We investigate how graphical vividness and interactivity in displays of non-financial information following poor financial performance affect the judgments of nonprofessional investors. Leveraging the Hamilton and Winchel (2019) model of dual-process theories of persuasion in financial reporting, we hypothesize and find that graphical vividness and interactivity jointly influence nonprofessional investors. Despite negative news in financial information, investors perceive a firm’s performance more positively when favorable non-financial information is presented more vividly and with a user interactivity function. Finally, contributing to theory, we find that effort positively mediates the effects of user interactivity on nonprofessional investors’ judgments and decisions. The results lend empirical support to the Hamilton and Winchel (2019) model of dual-process theories of persuasion in financial reporting and have implications for designers of investor relations websites, investor groups consuming this information, and regulators concerned about the need for standards in the presentation of non-financial information in annual reports.

中文翻译：

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非财务演示中的图形生动性和交互性如何影响非专业投资者


我们研究了财务业绩不佳后非财务信息显示的图形生动性和交互性如何影响非专业投资者的判断。利用财务报告中说服的双过程理论的 Hamilton 和 Winchel（2019）模型，我们假设并发现图形的生动性和交互性共同影响非专业投资者。尽管财务信息中存在负面消息，但当有利的非财务信息以更生动的方式呈现并具有用户交互功能时，投资者会对公司的业绩产生更积极的看法。最后，为理论做出贡献，我们发现努力积极地调节用户互动对非专业投资者的判断和决策的影响。研究结果为 Hamilton 和 Winchel（2019）的财务报告说服双过程理论模型提供了实证支持，并对投资者关系网站的设计者、使用此信息的投资者团体以及关注财务报告标准需求的监管机构产生影响。年度报告中非财务信息的列报。