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| Research on the Impact of Irrelevant Answers in Performance Briefings on the Misvaluation in the Capital Market |
| YU Zijun，WANG Man，LI Yanxi |
| 1. Dongbei University of Finance and Economics, Dalian, Liaoning, China；2. Dalian University of Technology, Dalian, Liaoning, China |
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Abstract Taking the interaction between investors and the management of enterprises during performance briefings as the entry point, this study selects the data of A-share listed companies from 2007 to 2022 as the sample to examine the effect of managerial “irrelevant answers” on the misvaluation in the capital market. The research results show that the higher the degree of managerial “irrelevant answers”, the more serious misvaluation in the capital market. Mechanism tests indicate that managerial “irrelevant answers” mainly cause misvaluation in the capital market by intensifying stock price synchronization and stock price delay in terms of stock pricing efficiency, and by widening analyst forecast error and analyst forecast divergence in terms of analyst forecast quality. Heterogeneity analysis finds that the enhancement of information environment and the enrichment of information responses contribute to mitigating the impact of managerial “irrelevant answers” on the misvaluation in the capital market.
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Received: 22 May 2024
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