Abstract
We examine whether mood images in an annual report—cosmetic and information-free graphical elements—influence shareholder votes on the say-on-pay (SOP) proposals. Consistent with the cognitive dissonance theory, we find that on average mood images promote heuristic decision making and increase shareholder voting support for SOP proposal. However, in the presence of signals conflicting managers’ SOP proposal, such as a proxy advisor’s investigation of the firm, mood images prompt a more critical evaluation of the SOP resolution by shareholders, which negates their positive effect on SOP resolution support. Our findings reveal the contingent nature of the effect mood images have on shareholder voting behavior.
Το σεμινάριο θα παρουσιάσει ο Δρ. Pawel Bilinski (Bayes Business School, City, University of London) και θα διεξαχθεί την Τετάρτη 12 Απριλίου 2023, ώρα 11:00 – 12:00 στην αίθουσα Συνεδριάσεων στο κτήριο Continental.
