Title: Use of information sources, annual reports and other corporate announcements: the case of large and small investors of India

Authors: Meena Bhatia

Addresses: Birla Institute of Management Technology (BIMTECH), Greater Noida, India

Abstract: This study investigates the perceptions towards corporate annual reports, its sections, information sources, and other announcements used for equity investing by large and small individual investors; and studies differences in perceptions between the two groups. The data gathered from 276 completed surveys is analysed using descriptive statistics and Mann Whitney tests. The findings show that, in comparison to developed markets and other developing markets, Indian investors (both large and small) rely more on personal knowledge of the firm and analysis of the company in relation to annual reports. Investors find annual reports too long, and large investors reported that there is delay in publishing it. The financial statements are the most important and understandable section. Announcements on stock exchanges are deemed the most crucial since they are related to their choices. There is no prior research on this feature of Indian investors in the literature.

Keywords: corporate reports; emerging markets; investment decisions; investors; financial statements; India; announcements.

DOI: 10.1504/AAJFA.2023.134697

Afro-Asian Journal of Finance and Accounting, 2023 Vol.13 No.6, pp.714 - 734

Received: 28 Apr 2021
Accepted: 07 Sep 2021
Published online: 06 Nov 2023 *

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