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BEHAVIORAL RESEARCH IN ACCOUNTING American Accounting

Association
Vol. 23, No. 1 DOI: 10.2308 /bria.
2011.23.1.109
2011 pp.
109129

Retail Investors Perceptions of the


Decision-Usefulness of Economic
Performance, Governance, and Corporate
Social Responsibility Disclosures
Jeffrey Cohen
Boston College
Lori Holder-Webb
Western New England College
Leda Nath
University of Wisconsin
David Wood
Boston College
Persepsi Investor ritel 'dari
Keputusan-Kegunaan Kinerja Ekonomi, Tata Kelola, dan Pengungkapan Tanggung Jawab Sosial
Perusahaan
Jeffrey Cohen
Boston College
Lori Holder-Webb
Western New England College
Leda Nath
University of Wisconsin
David Wood
Boston College
SEBUAH

ABSTRACT: Academic literature and the business press have placed increased
attention on the corporate disclosure of nonfinancial information. This study uses a
survey of 750 retail investors to examine perceptions about indicators of economic
performance, corporate governance policies and performance, and corporate social
responsibility. Survey results indicate that retail investors currently are most concerned
with economic performance information, followed by governance, and then corporate
social responsibility information. Those respondents who currently hold socially
responsible investments use more of all three types of nonfinancial information than
respondents who currently do not hold socially responsible investments. Further, retail
investors clearly prefer to obtain information about corporate social responsibility
information from a third-party source and governance information from an audited or
Retail InvestorsPerceptions 110

regulated document, while they use both sources to garner information about
indicators of economic performance. Respondents expressed an interest in increasing
their use of nonfinancial information in the future. When respondents were asked to
indicate the specific types of information they had the greatest interest in using in the
future, economic performance indicators such as market share, customer satisfaction,
and product innovation information were predominant.

We acknowledge the generous financial support of the FINRA Investor Education Foundation, the research assistance of
Belinda Hoff and B. K. Cohen, and the suggestions made by the editor, Theresa Libby, and two anonymous reviewers. The
views expressed in this paper are the views of the authors and not the views of the FINRA Investor Education Foundation.

Published Online: February 2011

109
Keywords: retail investors; nonfinancial information; corporate social responsibility.

Data Availability: The survey instrument is available from the researchers upon request.

Abstraksi

literatur Akademik dan pers bisnis telah meningkatkan perhatian pada pengungkapan
informasi nonfinansial perusahaan. Penelitian ini menggunakan survei dari 750 investor
ritel untuk memeriksa persepsi tentang indikator kinerja ekonomi, kebijakan tata kelola
perusahaan dan kinerja, dan tanggung jawab sosial perusahaan. Hasil survei menunjukkan
bahwa investor ritel saat ini yang paling perhatian dengan informasi kinerja ekonomi,
diikuti oleh kebijakan tata kelola perusahaan dan kinerja, dan kemudian informasi
tanggung jawab sosial perusahaan. Responden yang saat ini menggunakan sosial investasi
bertanggung jawab menggunakan lebih dari tiga jenis informasi non finansial dari
responden yang saat ini tidak menggunakan informasi investasi bertanggung jawab sosial.
Selanjutnya, investor ritel jelas lebih memilih untuk mendapatkan informasi tentang
informasi tanggung jawab sosial perusahaan dari sumber pihak ketiga dan informasi tata
kelola perusahaan dari dokumen yang telah diaudit atau diatur, sementara mereka
menggunakan kedua sumber untuk mengumpulkan informasi tentang indikator kinerja
ekonomi. Responden menyatakan minat dalam meningkatkan penggunaan informasi non
finansial di masa depan. Ketika responden diminta untuk menunjukkan jenis tertentu dari
informasi yang mereka memiliki kepentingan terbesar dalam menggunakan di masa depan,
indikator kinerja ekonomi seperti pangsa pasar, kepuasan pelanggan, dan informasi inovasi
produk yang dominan.

Kami mengakui dukungan finansial dari FINRA Investor Yayasan Pendidikan, bantuan
penelitian dari Belinda Hoff dan B. K. Cohen, dan saran yang dibuat oleh editor, Theresa
Libby, dan dua pengulas anonim. Pandangan yang diungkapkan dalam makalah ini adalah
pandangan dari penulis dan bukan pandangan dari FINRA Investor Yayasan Pendidikan.

INTRODUCTION

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I
n this study we explore how retail nonprofessional investors in the United States value
information not typically captured in traditional financial statements. While the majority of
extant accounting research involves the expectations and preferences of professional
investors and analysts, retail investors are a significant element in U.S. equity markets
Frederickson and Miller 2004. These investors hold approximately one-third of all outstanding
shares. Bogle 2005 and Elliot et al. 2007 point out that there are over 40 million nonprofessional
investors in the stock market. A point of concern is that this investor class may also lack the degree
of sophistication that regulators assume is possessed by users of corporate financial statements. 1
The academy and regulatory agencies have called for a reexamination of the value of
nonfinancial informationinformation that is not directly related to a corporations balance sheet
but offers material evidence for investor decision-making Chua 2006; Simnett et al. 2009. Chua
2006 highlights a disparity between the increasing importance of intangible wealth in determining
corporate value and a lack of increased access to information about that wealth through the
traditional financial statements. Emphasis on financial information may omit other salient
information about the company Lev and Zarowin 1999, especially for investors interested in the
manner in which a firm interacts with society at large Epstein and Freedman 1994.2
Many parties support increasing disclosure of nonfinancial information.
PricewaterhouseCoopers 2002 finds that most top executives at large multinational firms believe
that nonfinancial performance measures outweigh financial performance measures in terms of
creating and measuring long-term shareholder value. Nonfinancial indicators can offer key insight
into future performance, and at the same time serve as a proxy for identifying well-managed
companies Coram et al. 2006, 2009. Narayanan et al. 2000 also argue that informed managers may
reduce information asymmetries through voluntary disclosurein particular, voluntary disclosure
of nonfinancial information.
Investors are demanding that closer attention be paid to the relationships between their
particular investments and larger environmental, social, and governance trends Hawley and
Williams 2000. The United Nations Principles of Responsible Investment UN PRI, introduced in
April 2006, included signatories from asset owner, asset management, and investment consultancy
communities representing over $9 trillion in investment who agreed to incorporate material
environmental, social, and governance information into their investment practice UN PRI 2007.
The socially responsible investment community argues as well that information about
corporations environmental and social performanceunderstood broadly as their relationship
with stakeholdersoffers material information about their long-term prospects Simnett et al.
2009; Social Investment Forum SIF 2006; KPMG International 2005.
Despite increased attention on analysis of nonfinancial performance measures, little attention
has been devoted to how retail investors currently view and value such information. Research has
focused on the theoretical case for using nonfinancial information in investment decision-making
and on demonstrating the case for viewing such information as material Amir and Lev 1996; Ittner
and Larcker 1998; Banker et al. 2000. Understanding the preferences and expectations of retail
investors will be helpful in providing improved information in the future.

1 We recognize that traditional finance and accounting literature has viewed the market as
efficient, and therefore the actions of individual investors may not matter Fama 1970; Watts and
Zimmerman 1986. However, recent research demonstrates that the market may not be as efficient
as once thought Libby et al. 2002. Libby et al. 2002 cast doubt on the existence of natural
selection that eliminates irrational traders in dynamic equilibria. Thus, understanding individual
retail investors preferences is important for understanding the functioning of the markets.

2 For example, investors may prefer to allocate their resources to companies who use
disclosures to assert a commitment protecting the environment or to being good citizens within the
communities in which they are located Holder-Webb et al. 2009.

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This study contributes to the understanding of the current value of nonfinancial reporting by
analyzing retail investor preferences about preferred format, use, and value of three categories of
nonfinancial information. We examine the perceptions of retail investors concerning indicators of
economic performance, corporate governance policies and performance, and corporate social
responsibility CSR, a category covering a range of relationships with corporate stakeholders.

PENGANTAR
kita membahas bagaimana investor non-profesional ritel dalam informasi nilai Amerika Serikat
tidak biasanya diambil di laporan keuangan tradisional. Sementara mayoritas penelitian akuntansi
yang masih ada melibatkan harapan dan preferensi investor profesional dan analis, investor ritel
adalah elemen penting dalam pasar ekuitas AS Frederickson dan Miller 2004. investor ini memiliki
kurang lebih sepertiga dari seluruh saham yang beredar. Bogle 2005 dan Elliot et al. 2007
menunjukkan bahwa ada lebih dari 40 juta investor non-profesional di pasar saham. Sebuah titik
perhatian adalah bahwa investor kelas ini juga mungkin tidak memiliki tingkat kecanggihan yang
regulator menganggap dimiliki oleh pengguna laporan keuangan perusahaan.
Akademi dan peraturan lembaga telah menyerukan pemeriksaan ulang dari nilai nonfinansial
informasi-informasi yang tidak terkait langsung dengan neraca korporasi tapi menawarkan bukti
material untuk investor Chua 2006 pengambilan keputusan; Simnett et al. 2009. Chua 2006
menyoroti perbedaan antara pentingnya peningkatan kekayaan berwujud dalam menentukan nilai
perusahaan dan kurangnya peningkatan akses ke informasi tentang kekayaan yang melalui laporan
keuangan tradisional. Penekanan pada informasi keuangan dapat menghilangkan informasi penting
lainnya tentang perusahaan Lev dan Zarowin 1999, terutama untuk investor yang tertarik pada cara
di mana sebuah perusahaan berinteraksi dengan masyarakat di Epstein besar dan Freedman 1994.
Banyak pihak mendukung peningkatan keterbukaan informasi nonfinansial.
PricewaterhouseCoopers 2002 menemukan bahwa sebagian besar eksekutif puncak di perusahaan
multinasional besar percaya bahwa ukuran kinerja non keuangan lebih besar daripada ukuran
kinerja keuangan dalam hal menciptakan dan mengukur nilai pemegang saham jangka panjang.
Indikator nonfinansial dapat menawarkan wawasan kunci ke dalam kinerja masa depan, dan pada
saat yang sama berfungsi sebagai proxy untuk mengidentifikasi perusahaan yang dikelola dengan
baik Coram et al. 2006, 2009. Narayanan et al. 2000 juga berpendapat bahwa manajer informasi
dapat mengurangi asimetri informasi melalui pengungkapan-khususnya, pengungkapan sukarela
sukarela informasi non keuangan.
Investor menuntut perhatian yang lebih harus dibayar untuk hubungan antara investasi khusus
mereka dan lebih besar lingkungan, tren sosial, dan tata kelola Hawley dan Williams 2000.
Prinsip-prinsip PBB Investasi Bertanggung Jawab UN PRI, yang diperkenalkan pada bulan April
2006, termasuk penandatangan dari pemilik aset, manajemen aset, dan konsultasi investasi
masyarakat yang mewakili lebih dari $ 9 triliun investasi yang setuju untuk menggabungkan
material, dan informasi tata sosial lingkungan dalam praktek investasi mereka UN PRI 2007.
komunitas investasi bertanggung jawab sosial berpendapat juga bahwa informasi tentang kinerja
lingkungan dan sosial perusahaan ' -understood secara luas sebagai hubungan mereka dengan para
pemangku kepentingan-menawarkan informasi materi tentang prospek jangka panjang mereka
Simnett et al. 2009; Forum Investasi sosial SIF 2006; KPMG International 2005.
Meskipun peningkatan perhatian pada analisis ukuran kinerja non keuangan, sedikit perhatian
telah dikhususkan untuk bagaimana investor ritel saat melihat dan nilai informasi tersebut.
Penelitian telah difokuskan pada kasus teoritis untuk menggunakan informasi non keuangan dalam
investasi pengambilan keputusan dan pada menunjukkan kasus untuk melihat informasi seperti
bahan Amir dan Lev 1996; Ittner dan Larcker 1998; Banker et al. 2000. Memahami preferensi dan
harapan investor ritel akan membantu dalam memberikan informasi yang ditingkatkan di masa
mendatang.
Penelitian ini memberikan kontribusi untuk memahami nilai saat pelaporan nonfinansial dengan

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menganalisis preferensi investor ritel mengenai format disukai, penggunaan, dan nilai tiga kategori
informasi nonfinansial. Kami memeriksa persepsi investor ritel tentang indikator kinerja ekonomi,
kebijakan tata kelola perusahaan dan kinerja, dan tanggung jawab sosial perusahaan CSR, kategori
yang mencakup berbagai hubungan dengan para pemangku kepentingan perusahaan.
We conducted an online survey of 750 retail investors to determine their information and
disclosure preferences. Survey results indicate that respondents primarily use economic
performance information, followed by governance, and then CSR information. Respondents
expressed an interest in increasing their use of nonfinancial information in the future. Respondents
prefer receiving indicators of economic performance and CSR information from a third party,
while they prefer obtaining governance information from an audited or regulated document.

Kami melakukan survei online dari 750 investor ritel untuk menentukan preferensi informasi
dan keterbukaan mereka. Hasil survei menunjukkan bahwa responden terutama menggunakan
informasi ekonomi kinerja, diikuti oleh pemerintahan, dan kemudian informasi CSR. Responden
menyatakan minat dalam meningkatkan penggunaan informasi non finansial di masa depan.
Responden lebih suka menerima indikator kinerja ekonomi dan informasi CSR dari pihak ketiga,
sementara mereka lebih suka memperoleh informasi pemerintahan dari dokumen yang telah
diaudit atau diatur.

LITERATURE REVIEW AND RESEARCH QUESTIONS


With the rise of behavioral finance, it has become apparent that the content and format of
disclosures influences retail investment decisions Barber and Odean 2002; Huberman 2001; Thaler
2004. Barberis and Thaler 2002 highlight how the format, salience, and framing of information
affect investment judgments and decisions of individuals. They conclude that if nonfinancial
information is selectively disclosed by companies or if the information is not readily available,
retail investors may not be able to access necessary data when evaluating potential investment
opportunities.3 Accordingly, corporations and regulators may be interested in the types of
information that retail investors use and what these investors perceive to be the most effective
manner of disclosing this information. We choose three types of nonfinancial information that may
be of interest to retail investors to ascertain the informations potential usefulness for investment
decisions: indicators of economic performance, governance, and CSR information.

REVIEW LITERATUR DAN PERTANYAAN PENELITIAN


Dengan munculnya keuangan perilaku, telah menjadi jelas bahwa isi dan format pengungkapan
mempengaruhi keputusan investasi ritel Barber dan Odean 2002; Huberman 2001; Thaler 2004.
Barberis dan Thaler 2002 sorot bagaimana format, arti-penting, dan framing informasi
mempengaruhi penilaian investasi dan keputusan individu. Mereka menyimpulkan bahwa jika
informasi non keuangan secara selektif diungkapkan oleh perusahaan atau jika informasi tersebut
tidak tersedia, investor ritel mungkin tidak dapat mengakses data yang diperlukan ketika
mengevaluasi peluang investasi potensial. Dengan demikian, perusahaan dan regulator mungkin
tertarik dalam jenis informasi yang menggunakan investor ritel dan apa investor anggap menjadi
cara yang paling efektif mengungkapkan informasi ini. Kami memilih tiga jenis informasi
nonfinansial yang mungkin menarik untuk investor ritel untuk memastikan potensi kegunaan
informasi untuk keputusan investasi: indikator kinerja ekonomi, pemerintahan, dan informasi
CSR.

Indicators of Economic Performance


3 Adams 2004 and Cohen et al. 2009 demonstrate that voluntary corporate disclosures of
nonfinancial information are generally positive in tone, reflecting well upon the company and its
management, rather than neutral or negative in tone; thus, this bias may lead retail investors to be
skeptical of much of the nonfinancial information that is currently disclosed.

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114Cohen, Holder-Webb, Nath, and Wood

Indicators of economic performance shed light on a companys current and future standing
within an industry, as well as upon its ability to generate future cash flows with current investment
and to effectively manage the costs of production and sales Eccles et al. 2001. Ittner and Larker
1998 find that customer satisfaction measures are indicators of accounting metrics, and investors
may be able to make better decisions if provided with customer-related measures. 4 Coram et al.
2006 find that the voluntary disclosure of nonfinancial information such as customer satisfaction
ratings affects estimates of the trend of future stock prices. Coram et al. 2009 also find that
positive nonfinancial information has the greatest influence on stock price prediction when it has
also been voluntarily audited. These studies collectively suggest that indicators of economic
performance may be valuable to investors and that companies may disclose this information as a
signaling device to the investing public. It may also be more difficult to manipulate indicators of
economic performance in the short- or near-term than it would be to manipulate financial
statement data. Consequently, increased disclosure of indicators of economic performance may
lead to firms paying more attention to long-term performance.

Indikator Kinerja Ekonomi


Indikator kinerja ekonomi memberi petunjuk pada perusahaan saat ini dan masa depan berdiri
dalam sebuah industri, serta pada kemampuannya untuk menghasilkan arus kas masa depan
dengan investasi saat ini dan untuk secara efektif mengelola biaya produksi dan penjualan Eccles
et al. 2001. Ittner dan Larker 1998 menemukan bahwa tindakan kepuasan pelanggan adalah
indikator metrik akuntansi, dan investor mungkin dapat membuat keputusan yang lebih baik jika
disediakan dengan langkah-langkah terkait pelanggan. Coram et al. 2006 menemukan bahwa
pengungkapan sukarela informasi non finansial seperti peringkat kepuasan pelanggan
mempengaruhi perkiraan tren harga saham di masa depan. Coram et al. 2009 juga menemukan
bahwa informasi non keuangan yang positif memiliki pengaruh terbesar pada prediksi harga saham
saat itu juga telah secara sukarela diaudit. Studi-studi ini secara kolektif menunjukkan bahwa
indikator kinerja ekonomi mungkin berharga bagi investor dan perusahaan dapat mengungkapkan
informasi ini sebagai perangkat sinyal kepada masyarakat investasi. Ini juga mungkin lebih sulit
untuk memanipulasi indikator kinerja ekonomi di jangka dekat pendek atau dari itu akan untuk
memanipulasi data laporan keuangan. Akibatnya, peningkatan pengungkapan indikator kinerja
ekonomi dapat menyebabkan perusahaan lebih memperhatikan kinerja jangka panjang.

Governance Information
The Sarbanes-Oxley Act of 2002 SOX dramatically increased corporate governance
requirements and disclosures in the United States. It substantially increased access to information
about structures and processes in place for increasing the transparency of corporate governance,
the mitigation of risks to corporate reputations, and governance mechanisms to prevent fraud and
mismanagement. Investors may obtain an advantage by paying attention to governance
information: if key board committees such as the audit committee or compensation committees,
for example, are too closely aligned with management, then the investors holdings may be at
excessive risk. However, traditional measures of board independence may not truly capture the
substance of board independence, as they do not capture social networks between board members
or other subtle contextual factors that influence member and voting behavior Westphal and Stern
2006; Carpenter and Westphal 2001. In fact, it may be useful for some firms to have management
sitting on a board, as it may improve the efficiency of the information flow between management
and other board members Cohen et al. 2008. Larcker et al. 2007 find that it is often difficult to

4 Ittner et al. 1997 found that nonfinancial measures such as market share data are frequently
used to evaluate managerial performance. The relevance of this type of information to the
employee evaluation process suggests that managers may respond by increasing the disclosure of
indicators of economic performance and sustainability metrics.

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establish causal links between measures of governance quality and the performance of the firm.
Accordingly, we are interested in how retail investors are currently using governance information
and how its disclosure may be improved.

Informasi Pemerintahan
Sarbanes-Oxley Act of 2002 SOX secara dramatis meningkatkan persyaratan tata kelola
perusahaan dan pengungkapan di Amerika Serikat. Ini secara substansial meningkatkan akses ke
informasi tentang struktur dan proses di tempat untuk meningkatkan transparansi tata kelola
perusahaan, mitigasi risiko untuk reputasi perusahaan, dan mekanisme tata kelola untuk mencegah
penipuan dan kesalahan manajemen. Investor dapat memperoleh keuntungan dengan
memperhatikan informasi pemerintahan: jika komite papan kunci seperti komite audit atau
kompensasi komite, misalnya, selaras terlalu dekat dengan manajemen, maka kepemilikan investor
mungkin berisiko berlebihan. Namun, langkah-langkah tradisional kemerdekaan papan tidak dapat
benar-benar menangkap substansi kemerdekaan papan, karena mereka tidak menangkap jaringan
sosial antara anggota dewan atau faktor kontekstual halus lain yang mempengaruhi anggota dan
perilaku pemilih Westphal dan Stern 2006; Carpenter dan Westphal 2001. Bahkan, mungkin
berguna untuk beberapa perusahaan untuk memiliki manajemen yang duduk di papan, karena
dapat meningkatkan efisiensi arus informasi antara manajemen dan anggota dewan lainnya Cohen
et al. 2008. Larcker et al. 2007 menemukan bahwa seringkali sulit untuk membangun hubungan
kausal antara ukuran kualitas tata kelola dan kinerja perusahaan. Dengan demikian, kita tertarik
pada bagaimana investor ritel sedang menggunakan informasi pemerintahan dan bagaimana
pengungkapannya dapat ditingkatkan.

Corporate Social Responsibility Information


A third area of nonfinancial information that has received much attention from academics and
regulators is CSR information Simnett et al. 2009. Chua 2006 highlights the growth in these
disclosures by large firms, confirming the findings of Cormier and Magnan 2003 that large firms
have a greater need than small firms to manage risks to their reputations. Current CSR disclosures
expand sustainability issues beyond environmental considerations; this trend is particularly
pronounced in Europe and in Japan Kolk 2003.
Perusahaan Informasi Social Responsibility
Sebuah wilayah ketiga informasi nonfinansial yang telah menerima banyak perhatian dari
akademisi dan regulator adalah informasi CSR Simnett et al. 2009. Chua 2006 menyoroti
pertumbuhan pengungkapan ini dengan perusahaan besar, membenarkan temuan Cormier dan
Magnan 2003 bahwa perusahaan besar memiliki kebutuhan yang lebih besar daripada perusahaan
kecil untuk mengelola risiko reputasi mereka. pengungkapan CSR saat ini memperluas isu
keberlanjutan luar pertimbangan lingkungan; tren ini terutama diucapkan di Eropa dan di Jepang
Kolk 2003.
Social accounting advocates contend that financial information alone does not offer
stakeholders such as government regulators, affected local communities, or environmental activist
groups the information necessary to evaluate a corporations full range of impacts on society. The
growth in Socially Responsible Investment SRI in the United States and Europe, along with
enhanced reporting movements such as the Global Reporting Initiative GRI, founded in 1998 ,
have brought attention to the ways in which traditional financial reporting may overlook crucial
issues that have a long-term impact on corporate performance.
pendukung akuntansi sosial berpendapat bahwa informasi keuangan saja tidak menawarkan
stakeholder seperti regulator pemerintah, masyarakat lokal yang terkena dampak, atau kelompok
aktivis lingkungan informasi yang diperlukan untuk mengevaluasi berbagai korporasi dampak
pada masyarakat. Pertumbuhan Investasi Bertanggung Jawab Sosial SRI di Amerika Serikat dan
Eropa, bersama dengan gerakan pelaporan ditingkatkan seperti Global Reporting Initiative GRI,

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116Cohen, Holder-Webb, Nath, and Wood

didirikan pada tahun 1998, telah membawa perhatian pada cara di mana pelaporan keuangan
tradisional mungkin mengabaikan isu-isu penting yang memiliki panjang dampak-istilah pada
kinerja perusahaan.
However, there is some question concerning the quality of CSR disclosures. Ball et al. 2000
argue that even if the CSR information is voluntarily audited, the disclosures are used to boost
management rather than to increase corporate transparency. This concern is echoed by Adams
2004, who finds that disclosures merely bolster the companys desired image rather than increase
accountability to various constituencies. Despite the shortcomings that stem from a high degree of
discretion and a low degree of accountability, high-quality CSR disclosure does appear to be
associated with performance. For example, Al-Tuwaijri et al. 2004 find that good disclosure of
environmental concerns is associated with good environmental performance, which in turn
manifests in improved financial performance. Collectively, the review of the CSR literature
suggests that CSR disclosures are becoming an increasingly important component of nonfinancial
information and that elements of the investment community are increasingly demanding the
disclosure of this type of information. Given the increased attention paid to the environment and
other CSR information, it is potentially important to evaluate whether retail investors would use
this type of information if credibly disclosed.
Namun, ada beberapa pertanyaan mengenai kualitas pengungkapan CSR. Bola et al. 2000
berpendapat bahwa bahkan jika informasi CSR secara sukarela diaudit, pengungkapan digunakan
untuk meningkatkan manajemen dan bukan untuk meningkatkan transparansi perusahaan.
Kekhawatiran ini dikumandangkan oleh Adams 2004, yang menemukan bahwa pengungkapan
hanya meningkatkan citra yang diinginkan perusahaan daripada meningkatkan akuntabilitas ke
berbagai konstituen. Meskipun kekurangan yang berasal dari tingkat tinggi kebijaksanaan dan
tingkat rendah akuntabilitas, keterbukaan CSR berkualitas tinggi yang tampaknya terkait dengan
kinerja. Misalnya, Al-Tuwaijri et al. 2004 menemukan bahwa pengungkapan yang baik dari
masalah lingkungan yang terkait dengan kinerja lingkungan yang baik, yang pada gilirannya
mewujud dalam peningkatan kinerja keuangan. Secara kolektif, tinjauan literatur CSR
menunjukkan bahwa pengungkapan CSR menjadi komponen yang semakin penting dari informasi
nonfinansial dan bahwa unsur-unsur dari komunitas investasi yang semakin menuntut
pengungkapan jenis informasi ini. Mengingat perhatian meningkat dibayarkan kepada lingkungan
dan informasi lainnya CSR, itu berpotensi penting untuk mengevaluasi apakah investor ritel akan
menggunakan jenis informasi jika diungkapkan kredibel.

Based on the above review, it is unclear which type of nonfinancial information would receive
the most attention by retail investors. Accordingly, in this research, we address the following three
nondirectional research questions:
RQ1: Which types of nonfinancial information e.g., governance, indicators of economic
performance, and social do investors use and perceive to be important for investment
decisions?
RQ2: Which specific corporate reporting formats do investors find most effective for use of
nonfinancial information for investment decisions?
RQ3: What type of nonfinancial information would be useful in future investment decisions?

Berdasarkan penelaahan atas, tidak jelas jenis informasi non keuangan akan menerima perhatian
yang besar oleh investor ritel. Dengan demikian, dalam penelitian ini, kami alamat berikut tiga
pertanyaan penelitian nondirectional:
RQ1: Yang jenis informasi non keuangan misalnya, pemerintahan, indikator kinerja ekonomi, dan
sosial dilakukan investor menggunakan dan anggap penting bagi keputusan investasi?
RQ2: Yang format pelaporan perusahaan tertentu yang investor menemukan yang paling efektif

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untuk penggunaan informasi nonfinansial untuk keputusan investasi?


RQ3: Apa jenis informasi non keuangan akan berguna dalam keputusan investasi masa depan?

METHODOLOGY
Investor demand for nonfinancial information was assessed via an online survey of retail
investors from across the U.S.A. The objectives of these inquiries were threefold: to assess the
extent to which retail investors use and value various types of nonfinancial information; to
determine the format that retail investors prefer for nonfinancial information; and finally, to
identify any presently unmet needs for nonfinancial information.

Online Retail Investor Survey


METODOLOGI
permintaan investor untuk informasi nonfinansial dinilai melalui survei online dari investor ritel
dari seluruh U.S.A. Tujuan dari pertanyaan ini adalah tiga: untuk menilai sejauh mana
menggunakan investor ritel dan nilai berbagai jenis informasi non keuangan; untuk menentukan
format yang investor ritel lebih memilih untuk informasi non keuangan; dan akhirnya, untuk
mengidentifikasi kebutuhan saat ini belum terpenuhi untuk informasi nonfinansial.
Survey Investor secara online Ritel
The online survey was conducted by GlobeScan, Inc., a professional data-collection firm. All
750 retail investors in the sample were drawn from a panel comprised of members of the U.S.
general public and were recruited by email invitation.5 Each respondent was offered compensation
of $25 for completing the survey. Each respondent was required to meet the following criteria in
order to be eligible to participate in the survey: s/he must have bought or sold an investment
product within the past year; s/he must be involved in gathering the information needed to make
household investment decisions; and s/he must be a U.S. citizen aged 18 years or older.
Survey contents were based on the three categories of nonfinancial information described
above and displayed below: indicators of economic performance information, governance
information, and social information which included also environmental and human rights
information.
Survey questions were designed to identify which types of information investors currently
used, which types of information investors would use if provided, and in what format each type of
information should be provided. In addition, the survey included questions on current investment
behavior and knowledge plus basic demographic information.

Survei online dilakukan oleh GlobeScan, Inc., sebuah perusahaan pengumpulan data
profesional. Semua 750 investor ritel dalam sampel diambil dari sebuah panel yang terdiri dari
anggota AS masyarakat umum dan direkrut oleh email undangan. Setiap responden ditawari
kompensasi dari $ 25 untuk menyelesaikan survei. Setiap responden diminta untuk memenuhi
kriteria berikut agar memenuhi syarat untuk berpartisipasi dalam survei: s / dia harus membeli atau
menjual produk investasi dalam satu tahun terakhir; s / ia harus terlibat dalam mengumpulkan

5 All respondents were members of the GlobeScan database and had previously expressed a
willingness to be contacted for surveys and other investment research. It is unclear whether people
who express an interest in participating in research have structurally different utility functions or
preferences about corporate disclosure; to the extent that this may be true, the study results may
indicate an interest in disclosures that is higher than that possessed by the general population.
However, we see no reason to believe that these subjects would have differential types of demand
for disclosure than the general population even though the overall demand levels may be higher.

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118Cohen, Holder-Webb, Nath, and Wood

informasi yang dibutuhkan untuk membuat keputusan investasi rumah tangga; dan s / ia harus
menjadi warga negara AS berusia 18 tahun atau lebih.
Isi survei didasarkan pada tiga kategori informasi nonfinansial yang dijelaskan di atas dan
ditampilkan di bawah ini: indikator informasi ekonomi kinerja, informasi pemerintahan, dan
informasi sosial yang termasuk juga informasi lingkungan dan hak asasi manusia.
pertanyaan survei yang dirancang untuk mengidentifikasi jenis investor informasi yang saat ini
digunakan, yang jenis investor informasi yang akan digunakan jika tersedia, dan dalam format apa
setiap jenis informasi yang harus disediakan. Selain itu, survei termasuk pertanyaan tentang
perilaku investasi saat ini dan pengetahuan ditambah informasi demografis dasar.

Survey Respondent Profile


Table 2 displays selected self-reported demographic and investing characteristics for sample
respondents. The sample n 750 consisted of 408 males and 342 females. Caucasian respondents
represented 84.8 percent and non-Caucasians 15.2 percent. The mean age was between 40

TABLE 1
Types of Nonfinancial Information Included in the Study
Economic Performance
and Sustainability Governance Social
Market Share Independence Standards Workforce Retention
Quality Rankings Board Selection Processes Diversity Information
Customer Satisfaction Survey Executive Compensation Health and Safety
Data Record/ Industry
Metrics
Employee Satisfaction Data Employee Training/Human Supply Chain Practices
Metrics Capital Development
Turnover Data Change of Control Procedures Human Rights
Information
Innovation Data Audit Processes Humanitarian Initiatives
Other Ethics Guidelines Customer Satisfaction
or Product Safety
Information
Management Systems Community Relations
Information
Adoption of Balanced Political
Scorecard/JIT/TQM Giving/Lobbying/
Related
Other Environmental Ratings

Profil survei Termohon


Tabel 2 menampilkan yang dipilih demografi dan investasi karakteristik dilaporkan sendiri untuk
responden sampel. Sampel n 750 terdiri dari 408 laki-laki dan 342 perempuan. responden Kulit
mewakili 84,8 persen dan non-Kaukasia 15,2 persen. Usia rata-rata adalah antara 40

TABEL 1
Jenis Informasi non finansial Termasuk dalam Studi
Performa ekonomi
dan Tata Kelola Keberlanjutan Sosial
Market Share Standar Independence Tenaga Kerja Retensi
Peringkat kualitas Seleksi Dewan Proses Informasi Keanekaragaman

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Retail InvestorsPerceptions 119

Kepuasan Pelanggan Survei Data Executive Kompensasi Kesehatan dan Keselamatan Rekam /
Industri Metrik
Kepuasan Data Karyawan Metrik Pelatihan Karyawan / Human Capital Development Pasokan
Praktek Rantai
Omset data Perubahan Prosedur Pengendalian Informasi Hak Asasi Manusia
Inovasi Audit Data Proses Inisiatif Kemanusiaan
Pedoman Etika lainnya Kepuasan Pelanggan atau Informasi Keselamatan Produk
Manajemen Sistem Hubungan Masyarakat Informasi
Adopsi Balance Scorecard / JIT / TQM Pemberian Politik / Melobi / Terkait
Penilaian Lingkungan lainnya

and 59 years, and the mean household income was between $80,000 and $119,000. Most
respondents 67.5 percent held a college degree or higher. Each respondent had made at least one
investment decision in the 12-month period prior to taking the survey. Of these, 54 percent had
made between one and five trades; 21 percent had made between six and ten trades; and 10
percent had made more than 20 trades. Most trades were small; 70 percent were less than $6,000,
with 35 percent under $2,000. The primary trading/investment channel for respondents was
online/internet trading services 54 percent of respondents, with 21 percent using a financial
advisor to place trades, and 20 percent using a broker. Overall, respondents portfolios were more
heavily weighted to stocks 43 percent of asset allocation and mutual funds 35 percent of asset
allocation. Most respondents reported being very or extremely involved in gathering information
for investment decisions 72 percent and very or extremely involved in final investment decisions
88 percent. In addition not separately reported, 82 percent of respondents agreed that long-term
growth was the main objective of their investment strategy. Similarly, 52 percent disagreed that
the main objective was short-term gains. While 66 percent of respondents stated that they do not
use Socially Responsible Investment SRI products or services, 79 percent had some part of their
portfolio invested in SRI, with 43 percent having more than a quarter of their portfolio allocated to
SRI products.6dan 59 tahun, dan pendapatan rumah tangga rata-rata adalah antara $
80.000 dan $ 119.000. Sebagian besar responden 67,5 persen mengadakan gelar
sarjana atau lebih tinggi. Setiap responden telah membuat setidaknya satu
keputusan investasi dalam periode 12 bulan sebelum mengambil survei. Dari
jumlah tersebut, 54 persen telah membuat antara satu dan lima perdagangan; 21
persen telah dibuat antara enam dan sepuluh perdagangan; dan 10 persen telah
membuat lebih dari 20 perdagangan. Sebagian besar perdagangan yang kecil; 70
persen kurang dari $ 6.000, dengan 35 persen di bawah $ 2.000. Saluran
6 The results of this survey were reported to the FINRA Investor Education Foundation by
Wood and Hoff 2008, submitted as part of the grant specifications under which information was
gathered for the project.

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120Cohen, Holder-Webb, Nath, and Wood

perdagangan utama / investasi untuk responden online / layanan perdagangan 54


persen responden, dengan 21 persen menggunakan penasihat keuangan untuk
menempatkan perdagangan, dan 20 persen menggunakan broker. Secara
keseluruhan, portofolio responden yang lebih berat tertimbang untuk saham 43
persen dari alokasi aset dan reksa dana 35 persen dari alokasi aset. Sebagian besar
responden melaporkan telah sangat atau sangat terlibat dalam pengumpulan
informasi untuk keputusan investasi 72 persen dan sangat atau sangat terlibat
dalam keputusan investasi akhir 88 persen.
Selain tidak secara terpisah dilaporkan, 82 persen responden setuju bahwa
pertumbuhan jangka panjang adalah tujuan utama dari strategi investasi mereka.
Demikian pula, 52 persen tidak setuju bahwa tujuan utama adalah keuntungan
jangka pendek. Sementara 66 persen responden menyatakan bahwa mereka tidak
menggunakan Investasi Bertanggung Jawab Sosial produk atau jasa SRI, 79
persen memiliki beberapa bagian dari portofolio mereka diinvestasikan dalam
SRI, dengan 43 persen memiliki lebih dari seperempat dari portofolio mereka
dialokasikan untuk produk SRI.

RESULTS
Current Use of Nonfinancial Information
Research Question 1 asks what types of nonfinancial information retail investors are using for
their investment decisions. Respondents were asked to rate the different types of indicators of
economic performance, governance, and CSR information that they used on a seven-point Likert

HASIL
Gunakan saat Informasi non finansial
Pertanyaan Penelitian 1 bertanya apa jenis informasi non keuangan investor ritel gunakan untuk
keputusan investasi mereka. Responden diminta untuk menilai berbagai jenis indikator kinerja
ekonomi, pemerintahan, dan informasi CSR yang mereka digunakan pada Likert tujuh poin

skala di mana 1 tidak digunakan sama sekali dan 7 selalu digunakan. Tabel 3 menyajikan hasil
untuk setiap jenis informasi. Tabel 3 menampilkan frekuensi menggunakan setiap jenis informasi
pada skor 5 atau lebih tinggi pada skala tujuh poin, dan nilai rata-rata dari skala Likert untuk
setiap jenis informasi.

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Retail InvestorsPerceptions 121

Hasil yang ditunjukkan pada Tabel 3 menunjukkan penggunaan relatif berat informasi kinerja
ekonomi, dengan lebih dari 60 persen responden yang menunjukkan penggunaan pangsa pasar dan
informasi inovasi produk, lebih dari 40 persen responden menggunakan kualitas dan kepuasan
pelanggan informasi, dan lebih dari 30 persen responden menggunakan kepuasan karyawan dan
informasi omset. Dalam kategori ini, nilai bunga rata-rata adalah tertinggi untuk pangsa pasar
5,03. Kepuasan pelanggan dan inovasi produk juga memiliki sarana bunga yang relatif tinggi, di
4,46 dan 4,90, masing-masing.
Informasi Tata Kelola tampaknya sering digunakan-dan jika tidak berat seperti informasi kinerja
ekonomi, maka dengan konsistensi yang lebih besar. Setidaknya 40 persen dari responden
menunjukkan penggunaan standar direktur kemerdekaan, perubahan informasi kontrol, proses
audit, pedoman etika, dan informasi strategi pengendalian manajemen. Berarti nilai bunga yang
moderat, mulai 3,82-4,35, menunjukkan bahwa sementara investor dianggap informasi ini, mereka
tidak menekankan itu berat pada umumnya.
Responden melaporkan tingkat yang lebih rendah dari penggunaan informasi CSR secara
keseluruhan, dengan keamanan barang menjadi produk yang paling sering digunakan digunakan
oleh 52,7 persen responden. Untuk sebagian besar, tingkat penggunaan sebuah

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122 Cohen, Holder-Webb, Nath, and Wood

2
Respondent Demographic Characteristics and Investment Experience
n %

Gender
Male 408 5
4
.
4
Female 342 4
Age 5
.
6
1829 years 96 1
2
.
8
3039 years 143 1
9
.
1
4049 years 149 1
9
.
9
5059 years 151 2
0
.
1
6069 years 119 1
5
.
9
70 years or more 92 1
Race 2
.
3
African American 31 4
.
1
Asian American 48 6
.
4
Hispanic 15 2
.
0
Native American 9 1
.

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Retail InvestorsPerceptions 123

2
Caucasian 636 8
4
.
8
Other 11 1
Education .
Level 5
Some high school 1 0
.
1
High school graduate 46 6
.
1
Some college or university 133 1
7
.
7
Two-year technical degree 64 8
.
5
Four-year college degree 302 4
0
.
3
Graduate degree 204 2
Household Income 7
.
2
$20,000 15 2
.
0
$20,000$39,999 68 9
.
1
$40,000$59,999 126 1
6
.
8
$60,000$79,999 155 2
0
.
7
$80,000$99,999 115 1
5
.
3
$100,000$119,999 88 1
1
.

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124 Cohen, Holder-Webb, Nath, and Wood

7
$120,000$139,999 48 6
.
4
$140,000$159,000 27 3
.
6
$160,000 58 7
.
7
Decline to answer 50 6
Recent Trading Activity .
7
15 times 403 5
3
.
7
610 times 159 2
1
.
2
1115 times 70 9
.
3
1620 times 46 6
.
1
More than 20 times 72 9
Reported Involvement with Investment Research .
6
Slightly involved 79 1
0
.
5
Somewhat involved 131 1
7
.
5
Very involved 267 3
5
.
6
Extremely involved 273 3
6
.
4
(continued on next page)
2

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Retail InvestorsPerceptions 125

n %
Reported Involvement with Investment Decision
Slightly involved 35 4
.
7
Somewhat involved 54 7
.
2
Very involved 272 3
6
.
3
Extremely involved 389 5
1
.
9

scale where 1 not used at all and 7 always used. Table 3 presents the results for each type of
information. Table 3 displays frequencies using each information type at a score of 5 or higher on
the seven-point scale, and mean values from the Likert scale for each information type.
The results shown in Table 3 suggest relatively heavy use of economic performance
information, with over 60 percent of respondents indicating use of market share and product
innovation information, over 40 percent of respondents using quality and customer satisfaction
information, and over 30 percent of respondents using employee satisfaction and turnover
information. Within this category, the mean interest scores are the highest for market share 5.03.
Customer satisfaction and product innovation also have relatively high interest means, at 4.46 and
4.90, respectively.
Governance information appears to be used frequentlyand if not as heavily as economic
performance information, then with greater consistency. At least 40 percent of the respondents
indicate use of director independence standards, change of control information, audit processes,
ethics guidelines, and management control strategy information. Mean interest scores are
moderate, ranging from 3.82 to 4.35, suggesting that while investors considered this information,
they did not emphasize it heavily in general.
Respondents report lower rates of use of CSR information overall, with the most frequently
used item being product safety used by 52.7 percent of respondents. For the most part, usage rate
s are low, in the 30 percent range. While fewer respondents indicate use of this type of
information, the mean interest scores are moderate.

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126 Cohen, Holder-Webb, Nath, and Wood

Since a significant portion of the nonfinancial variables studied fall under the general heading
of stakeholder involvement and social responsibility issues, survey respondents were classified
according to whether they currently invest in SRI products. 7 Table 4 presents the mean interest
scores, with associated t-statistics, for each group investors with SRI products versus investors
without SRI products. The difference in the current usage of nonfinancial informationboth CSR
and otherwiseis dramatic between these two groups: the SRI investors evince higher mean use
of all data items across the board.
Investor demographic characteristics affected the level of use of different forms of
information. Partial correlations not reported separately for all currently used forms of information
suggest that age, race, education, trade size, and trading frequency have some relationship with the
demand for information. Therefore, we provide a multivariate analysis of the demand for the three
different classes of information: economic performance, governance, and CSR. Each class consists
of a subset of individual indicators market share, product innovation, etc. that subjects rated on a
17 scale to indicate their current use where 1 not used at all and 7 always used. 3
Recent Use of Nonfinancial Information
(n 750)
No. Respondents Rating M
Current ea
Use at 5 or Highera n
(%) (S
Measure
.D.
Economic Performance )
Market share 508 5.
0
3
67.8% 1.
74
Quality awards or certification 321 3.
8
6
42.7% 2.
00
Customer satisfaction data 430 4.
4
6
57.4% 1.
96
Employee satisfaction data 278 3.
7
0
37% 1.
98
Staff turnover and retention 271 3.
6
6

7 Respondents were asked yes/no if they use socially responsible investing products or
services, such as SRI stock and mutual fund screens. Respondents were also asked to estimate the
percentage of the value of their portfolios presently invested in SRI products.

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Retail InvestorsPerceptions 127

36.2% 1.
98
Product innovation 500 4.
9
0
66.7% 1.
Governance 86
Director independence standards 302 3.
8
2
40.3% 1.
99
Board selection processes 281 3.
7
3
37.5% 1.
95
Executive compensation 388 4.
3
5
51.7% 1.
98
Change of control procedures 304 3.
8
0
40.5% 2.
02
Audit processes 359 4.
1
3
47.9% 2.
01
Ethics guidelines 344 4.
0
0
45.9% 2.
08
Innovative management strategies 363 4.
1
5
48.4% 1.
Corporate Social Responsibility 96
Employee benefits and retention 290 3.
7
0
38.7% 2.
01
Employee diversity 194 3.
1
9
25.9% 1.

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128 Cohen, Holder-Webb, Nath, and Wood

95
Employee training 247 3.
5
0
32.9% 1.
97
Health and safety records 295 3.
7
3
39.3% 2.
01
Human rights information 220 3.
3
8
29.3% 1.
98
Humanitarian initiatives 226 3.
3
9
30.1% 1.
93
Product safety 395 4.
3
2
52.7% 2.
00

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(continued on next page)


3

No. Respondents Rating M


Current ea
Use at 5 or Highera n
(%) (S
.D.
Measure )
Political giving/lobbying 235 3.
4
4
31.3% 1.
97
Environmental ratings/programs 271 3.
6
5
36.1% 1.
95

a
Basedonresponses
toa Likert-type
scalewhere1 notusedat all,and7 always
used.

Dependent variables for each class were computed by summing the current use rankings for all
individual indicators within that class refer to Table 1 for a breakdown of which indicators are in
which class. Thus, the dependent variables represent an aggregate measure of each respondents
current information usage for the given class. These aggregate measures were regressed on a
vector of demographic variables and investing behavior. Results are presented in Table 5.
The results in Table 5 suggest that younger investors possess greater demand for information
than older ones do, for all classes of information. Household income is also a determinant for all
classes of information, with wealthier households using more information. Interestingly, education
is significant, but negative, indicating that respondents with less formal education tend to use more
nonfinancial information than those with more formal education. 8 The respondents reported
involvement in investment research is positively associated with demand for all classes of
information, but their reported involvement in the investment decision is not. Finally, the average
size of the respondents stock trades is positively associated with demand for information of all
8 This may be an artifact either of information overload with respect to the professional jobs
generally held by more highly educated individuals, more efficient information search and
discrimination practices in the more highly educated groups, or that less-educated respondents
may simply find the financial information to be too complex and technical.

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130 Cohen, Holder-Webb, Nath, and Wood

types. Thus, it appears that demographics need to be considered when evaluating the use of
nonfinancial information for investment judgments and decisions.
As stated previously, RQ1 explores the current use of nonfinancial information. Overall, it
appears that economic performance is the most widely used class of information and that retail
investors who currently hold SRI products use all types of nonfinancial information more that
retail investors who currently do not hold SRI products. It may be that investors who are more
predisposed to hold these types of products will search for this type of information or,
alternatively, exposure to this type of information opens the door for investing in these types of
products. Finally, the demographic data suggest that younger individuals are using this information
more extensively, which perhaps is an indicator that nonfinancial information will be more widely
used in the future.

variabel dependen untuk setiap kelas dihitung dengan menjumlahkan penggunaan peringkat
saat ini untuk semua indikator individual dalam kelas yang mengacu pada Tabel 1 untuk perincian
yang indikator di mana kelas. Dengan demikian, variabel dependen merupakan ukuran agregat dari
penggunaan informasi saat ini masing-masing responden untuk kelas tertentu. Langkah-langkah
agregat yang kemunduran pada vektor dari variabel demografis dan perilaku investasi. Hasil
disajikan pada Tabel 5.
Hasil pada Tabel 5 menunjukkan bahwa investor muda memiliki permintaan yang lebih besar
untuk informasi dari yang lebih tua lakukan, untuk semua kelas informasi. pendapatan rumah
tangga juga merupakan penentu untuk semua kelas informasi, dengan rumah tangga kaya
menggunakan informasi lebih lanjut. Menariknya, pendidikan yang signifikan, tetapi negatif,
menunjukkan bahwa responden dengan pendidikan kurang formal cenderung menggunakan
informasi lebih lanjut non finansial dibandingkan dengan pendidikan yang lebih formal.
Keterlibatan dilaporkan responden dalam penelitian investasi secara positif dengan permintaan
untuk semua kelas informasi, tetapi keterlibatan mereka dilaporkan dalam keputusan investasi
tidak. Akhirnya, ukuran rata-rata perdagangan saham responden secara positif dengan permintaan
untuk informasi dari semua jenis. Dengan demikian, tampak bahwa demografi perlu
dipertimbangkan ketika mengevaluasi penggunaan informasi nonfinansial untuk penilaian
investasi dan keputusan.
Seperti yang dinyatakan sebelumnya, RQ1 mengeksplorasi penggunaan arus informasi
nonfinansial. Secara keseluruhan, tampak bahwa kinerja ekonomi adalah kelas yang paling banyak
digunakan informasi dan investor ritel yang saat ini memegang produk SRI menggunakan semua
jenis informasi nonfinansial lebih bahwa investor ritel yang saat ini tidak memegang produk SRI.
Mungkin investor yang lebih cenderung untuk menahan jenis produk akan mencari jenis informasi
atau, alternatif, paparan jenis informasi ini membuka pintu bagi investasi dalam jenis produk.
Akhirnya, data demografi menunjukkan bahwa individu yang lebih muda menggunakan informasi
ini lebih luas, yang mungkin merupakan indikator bahwa informasi nonfinansial akan lebih banyak
digunakan di masa depan.

Format Preferences for Nonfinancial Information


Research Question 2 asks whether retail investors have preferences for how they get their
information for investment decisions. The survey requested respondents to indicate their most
favored information source for the three classes of disclosures examined in this study. The survey
provided six avenues for disclosure: the companys own website unaudited; companys annual 4
Preferensi Format Informasi non finansial
Pertanyaan Penelitian 2 menanyakan apakah investor ritel memiliki preferensi untuk bagaimana
mereka mendapatkan informasi mereka untuk keputusan investasi. Survei yang diminta responden
untuk menunjukkan sumber informasi yang paling disukai untuk tiga kelas pengungkapan diteliti

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Retail InvestorsPerceptions 131

dalam penelitian ini. Survei yang disediakan enam jalan untuk pengungkapan: website perusahaan
sendiri tidak diaudit; perusahaan tahunan 4

Current Use of Nonfinancial Info by SRI and Non-SRI Investors a


SRI Investor
MeanbNon-SRI Investor Meanb
(S.D.) (S.D.) t-value
Measure (n 116) (n 493) (p)
Indicators of Economic
Performance
Market share 5.51 4.98 3.5
7
1.35 1.77 0.0
00
Awards or certification for quality 5.16 3.57 9.3
1
1.57 1.20 0.0
00
Customer satisfaction data 5.45 4.22 7.2
0
1.57 1.97 0.0
00
Employee satisfaction data 5.12 3.31 10.1
1
1.70 1.90 0.0
00
Staff turnover/retention 4.97 3.36 8.9
6
1.70 1.94 0.0
00
Innovative products/production processes 5.53 4.83 4.4
0
1.44 1.91 0.0
Governance Info 00
Director independence standards 5.16 3.57 9.2
8
1.57 2.00 0.0
00
Board selection processes 4.98 3.47 8.0
8
1.80 1.93 0.0
00
Executive compensation 5.28 4.17 6.4
0
1.60 1.99 0.0
00
Change of ownership procedures 5.04 3.55 8.3
2
1.67 2.03 0.0
00
Audit processes 5.30 3.94 7.9

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American Accounting Association
132 Cohen, Holder-Webb, Nath, and Wood

0
1.57 2.03 0.0
00
Ethics guidelines 5.55 3.62 11.6
5
1.48 2.06 0.0
00
Innovative management strategies 5.22 3.95 7.3
1
1.62 1.95 0.0
Social Information 00
Employee benefits and retention plans 4.98 3.40 8.7
4
1.70 1.99 0.0
00
Employee diversity 4.84 2.77 10.8
1
1.87 1.78 0.0
00
Employee training 4.95 3.18 9.5
1
1.78 1.89 0.0
00
Health and safety records 5.05 3.36 9.5
5
1.66 1.96 0.0
00
Human rights information 5.15 2.89 13.7
9
1.52 1.83 0.0
00
Humanitarian initiatives 5.22 2.92 14.5
1
1.48 1.78 0.0
00
Product safety 5.43 4.00 8.6
6
1.48 2.03 0.0
00
Political giving/lobbying 4.78 3.13 9.5
1

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Retail InvestorsPerceptions 133

(continued on next page)


4

SRI Investor t-
Meanb Non-SRI Investor Meanb valu
(S.D.) (S.D.) e(p
Measure (n 116) (n 493) )
1.62 1.96 0.0
00
Environmental ratings and programs 5.18 3.23 12.3
8
1.42 1.90 0.0
00

a
Groups are based on responses to the question Do you use socially responsible investment SRI products or services, such
as an SRI stock or mutual fund screen? b Based on responses to a Likert-type scale where 1 not used at all, and 7 always
used.

TABLE 5
OLS Regression of Determinants of Current Demand for Different Types of Nonfinancial
Information
(n 750)
Corporate Social
Economic Performance Governance Responsibility
a
Indep.Var. Std.Coef. t-stat Std.Coef. t-stat Std.Coef. t-stat
Gender 0.017 0.43 0.002 0.06 0.002 0.06
Age 0.167 4.44 *** 0.131 3.51 *** 0.131 3.514***
Income 0.088 2.36 * 0.082 2.21 * 0.082 2.21 *
Education 0.107 2.91 ** 0.085 2.34 * 0.085 2.34 *
Race 0.051 1.44 0.053 1.50 0.053 1.50
SRI Investor 0.003 0.09 0.014 0.371 0.014 0.371
No_Trades 0.030 0.76 0.042 1.07 0.042 1.07
Inv_Resch 0.122 2.405* 0.168 3.33 *** 0.168 3.33 ***
Inv_Dec 0.018 0.359 0.036 0.72 0.036 0.72
Size_Trade 0.136 3.434** 0.167 4.23 *** 0.167 4.23 ***
*
F-test 6.623*** 7.846*** 7.982***
Adj. R2 0.07 0.08 0.10

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134 Cohen, Holder-Webb, Nath, and Wood

*, **, *** Significant at p 0.05, p 0.01, and p 0.001, respectively.


a
Dependent variables are computed by summing the professed current use scores for each information class for each
respondent. Independent variables are a series of categorical and ordinal variables coded accordingly in conformity with
the presentation of data in Table 2.

report audited; public media e.g., newspaper, TV; third party other than the media e.g., NGO,
rating agency; government; and financial professionals including investment advisors. Open ended
Other responses were also permitted. Results are presented in Table 6.
The most popular reporting venues for economic performance indicators are through third
parties 32.8 percent and audited filings 30.5 percent. Cohen et al. 2009 argue that these indicators
are of immediate and strong value relevance to the long-term viability of the firm; it is possible
that the retail investors perceive that auditing lends a higher degree of scrutiny and the third parties
a higher degree of disinterest that adds to the reliability of this value-relevant 6
Laporan diaudit; media publik misalnya, koran, TV; pihak ketiga selain media misalnya, LSM,
lembaga pemeringkat; pemerintah; dan profesional keuangan termasuk penasihat investasi.
Terbuka berakhir tanggapan "lain" juga diizinkan. Hasilnya disajikan dalam Tabel 6.
Yang paling populer tempat pelaporan untuk indikator kinerja ekonomi adalah melalui pihak
ketiga 32,8 persen dan pengajuan diaudit 30,5 persen. Cohen et al. 2009 menyatakan bahwa
indikator ini dari nilai langsung dan kuat relevansi untuk kelangsungan hidup jangka panjang dari
perusahaan; adalah mungkin bahwa investor ritel melihat bahwa audit meminjamkan tingkat yang
lebih tinggi dari pengawasan dan pihak ketiga yang lebih tinggi dari ketidaktertarikan yang
menambah keandalan nilai-relevan ini 6
Primary Preference for Reporting Venues
(n 750)
Economic Performance Corporate Social and Sustainability Governance
Responsibility
Disclosure
Venue Freq. % Freq. % Freq. %
Corporate Website 49 6.5% 59 7.9% 31 4.
1
%
Audited Filings 229 30.5% 325 43.3% 118 15.
7
%
Media 85 11.3% 49 6.5% 95 12.
7
%
Third Parties 246 32.8% 176 23.5% 295 39.
3
%
Government 31 4.1% 35 4.7% 17 2.
3
%
Financial Professional 97 12.9% 103 13.7% 183 24.
4
%

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Retail InvestorsPerceptions 135

Other 13 1.7% 3 0.4% 11 1.


5
%

information. The finding highlights a potential disconnect between the supply and demand for this
type of information. Cohen et al. 2009 find a strong preference on the part of the company to
disclose this information through corporate websites, yet only 6.5 percent of respondents indicate
that the website is a preferred source for economic performance information.
The venue most preferred by investors for disclosure of governance information is through
audited filings 43.3 percent of respondents, followed by third-party sources 23.5 percent of
respondents. This element reflects an alignment between the supply and demand sides, in that
Holder-Webb et al. 2008 demonstrate that companies tend to provide governance disclosures
almost entirely through mandatory filings such as Proxy Statements, 10-Ks, etc.
On the other hand, third parties are the ultimately preferred source for CSR information 39.3
percent of respondents, followed by financial professionals and advisors 24.4 percent of
respondents. As with the economic performance information, this reflects a disconnection between
supply and demand. Holder-Webb et al. 2009 show that companies disclose CSR information
primarily through corporate websites, a venue preferred by fewer than 5 percent of the survey
respondents. Overall, it appears that information from corporate websites may be discounted for
being too self-serving.
informasi. Temuan ini menyoroti putuskan potensial antara pasokan dan permintaan untuk
jenis informasi. Cohen et al. 2009 menemukan preferensi yang kuat pada bagian dari perusahaan
untuk mengungkapkan informasi ini melalui website perusahaan, namun hanya 6,5 persen
responden menunjukkan bahwa website merupakan sumber yang lebih disukai untuk informasi
kinerja ekonomi.
Tempat yang paling disukai oleh investor untuk pengungkapan informasi tata kelola adalah
melalui pengajuan diaudit 43,3 persen responden, diikuti oleh sumber pihak ketiga 23,5 persen
responden. Elemen ini mencerminkan keselarasan antara penawaran dan permintaan sisi, dalam
Holder-Webb et al. 2008 menunjukkan bahwa perusahaan cenderung untuk memberikan
pengungkapan tata kelola hampir seluruhnya melalui pengajuan wajib seperti Laporan Proxy, 10-
Ks, dll
Di sisi lain, pihak ketiga adalah sumber akhirnya pilihan untuk CSR informasi 39,3 persen
responden, diikuti oleh para profesional keuangan dan penasihat 24,4 persen responden. Seperti
informasi kinerja ekonomi, ini mencerminkan pemutusan antara penawaran dan permintaan.
Pemegang-Webb et al. 2009 menunjukkan bahwa perusahaan mengungkapkan informasi CSR
terutama melalui website perusahaan, tempat disukai oleh kurang dari 5 persen dari responden
survei. Secara keseluruhan, tampak bahwa informasi dari website perusahaan dapat diskon karena
terlalu mementingkan diri sendiri.
Investors who place their trades through a financial advisor show a strong preference for
receiving information through that venue, compared to investors who do not place their trades
primarily through a financial advisor. For economic performance information, 38.1 percent of the
financial advisor group rated Financial Professional the most preferred source of information,
versus 20.7 percent for all other investors. The financial advisor group had a markedly lower
demand for this information from Audited Filings 10.6 percent versus 17.1 percent, from the
Media 8.1 percent versus 13.9 percent, and from Third Parties 36.2 percent versus 40.2 percent.

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American Accounting Association
136 Cohen, Holder-Webb, Nath, and Wood

For governance information, 24.4 percent of the financial advisor group rated Financial
Professional the most preferred source of information, versus 10.8 percent for all other investors.
The financial advisor group had a markedly lower demand for this information from Audited
Filings 40.0 percent versus 44.2 percent, from the Media 3.8 percent versus 7.3 percent, and from
Third Parties 20.6 percent versus 24.2 percent. For CSR information, 25.6 percent of the financial
advisor group rated Financial Professional most highly, versus 9.5 percent of all other investors.
The financial advisor group had a markedly lower demand for this information from Corporate
Websites 3.1 percent versus 7.5 percent, from the Media 8.1 percent versus 12.2 percent,
from Third Parties 31.9 percent versus 33.1 percent, and from the Government 0.6 percent versus
5.1 percent. All other differences in preferred venues were minor difference of less than 3.5
percent.
Investor yang menempatkan perdagangan mereka melalui penasihat keuangan menunjukkan
preferensi yang kuat untuk menerima informasi melalui tempat itu, dibandingkan dengan investor
yang tidak menempatkan perdagangan mereka terutama melalui penasihat keuangan. Untuk
informasi kinerja ekonomi, 38,1 persen dari kelompok penasihat keuangan dinilai Keuangan
profesional sumber yang paling disukai dari informasi, dibandingkan 20,7 persen untuk semua
investor lainnya. Kelompok penasihat keuangan memiliki permintaan nyata lebih rendah untuk
informasi ini dari pengajuan Diaudit 10,6 persen versus 17,1 persen, dari Media 8,1 persen
dibandingkan 13,9 persen, dan dari Pihak Ketiga 36,2 persen dibandingkan 40,2 persen. Untuk
informasi pemerintahan, 24,4 persen dari kelompok penasihat keuangan dinilai Keuangan
profesional sumber yang paling disukai dari informasi, dibandingkan 10,8 persen untuk semua
investor lainnya. Kelompok penasihat keuangan memiliki permintaan nyata lebih rendah untuk
informasi ini dari pengajuan Diaudit 40,0 persen versus 44,2 persen, dari Media 3,8 persen
dibandingkan 7,3 persen, dan dari Pihak Ketiga 20,6 persen dibandingkan 24,2 persen. Untuk
informasi CSR, 25,6 persen dari kelompok penasihat keuangan dinilai Keuangan profesional
paling sangat, dibandingkan 9,5 persen dari seluruh investor lain. Kelompok penasihat keuangan
memiliki permintaan nyata lebih rendah untuk informasi ini dari Corporate Website 3,1 persen
versus 7,5 persen, dari Media 8,1 persen dibandingkan 12,2 persen,
dari Pihak Ketiga 31,9 persen versus 33,1 persen, dan dari Pemerintah 0,6 persen versus 5,1
persen. Semua perbedaan lain di tempat yang disukai adalah perbedaan kecil kurang dari 3,5
persen.
As stated previously, RQ2 asks whether retail investors have preferences for how they get
their information for investment decisions. It appears that retail investors clearly prefer third-party
data e.g., NGO, rating agency as the format for CSR information, while they prefer audited
sources for the governance information. Both third-party data and audited sources are viewed as
important for the economic performance indicators. Interestingly, when this is compared to prior
studies that examine the actual disclosure practices for these types of information, it appears that
only for governance information is there a match between what retail investors want and the
manner in which companies disclose that type of information.
Seperti yang dinyatakan sebelumnya, RQ2 menanyakan apakah investor ritel memiliki
preferensi untuk bagaimana mereka mendapatkan informasi mereka untuk keputusan investasi.
Tampaknya investor ritel jelas lebih memilih data pihak ketiga misalnya, LSM, lembaga
pemeringkat sebagai format informasi CSR, sementara mereka lebih memilih sumber diaudit
untuk informasi pemerintahan. Kedua data pihak ketiga dan sumber diaudit dipandang sebagai
penting bagi indikator kinerja ekonomi. Menariknya, ketika hal ini dibandingkan dengan
penelitian sebelumnya yang meneliti praktik pengungkapan yang sebenarnya untuk jenis
informasi, tampak bahwa hanya untuk informasi pemerintahan ada kecocokan antara apa investor
ritel inginkan dan cara di mana perusahaan mengungkapkan bahwa jenis informasi.

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Future Use of Nonfinancial Information by Survey Respondents


Research Question 3 asks what types of information respondents would like to use in future
investment decision-making. Respondents were presented with the same array of information
types as for Research Question 1, and asked to indicate their interest in using more of the
information type to make investment decisions by rating their interest on a seven-point Likert scale
anchored on 1 not at all interested and 7 extremely interested. Table 7 presents the results of a
univariate analysis of the responses.
In general, respondents indicate an intention to consume more of this information in the
future. The results of a paired-samples t-test not reported separately for mean intent values as
reported in Table 7 and mean use values as reported in Table 4 indicate statistically significant
increases in interest for all information types at p .001.
In the interests of further exploring the demand shift between current and future use, we run a
regression similar to that run for Research Question 1. The dependent variables, as before, are
summations of each respondents ratings of their interest in future use of the information types,
summed within information classes. Dependent variables thus represent an aggregate interest for
each investor in the future use of the three information classes: economic performance,
governance, and corporate social responsibility. Dependent variables were regressed upon the
same vector of independent variables used in the previous analysis. Results are shown in Table 8.
Pertanyaan Penelitian 3 bertanya apa jenis responden informasi ingin
menggunakan di masa pengambilan keputusan investasi. Responden disajikan
dengan array yang sama dari jenis informasi sebagai Penelitian Pertanyaan 1, dan
diminta untuk menunjukkan minat mereka dalam menggunakan lebih dari jenis
informasi untuk membuat keputusan investasi menurut penilaian minat mereka
pada skala Likert tujuh poin berlabuh atas 1 tidak sama sekali tertarik dan 7
sangat tertarik. Tabel 7 menyajikan hasil analisis univariat tanggapan.
Secara umum, responden mengindikasikan niat untuk mengkonsumsi lebih dari
informasi ini di masa depan. Hasil dari pasangan-sampel t-test tidak dilaporkan
secara terpisah untuk nilai niat berarti seperti yang dilaporkan dalam Tabel 7 dan
nilai mean digunakan seperti yang dilaporkan dalam Tabel 4 menunjukkan
peningkatan yang signifikan secara statistik dalam kepentingan untuk semua jenis
informasi pada p 0,001.
Dalam kepentingan menjelajahi lebih lanjut pergeseran permintaan antara
penggunaan saat ini dan masa depan, kami menjalankan regresi yang sama
dengan yang dijalankan untuk Pertanyaan Penelitian 1. Variabel tergantung,
seperti sebelumnya, adalah penjumlahan dari penilaian masing-masing responden
dari minat mereka dalam penggunaan masa depan informasi jenis, menyimpulkan
dalam kelas informasi. variabel dependen dengan demikian mewakili kepentingan
agregat untuk setiap investor dalam penggunaan masa depan dari tiga kelas
informasi: kinerja ekonomi, pemerintahan, dan tanggung jawab sosial perusahaan.

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American Accounting Association
138 Cohen, Holder-Webb, Nath, and Wood

variabel dependen yang mundur pada vektor yang sama dari variabel independen
yang digunakan dalam analisis sebelumnya. Hasilnya ditunjukkan pada Tabel 8.

The only significant differential determinants of future use of economic performance


indicators are the respondents age and reported involvement in investment research, and the
average size of the respondents trades. As before, younger investors express greater intent to use
more information in the future than do older ones. With respect to governance information, women
express a greater interest in future use than do men, younger investors a greater interest than older
ones, wealthier investors a greater interest than less-wealthy ones, andas with the economic
performance informationthose more involved with research and with larger trades than those
who are less involved or with smaller trades. The analysis of the determinants of future use of CSR
information suggest that women are more interested than men, younger investors more interested
than older ones, wealthier investors more interested than less-wealthy ones, SRI investors more
interested than those who do not currently hold any SRI products, and those making
larger trades more interested than those making smaller ones.9
Finally, respondents were asked to indicate the types of information they had the greatest
interest in using in the future. They were presented with the same list of information types used in
the analysis so far, and asked to select the five information types that they were most interested in
using in the future. Results of this analysis are presented in Table 9.
Satu-satunya penentu diferensial signifikan dari penggunaan masa depan
indikator kinerja ekonomi adalah usia responden dan keterlibatan dilaporkan
dalam penelitian investasi, dan ukuran rata-rata perdagangan responden. Seperti
sebelumnya, investor muda mengungkapkan maksud yang lebih besar untuk
menggunakan informasi lebih lanjut di masa depan daripada yang lebih tua.
Sehubungan dengan informasi pemerintahan, perempuan mengekspresikan minat
yang lebih besar dalam penggunaan masa depan daripada laki-laki, investor muda
kepentingan yang lebih besar daripada yang lebih tua, investor kaya kepentingan
yang lebih besar daripada yang kurang-kaya, dan-seperti dengan kinerja ekonomi
informasi-mereka lebih terlibat dengan penelitian dan dengan perdagangan yang
lebih besar daripada mereka yang kurang terlibat atau dengan perdagangan yang
lebih kecil. Analisis faktor-faktor penentu penggunaan masa depan informasi CSR
menunjukkan bahwa wanita lebih tertarik daripada laki-laki, investor muda lebih
tertarik daripada yang lebih tua, investor kaya lebih tertarik daripada yang
kurang-kaya, investor SRI lebih tertarik daripada mereka yang saat ini tidak
memegang produk SRI, dan pembuatan mereka
perdagangan besar lebih tertarik daripada yang membuat yang lebih kecil.
Akhirnya, responden diminta untuk menunjukkan jenis informasi yang mereka
memiliki kepentingan terbesar dalam menggunakan di masa depan. Mereka
disajikan dengan daftar yang sama dari jenis informasi yang digunakan dalam

9 When investors placing their trades through a financial advisor are excluded from the
analysis, Income drops below conventional significance levels and Inv_Resch is no longer
significant for any model.

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American Accounting Association
Retail InvestorsPerceptions 139

analisis sejauh ini, dan diminta untuk memilih lima jenis informasi yang mereka
paling tertarik menggunakan di masa depan. Hasil analisis ini disajikan pada
Tabel 9.

7
Future Use of Nonfinancial Information
No. Respondents Rating Me
Current an
Measure Use at 5 or Higher (S.
(%) D.)a
Economic Performance
Market share 564 5.
41
75.2% 1.6
1
Quality awards or certification 403 4.
43
53.7% 1.9
3
Customer satisfaction data 519 5.
10
69.2% 1.7
4
Employee satisfaction data 392 4.
41
52.3% 1.8
8
Staff turnover and retention 384 4.
38
51.2% 1.8
4
Product innovation 552 5.
27
73.6% 1.7
Governance 1
Director independence standards 362 4.
31
48.3% 1.9
4
Board selection processes 360 4.
26
48.0% 1.9
3
Executive compensation 467 4.
87
62.3% 1.8
8
Change of control procedures 343 4.
30
45.7% 1.8

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American Accounting Association
140 Cohen, Holder-Webb, Nath, and Wood

7
Audit processes 455 4.
76
60.7% 1.8
5
Ethics guidelines 436 4.
65
58.1% 1.9
7
Innovative management strategies 436 4.
64
58.1% 1.8
Corporate Social Responsibility 7
Employee benefits and retention 344 4.
21
45.9% 1.9
2
Employee diversity 277 3.
73
36.9% 2.0
2
Employee training 340 4.
15
45.3% 1.8
8
Health and safety records 390 4.
44
52.0% 1.8
8
Human rights information 302 3.
92
40.3% 2.0
3
Humanitarian initiatives 289 3.
87
38.5% 1.9
9
Product safety 486 4.
95
64.8% 1.7
9
Political giving/lobbying 329 4.
06

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Retail InvestorsPerceptions 141

(continued on next page)


TABLE 7 ( continued )

No. Respondents Rating


Current
Use at 5 or Higher Me
Measure(%) an
(S.
D.)a
43.9% 2.0
3
Environmental ratings/programs 365 4.
25
48.7% 1.9
8

Based on seven-point Likert response scale to question of whether the respondent intends to use the type of information
in the future, where 1 not at all interested, and 7 extremely interested.

TABLE 8
OLS Regression of Determinants of Future Demand for Different Types of Nonfinancial
Information
(n 750)
Corporate Social Re-
Economic Performance Governance sponsibility
a
Indep.Var. Std.Coef. t-stat Std.Coef. t-stat Std.Coef. t-stat
Gender 0.047 1.20 0.085 2.18* 0.112 2.90
**
Age 0.114 3.00** 0.086 2.29* 0.224 6.00 ***
Income 0.074 1.94 0.081 2.15* 0.073 1.97 *
Education 0.001 0.03 0.014 0.37 0.009 0.26
Race 0.049 1.36 0.055 1.56 0.035 0.99
SRI Investor 0.042 1.11 0.043 1.14 0.073 1.96 *
No_Trades 0.018 0.46 0.021 0.54 0.007 0.17
Inv_Resch 0.107 2.07* 0.156 3.05* 0.095 1.86
*
Inv_Dec 0.025 0.48 0.024 0.48 0.010 0.207
Size_Trade 0.115 2.86** 0.146 3.67* 0.107 2.70

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American Accounting Association
142 Cohen, Holder-Webb, Nath, and Wood

** **
F-test 4.41** 6.315*** 7.713***
*
Adj. R2 0.06 0.08 0.08

*, **, *** Significant at p 0.05, p 0.01, and p 0.001, respectively.


a

Dependent variables are computed by summing the professed future interest scores for each information class for each
respondent.

The limitation on the number of information types that may be selected in this survey forces a
prioritization. While all information types were reported to be used currently by at least 25 percent
of the sample, the results in Table 9 indicate a clear preference for market share data, with nearly
63 percent of the sample placing this item in their top five picks. Customer satisfaction data and
product innovation are also very popular items, chosen by 48 percent and 46 percent of the
respondents, respectively. As with the supply-demand mismatch observed with respect to the
disclosure venues above, there also appears to be a mismatch between the supply of economic
performance indicators and the demand for them.

Pembatasan jumlah jenis informasi yang dapat dipilih dalam survei ini memaksa prioritas a.
Sementara semua jenis informasi yang dilaporkan untuk digunakan saat oleh setidaknya 25 persen
dari sampel, hasil pada Tabel 9 menunjukkan preferensi yang jelas untuk data pangsa pasar,
dengan hampir 63 persen dari sampel menempatkan item ini di atas lima picks mereka. Kepuasan
pelanggan data dan inovasi produk juga item yang sangat populer, yang dipilih oleh 48 persen dan
46 persen responden, masing-masing. Seperti ketidakcocokan pasokan-permintaan diamati
sehubungan dengan tempat pengungkapan atas, ada juga tampaknya ketidaksesuaian antara
pasokan indikator kinerja ekonomi dan permintaan mereka.
9
Respondents Ranked Information Types
(n 750)
No. Respondents Listing in Me
Top Five Choices an
Measure
(%) (S.
Economic Performance D.)a
Market share 470 0.6
3
62.8% 0.4
8
Quality awards or certification 136 0.1
8
18.1% 0.3
9
Customer satisfaction data 357 0.4
8

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American Accounting Association
Retail InvestorsPerceptions 143

47.6% 0.5
0
Employee satisfaction data 140 0.1
9
18.7% 0.3
9
Staff turnover and retention 113 0.1
5
15.1% 0.3
6
Product innovation 343 0.4
6
45.7% 0.5
Governance 0
Director independence standards 90 0.1
2
12.0% 0.0
33
Board selection processes 98 0.1
3
13.1% 0.3
4
Executive compensation 212 0.2
8
28.3% 0.4
5
Change of control procedures 90 0.1
2
12.0% 0.3
3
Audit processes 194 0.2
6
25.9% 0.4
4
Ethics guidelines 177 0.2
4
23.6% 0.4
3
Innovative management strategies 200 0.2
7
26.7% 0.4
Corporate Social Responsibility 4
Employee benefits and retention 101 0.1
3
13.5% 0.0
34
Employee diversity 43 0.0
6
5.7% 0.2
3
Employee training 68 0.0
9

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144 Cohen, Holder-Webb, Nath, and Wood

9.1% 0.2
9
Health and safety records 116 0.1
5
15.5% 0.3
6
Human rights information 59 0.0
8
7.9% 0.2
7
Humanitarian initiatives 52 0.0
7
6.9% 0.2
5
Product safety 230 0.3
1
30.7% 0.4
6
Political giving/lobbying 110 0.1
5

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Retail InvestorsPerceptions 145

(continued on next page)


TABLE 9 ( continued )

No. Respondents Listing in


Top Five Choices Me
(%) an
(S.
Measure D.)a
14.7% 0.3
5
Environmental ratings/programs 104 0.
14
13.9% 0.3
5

a
Means are based on a dichotomous variable where 1 chosen by respondent, and 0 not chosen by respondent. Each
respondent could choose up to five information types.

Our results indicate fairly high demand for customer satisfaction information, while the results
of Cohen et al. 2009 suggest that levels of these disclosures provided by their sample firms are
generally low. On the other hand, Cohen et al.s 2009 results suggests that the corporate suppliers
of information appear to have anticipated with some accuracy the investor interest in market share
and product innovation. With respect to the governance class, the objects of primary interest with
more than 25 percent of the respondents prioritizing them are executive compensation, audit
processes, ethics guidelines, and management strategies. Comparing these findings to Holder-
Webb et al.s 2008 survey of the supply of these disclosures yields the information that these items
also appear generally to have been anticipated by the corporations. The one exception is
management strategies, which 27 percent of respondents placed in their top five picks, while
Holder-Webb et al. 2008 indicate that this information was disclosed by only 0.6 percent of their
sample. The only CSR item identified by more than 25 percent of the respondents as a priority
pick is product safety, with 31 percent of the respondents selecting this item in their top five.
Comparison with Holder-Webb et al. 2009 suggests that this item may also be under-disclosed, as
only 15 percent of their sample firms chose to report on it. One potential explanation for the
relative lack of CSR information is that CSR information tends to be disclosed in a companys
website and the information tends to be favorable in nature Holder-Webb et al. 2009. Perhaps if
CSR information were audited, investors might demand the CSR information to a greater extent in
the future Simnett et al. 2009.
Hasil kami menunjukkan permintaan yang cukup tinggi untuk informasi kepuasan
pelanggan, sedangkan hasil Cohen et al. 2009 menunjukkan bahwa tingkat
pengungkapan ini disediakan oleh perusahaan sampel mereka umumnya rendah.

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146 Cohen, Holder-Webb, Nath, and Wood

Di sisi lain, Cohen et al. 2009 hasil menunjukkan bahwa pemasok perusahaan
informasi tampaknya telah diantisipasi dengan beberapa akurasi minat investor
dalam pangsa pasar dan inovasi produk. Sehubungan dengan kelas pemerintahan,
objek kepentingan utama dengan lebih dari 25 persen responden memprioritaskan
mereka adalah kompensasi eksekutif, proses audit, pedoman etika, dan strategi
manajemen. Membandingkan temuan ini dengan tahun 2008 survei dari pasokan
pengungkapan ini Holder-Webb et al. Menghasilkan informasi bahwa barang-
barang juga muncul umumnya telah diantisipasi oleh perusahaan. Satu
pengecualian adalah strategi manajemen, yang 27 persen responden ditempatkan
di atas lima picks mereka, sementara Holder-Webb et al. 2008 menunjukkan
bahwa informasi ini diungkapkan oleh hanya 0,6 persen dari sampel mereka.
Satu-satunya barang CSR diidentifikasi oleh lebih dari 25 persen responden
sebagai pick prioritas adalah keamanan produk, dengan 31 persen responden
memilih item ini di atas lima mereka. Perbandingan dengan Holder-Webb et al.
2009 menunjukkan bahwa item ini juga mungkin di bawah-diungkapkan, karena
hanya 15 persen dari perusahaan sampel mereka memilih untuk melaporkan hal
itu. Salah satu penjelasan potensial untuk relatif kurangnya informasi CSR adalah
bahwa informasi CSR cenderung diungkapkan dalam sebuah situs web
perusahaan dan informasi yang cenderung menguntungkan di alam Holder-Webb
et al. 2009. Mungkin jika informasi CSR yang diaudit, investor mungkin
menuntut informasi CSR ke tingkat yang lebih besar di masa depan Simnett et al.
2009.

As stated previously, RQ3 asks what types of information respondents would like to use in
future investment decision-making. For all types of information, respondents expected to employ
greater use of this information than they currently have. This suggests that the demand for this
information may prod companies to disclose more of this type of information and to make these
disclosures in a format that investors can use. When respondents were asked to indicate the types
of information of which they had the greatest interest in using in the future, it appears that such
economic performance indicators as market share, customer satisfaction, and product innovation
information were the ones retail investors most wanted to use in the future. Perhaps these retail
investors can see this type of information having the strongest connection to their investment
performance.

Seperti yang dinyatakan sebelumnya, RQ3 bertanya apa jenis responden


informasi ingin menggunakan di masa pengambilan keputusan investasi. Untuk
semua jenis informasi, responden diharapkan untuk mempekerjakan penggunaan
yang lebih besar dari informasi ini daripada mereka saat ini. Hal ini menunjukkan
bahwa permintaan untuk informasi ini mungkin prod perusahaan untuk
mengungkapkan lebih dari jenis informasi dan untuk membuat pengungkapan
tersebut dalam format yang investor dapat menggunakan. Ketika responden
diminta untuk menunjukkan jenis informasi yang mereka memiliki kepentingan
terbesar dalam menggunakan di masa depan, tampak bahwa indikator kinerja

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Retail InvestorsPerceptions 147

ekonomi seperti pangsa pasar, kepuasan pelanggan, dan informasi inovasi produk
adalah orang-orang investor ritel yang paling ingin menggunakan di masa depan.
Mungkin ini investor ritel dapat melihat jenis informasi ini memiliki koneksi kuat
dengan kinerja investasi mereka.

CONCLUSIONS
In this study, we examine retail investors demand for nonfinancial information. We use an
online survey to explore the preferences of 750 nonprofessional investors in terms of their current
use and future interest in use of three classes of nonfinancial information: economic performance
indicators, governance, and corporate social responsibility information. We then conduct multi-
variate analyses to examine demographic and investment experience characteristics upon the
demand for these types of information. Finally, we examine respondents preferences with respect
to the information source for these classes of information. We find that respondents express
relatively high levels of current use of each class of nonfinancial information, with even higher
interest in the future use of all classes. In general, these investors prefer their information to be
provided through audited filings or from third parties, possibly reflecting a concern with the
integrity and reliability of the nonfinancial disclosures. We also, in conjunction with prior
research, find that there are numerous mismatches between the corporate supply of this
information and the retail investor demand for it.
KESIMPULAN
Dalam studi ini, kita meneliti permintaan investor ritel 'untuk informasi nonfinansial. Kami
menggunakan survei online untuk mengeksplorasi preferensi 750 investor non-profesional dalam
hal penggunaan mereka saat ini dan bunga masa depan di penggunaan tiga kelas informasi
nonfinansial: indikator kinerja ekonomi, pemerintahan, dan informasi tanggung jawab sosial
perusahaan. Kami kemudian melakukan multi-
variate analisis untuk memeriksa karakteristik demografi dan pengalaman investasi pada
permintaan untuk jenis informasi. Akhirnya, kami menguji preferensi responden terhadap sumber
informasi untuk kelas ini informasi. Kami menemukan bahwa responden mengungkapkan tingkat
yang relatif tinggi penggunaan saat masing-masing kelas informasi nonfinansial, dengan bunga
yang lebih tinggi dalam penggunaan masa depan semua kelas. Secara umum, para investor lebih
memilih informasi mereka akan diberikan melalui pengajuan diaudit atau dari pihak ketiga,
mungkin mencerminkan keprihatinan dengan integritas dan keandalan pengungkapan non
finansial. Kami juga, dalam hubungannya dengan penelitian sebelumnya, menemukan bahwa ada
banyak ketidaksesuaian antara pasokan perusahaan dari informasi ini dan permintaan investor ritel
untuk itu.

The results should be of interest to corporations, who presumably release nonfinancial


information in an effort to influence market participant decision-making. They should also be of
interest to investors, regulators, and researchers. Corporations should be aware of the current
mismatch between their supply of information and investor demand, while investors may need to
be educated about the volume and types of nonfinancial information that are presently available.
The perceived importance of economic performance indicators may reflect the belief that this
information will help investors predict the companys future positioning with respect to industry
peers. With the passage of the Sarbanes-Oxley Act U.S. House of Representatives 2002,
information on governance has become more voluminous and, in some areas, more transparent. Its

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148 Cohen, Holder-Webb, Nath, and Wood

use by investors may reflect concern over the potential for errors and irregularities in corporate
financial reports, or malfeasance by corporate managers. In contrast, perhaps over time there will
be more of a demand for social corporate information as the investing public becomes more aware
of the impact of these activities upon the sustainability both of the economy and of the entire firm.
Hasil harus menarik bagi perusahaan-perusahaan, yang mungkin melepaskan informasi non
keuangan dalam upaya untuk mempengaruhi pelaku pasar pengambilan keputusan. Mereka juga
harus menarik bagi investor, regulator, dan peneliti. Perusahaan harus menyadari ketidakcocokan
saat ini antara pasokan informasi dan permintaan investor, sementara investor mungkin perlu
dididik tentang volume dan jenis informasi nonfinansial yang saat ini tersedia. Pentingnya
dirasakan indikator kinerja ekonomi mungkin mencerminkan keyakinan bahwa informasi ini akan
membantu investor memprediksi posisi masa depan perusahaan sehubungan dengan rekan-rekan
industri. Dengan berlalunya Sarbanes-Oxley Act AS DPR tahun 2002, informasi tentang tata
pemerintahan telah menjadi lebih produktif dan, di beberapa daerah, lebih transparan.
Penggunaannya oleh investor mungkin mencerminkan kekhawatiran atas potensi kesalahan dan
penyimpangan dalam laporan keuangan perusahaan, atau penyimpangan oleh manajer perusahaan.
Sebaliknya, mungkin dari waktu ke waktu akan ada lebih dari permintaan untuk informasi
perusahaan sosial sebagai investasi publik menjadi lebih sadar akan dampak kegiatan ini pada
keberlanjutan baik dari ekonomi dan dari seluruh perusahaan.

The finding that information that is disclosed on a companys website is given little value
suggests that regulators may look to suggest that more objective third parties be in charge of
disclosing or at least giving assurance on the nonfinancial information. Researchers may gain
insight from this study in designing studies that will gain even greater insight into the impact of
nonfinancial information. For example, a future study can determine whether the inclusion of
specific types of nonfinancial information may improve the accuracy of investment decisions.
Auditing appears to be of use in lending credibility to the disclosure of nonfinancial information,
in the view of most respondents. At a minimum, including a clear description of the methodology
used to develop nonfinancial performance measures may also be likely to increase the credibility
of the summary for these investors.

nilai kecil yang menemukan bahwa informasi yang diungkapkan pada sebuah
situs web perusahaan diberikan menunjukkan bahwa regulator mungkin terlihat
untuk menunjukkan bahwa pihak ketiga lebih objektif bertanggung jawab
mengungkapkan atau setidaknya memberikan jaminan pada informasi
nonfinansial. Peneliti dapat memperoleh wawasan dari penelitian ini dalam
merancang studi yang akan mendapatkan wawasan yang lebih besar ke dalam
dampak informasi nonfinansial. Sebagai contoh, sebuah studi di masa depan dapat
menentukan apakah masuknya tipe tertentu dari informasi non keuangan dapat
meningkatkan akurasi keputusan investasi. Audit tampaknya digunakan dalam
meminjamkan kredibilitas pengungkapan informasi non finansial, dalam
pandangan sebagian besar responden. Minimal, termasuk deskripsi yang jelas dari
metodologi yang digunakan untuk mengembangkan ukuran kinerja non keuangan
juga mungkin cenderung meningkatkan kredibilitas ringkasan bagi investor
tersebut.

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Retail InvestorsPerceptions 149

As in all studies, there are limitations that represent opportunities for future studies.
Respondents were asked about hypothetical situations and there was no cost involved in their
answers. A future study could employ an experimental markets context that would get at
judgments and choices where there was an economic benefit and cost to their decisions. Further,
respondents were not told that there would be a cost borne by the company in producing and
disseminating this type of information. Perhaps if a companys expenses were to increase
significantly as a result of providing this information, retail investors might not want this
information produced and disseminated. Respondents were retail investors and may have lacked
sufficient financial sophistication to make full use of the financial information. Surveys of
sophisticated investors, including financial analysts, may yield different results Lang and
Lundholm 1993. A future study could examine the preferences of sophisticated investors who
work in the financial markets area to determine, for example, what factors may affect financial
analysts use of sustainability, governance, and CSR information. Finally, our results could be a
function of what nonfinancial information is currently available. Perhaps through more exposure
and use we will see greater reliance on nonfinancial data. A future study could explore whether
providing feedback and/or training to investors and analysts may enhance the perceived usefulness
of the information.
Seperti dalam semua studi, ada keterbatasan yang mewakili kesempatan untuk
studi masa depan. Responden ditanya tentang situasi hipotetis dan tidak ada biaya
yang terlibat dalam jawaban mereka. Sebuah studi di masa depan bisa
mempekerjakan pasar konteks eksperimental yang akan mendapatkan penilaian
dan pilihan mana ada manfaat ekonomi dan biaya untuk keputusan mereka.
Selanjutnya, responden tidak diberitahu bahwa akan ada biaya ditanggung oleh
perusahaan dalam memproduksi dan menyebarluaskan jenis informasi ini.
Mungkin jika biaya perusahaan yang meningkat secara signifikan sebagai akibat
dari memberikan informasi ini, investor ritel mungkin tidak ingin informasi ini
diproduksi dan disebarluaskan. Responden investor ritel dan mungkin memiliki
kekurangan kecanggihan keuangan yang cukup untuk membuat penuh
penggunaan informasi keuangan. Survei investor canggih, termasuk analis
keuangan, dapat menghasilkan hasil yang berbeda Lang dan Lundholm 1993.
Sebuah studi masa depan bisa memeriksa preferensi investor canggih yang
bekerja di daerah pasar keuangan untuk menentukan, misalnya, faktor apa yang
dapat mempengaruhi penggunaan analis keuangan 'dari keberlanjutan, tata kelola,
dan informasi CSR. Akhirnya, hasil kami bisa menjadi fungsi apa informasi
nonfinansial yang saat ini tersedia. Mungkin melalui lebih banyak eksposur dan
penggunaan kita akan melihat lebih mengandalkan pada data non finansial.
Sebuah studi di masa depan bisa mengeksplorasi apakah memberikan umpan
balik dan / atau pelatihan untuk investor dan analis dapat meningkatkan manfaat
yang dirasakan dari informasi.

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