis dissertation consists of three related studies examining the diffusion of digital dashboard technology throughout today's organizations. Dashboards, once reserved for the executive level, are now available to managers at the lower levels of the organization. For these managers, dashboards have become an integral part of their work life to support their decision environment, to provide consistency in measures, to monitor performance, and to communicate information throughout the organization. Prior research in the practice literature has shown that dashboards improve managerial performance and organizational performance as well as communicate organizational goals and objectives; however, empirical research has not been conducted in this area to confirm this anecdotal evidence. Using three theories, the phenomenon surrounding the diffusion of dashboards to the lower levels of the organization are examined based on 1) dashboards as a source of interactive management control and strategy alignment, 2) the impact of dashboard quality on strategy alignment, decision environment, and performance, and 3) the impacts on dashboard utilization from the antecedents of information content and task uncertainty and the consequences of user satisfaction and managerial performance. The first study investigates why dashboards have been diffused to the lowers levels of today's organizations. The primary focus of this study is to develop an understanding about the extent of dashboard utilization by decision-makers and the antecedents and consequences of utilization that is responsible for the widespread acceptance of this technology. The data for this study is collected and analyzed through an explanatory cross-sectional field study utilizing a semi-structured questionnaire. Using data from interviews with 27 managers, a framework is developed that indicates strategy alignment and dashboards associated with interactive management control are the primary antecedents that drive dashboard diffusion. The dimensions of dashboard system quality and dashboard information quality mediate the relationship between an interactive dashboard and the extent of dashboard utilization, which leads to higher levels of managerial performance and organizational performance. This study contributes to the dashboard, strategy, and MCS literature by revealing that dashboards are not isolated technologies, rather they play an important role in the execution of strategy at the operational levels of an organization. In addition, dashboards can also function as an interactive management control, which leads to high levels of diffusion of dashboards throughout organizations. Prior strategy literature has examined strategy alignment at the higher levels and this study extends this research stream by investigating strategy alignment at the lower operational levels of the organization.The second study utilizes the IS Success Model to explore the impacts of the antecedents of dashboard system quality and dashboard information quality on the managerial decision environment in addition to the resulting consequences or 'net benefit' of managerial performance and organizational performance. A field survey is used to collect data from 391 dashboard using managers to enable the analysis of the relationships predicted in the theoretical model. The theoretical model is analyzed utilizing PLS. The results show that two dimensions of dashboard quality, system flexibility and information currency, have a positive effect the managerial decision environment. The model indicates support for the consequences of managerial performance and organizational performance resulting from higher levels of decision quality in the managerial decision environment. The model also reveals that when the dashboard measures are strategy aligned, lower levels of dashboard system flexibility are associated with improved managerial decision environment. Therefore, when organizations design their dashboard systems to support strategy alignment, managers should not be afforded high levels of system flexibility to maintain their attention on the key performance indicators selected to align with strategy. This result is a primary contribution to the strategy literature that reveals that strategy aligned dashboards are more effective in environments where the dashboard flexibility is lower. Additionally, study two also extends the strategy literature by examining strategy alignment at the lower levels of the organization, since prior research has concentrated on the higher level strategic outcomes.As dashboards become highly diffused and more managers utilize the technology, the likelihood that dashboard designers cannot provide dashboard content that fits the tasks performed by managers is higher. The third study investigates this fit between dashboard information content and task uncertainty to understand if the fit between the technology and task impacts the extent of dashboard utilization by managers based on the theory of task-technology fit (TTF). TTF predicts higher levels of utilization will increase user satisfaction and managerial performance. Data is collected from 391 managers that utilize dashboards in their weekly work life to analyze the relationships predicted in the theoretical model. PLS is utilized to analyze the theoretical model and indicates weak support of TTF impacting the extent of dashboard utilization. The model supports the hypotheses for the links between the extent of dashboard utilization and user satisfaction and managerial performance. Based on the weak findings from this theoretical model, a second model is developed and analyzed. The second model measures TTF through the mediation of task uncertainty between dashboard information content and the extent of dashboard utilization, while the first model measured TTF through interacting task uncertainty and dashboard information content. The results of the second model show strong support that TTF, as measured through mediation, increases the extent of dashboard utilization. This study contributes to the literature by empirically showing that more extensive levels of dashboard utilization are achieved through the antecedent of TTF, resulting in increased managerial satisfaction and managerial performance.
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Date Issued
2013
Identifier
CFE0005052, ucf:49969
Format
Document (PDF)
PURL
http://purl.flvc.org/ucf/fd/CFE0005052
The Effects of Risk and Trust on the Achievement of Sustainable Competitive Advantage from B2B E-Commerce Trading Relationships
Title
The Effects of Risk and Trust on the Achievement of Sustainable Competitive Advantage from B2B E-Commerce Trading Relationships.
Creator
Hampton, Clark, Sutton, Steven, Roberts, Robin, Arnold, Vicky, Khazanchi, Deepak, Benford, Tanya, University of Central Florida
Abstract / Description
This dissertation consists of three interrelated studies focusing on the use of business-to-business (B2B) electronic commerce (e-commerce) to facilitate supply chain transactions. B2B e-commerce enabled supply chains produce substantial savings for organizations by reducing the amount of time and money necessary to negotiate contracts, processes orders, and pay suppliers. However, doubt exists as to whether reduced transaction costs are a sustainable competitive advantage for organizations....
Show moreThis dissertation consists of three interrelated studies focusing on the use of business-to-business (B2B) electronic commerce (e-commerce) to facilitate supply chain transactions. B2B e-commerce enabled supply chains produce substantial savings for organizations by reducing the amount of time and money necessary to negotiate contracts, processes orders, and pay suppliers. However, doubt exists as to whether reduced transaction costs are a sustainable competitive advantage for organizations. The advent of widespread and cost effective B2B e-commerce enabled supply chains coupled with increasingly complex, dynamic, and global competitive markets are encouraging organizations to form long-term relationships with their trading partners to achieve sustainable competitive advantage from improved supply chain performance. Competition is no longer restricted to large firms and end-product producers, but now encompasses the extended organizational supply chain. Using three separate, but related theories, these studies investigate 1) the factors affecting satisfaction with B2B e-commerce trading relationships, 2) the antecedents and effects of risk and trust on assurance desirability in B2B e-commerce partnerships, and 3) the impact of enterprise risk management procedures on the achievement of sustainable competitive advantage from B2B e-commerce enabled transnational alliances. Critical to achieving sustainable competitive advantage from B2B e-commerce capabilities is the existence of long-term mutually satisfying buyer(-)supplier relationships. The first study examines the antecedents of relationship satisfaction between B2B e-commerce trading partners. Using the relational view of the firm, a theoretical model is developed to investigate the direct and countervailing effects of trust and risk on relationship satisfaction. In addition, the indirect effects of justice and commitment on relationship satisfaction are also investigated. A field survey is used to collect data from 205 industry professionals concerning B2B e-commerce trading partnerships. Structural equation modeling is used to evaluate the hypothesized model relationships. The results support all hypotheses and indicate good model fit with strong explanatory power. This study contributes to the accounting information systems and strategic management literature by investigating the interactive but independent roles of risk and trust within B2B e-commerce trading relationships. The second study examines the integrative effects of power, risk, and trust, along with their antecedents, on the desirability of assurance over a trading partner's e-commerce processes. Using the resource advantage theory of competition as a foundation, a research model is developed to examine the relationships among the various trading partners and organizational factors that drive demand for a high information governance structure such as assurance. A field survey is used to collect data from 205 industry professionals to enable the evaluation of the complex relationships in the overall research model using structural equation modeling. The results support all hypotheses and provide good model fit, strong explanatory power, and strong support for the theory. This study expands the literature on management control systems within interorganizational relationships by addressing three contemporary concerns in the literature: (1) the minimal consideration of the impact of information technology in these relationships, (2) the minimal consideration of the impact of variances in the relative power of the trading partners, and (3) the need to consider the dual influence of risk and trust. Globalization places greater emphasis on the development of transnational alliances. The greatest benefits from alliances are derived from high-level information sharing, but risk escalates with information sharing. The purpose of the third study is to examine the influence of enterprise risk management (ERM) on risk and trust associated with transnational alliances and the resulting impact on interorganizational information sharing. Survey data is gathered from 200 senior-level managers monitoring transnational alliances. Structural equation modeling is used to test the hypothesized relationships. The results provide strong support for the hypothesized relationships and the overall research model, showing that high ERM leads to decreased risk, increased trust, and improved information sharing.
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Date Issued
2011
Identifier
CFE0004117, ucf:49108
Format
Document (PDF)
PURL
http://purl.flvc.org/ucf/fd/CFE0004117