ABSTRACT I examine the real effects of a disclosure mandate that, with the aim of enhancing performance reporting, requires a subset of London Stock Exchange (LSE) firms to describe operational and strategic aspects of value creation, such as business operations and strategies, in their annual reports. Using an instrumented difference-in-differences design, I find that compliance with this initiative, evidenced by more disclosures of performance measures and commentaries relating to business operations and strategies, promotes intangible investments. My analysis of external and internal control systems suggests that enhanced performance reporting promotes investments because it attracts long-term investors and reduces CEO pay sensitivity to earnings performance. JEL Classifications: D22; D82; O30; M41.

中文翻译：

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业绩报告对投资行为的影响：来自英国信息披露改革的证据


摘要我研究了披露要求的实际影响，该要求旨在加强绩效报告，要求伦敦证券交易所 (LSE) 的一部分公司在其年度报告中描述价值创造的运营和战略方面，例如业务运营和战略。报告。通过使用工具化的双重差异设计，我发现遵守这一举措（通过更多地披露与业务运营和战略相关的绩效衡量和评论来证明）可以促进无形投资。我对外部和内部控制系统的分析表明，增强的绩效报告可以促进投资，因为它可以吸引长期投资者并降低首席执行官薪酬对盈利绩效的敏感度。 JEL 分类：D22； D82； O30； M41。