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All Journal Gadjah Mada International Journal of Business Journal of Indonesian Economy and Business The Indonesian Journal of Accounting Research
Sri Wahyuni
STIE Mahardhika Surabaya
Economics, Econometrics & Finance

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Can Backward-looking and Forward-looking Information Debias Prospect Effect in Earnings Announcement? Jogianto Hartono; Sri Wahyuni
Gadjah Mada International Journal of Business Vol 19, No 3 (2017): September-December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (269.142 KB) | DOI: 10.22146/gamaijb.26282

Abstract

This study examines the important issue of whether additional pieces of information about the earnings’ characteristics (their quantitative description and predicted earnings) can debias the prospect effect of the earnings’ announcement. The prospect effect bias can be mitigated by the availability of clear information and an integrated disclosure. Additional information that is included with the previous information will make the investors’ beliefs stronger  and it will debias any psychological effects.This research confirms the prospect effect’s bias that investors react more negatively when evaluating a company’s performance after a negative earnings information disclosure rather than react positively in evaluating the performance for a positive earnings information disclosure. The results also show that when additional pieces of information, such as a quantitative description and predicted earnings are added, they can mitigate the prospect effect’s bias. Additional information of predicted earnings as forward-looking oriented information has a stronger debiasing effect than that of additional information of a quantitative description as backward-looking oriented information.
REMINDER EFFECT AND ANCHORING-ADJUSTMENT IN EARNINGS ANNOUNCEMENT: IMPLEMENTATION OF PRIORPERIOD BENCHMARK DISCLOSURE STRATEGY Sri Wahyuni; Jogiyanto HM
Journal of Indonesian Economy and Business (JIEB) Vol 27, No 3 (2012): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (160.068 KB) | DOI: 10.22146/jieb.6241

Abstract

The purpose of this study is to provide empirical support regarding the reminder effects and anchoring-adjustment in earnings announcements. This study is important to explainthe cognitive mechanism in processing the information that the consequences can affect the judgments of investors in evaluating company performance. The research of behavioralaccounting often focuses on the consideration in the framework of investment decision making mechanism based on a systematic and accurate. Prior researches have described strategic disclosure of prior-period benchmark in earnings announcement that focuses on the transitory gain or loss, which, in turn, influences investor’s judgments (Schrand & Walther 2000; Krische 2005). Using strategic reference-point theory from psychology and Hogarth & Einhorn’s (1992) belief-adjustment theory, this paper extends such research by investigating how investors behave differently to reminder effect and anchoringadjustment. The experimental results suggest that reminder effects and anchoring of information can influences investor’s judgments in evaluating of company performance.Keywords: reminder effect, anchoring-adjustment, cognitive mechanism, strategic reference-point theory, belief- adjustment theory
The Information Disclosure Strategy of Single versus Multiple Benchmarks in Earnings Announcements Sri Wahyuni; Jogiyanto Hartono; Supriyadi Supriyadi; Ertambang Naharto
The Indonesian Journal of Accounting Research Vol 21, No 3 (2018): IJAR September 2018
Publisher : The Indonesian Journal of Accounting Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33312/ijar.377

Abstract

Abstract: This study is aimed to test the impact of single versus multiple benchmarks earnings information disclosure strategy towards financial users’ behavior in estimating future earnings. The study is important because it links behavioral aspects between the ways of providing and using earnings information based on multiple reference point theory of psychology. Using experimental factorial mix design 2x3x2 with 58 investor and non-investor participants, the result indicates that earnings disclosure strategy of single versus multiple benchmarks influences participant's judgments. Specifically, the multiple benchmarks are more effective than a single benchmark used to estimating future earnings. This finding is consistent with some priors studies of Schrand and Walther (2000), Krische (2005),  Han and Tan (2007) and Wahyuni and Hartono (2010, 2012, 2014). Abstract: This study is aimed to test the impact of single versus multiple benchmarks earnings information disclosure strategy towards financial users’ behavior in estimating future earnings. The study is important because it links behavioral aspects between the ways of providing and using earnings information based on multiple reference point theory of psychology. Using experimental factorial mix design 2x3x2 with 58 investor and non-investor participants, the result indicates that earnings disclosure strategy of single versus multiple benchmarks influences participant's judgments. Specifically, the multiple benchmarks are more effective than a single benchmark used to estimating future earnings. This finding is consistent with some priors studies of Schrand and Walther (2000), Krische (2005),  Han and Tan (2007) and Wahyuni and Hartono (2010, 2012, 2014).  
Co-Authors Ertambang Naharto Jogianto Hartono Jogiyanto Hartono Jogiyanto HM Supriyadi .