首席执行官感知的个性和招股说明书中的企业风险披露:多式联机机器学习分析
1School of Public Administratoin and Policy, Shanghai University of Finance and Economics, Shanghai, 200433, China.
Acta psychologica
|December 13, 2025
概括
首席执行官的个性特征显著影响首次公开募股 (IPO) 风险披露质量. 开放性,良心和外向性增强了披露力,而和性和神经性则减少了披露力,承销商的声誉起到了调节作用.
科学领域:
- 组织行为 组织行为
- 金融市场 金融市场
- 人工智能的人工智能
背景情况:
- 对于投资者来说,了解首次公开募股 (IPO) 风险披露质量的决定因素至关重要.
- 评估CEO特征的传统方法可能无法捕捉影响企业行为的人格特征的全部范围.
研究的目的:
- 调查CEO个性特征对IPO风险披露质量的影响.
- 引入和验证一种新的多式联网深度学习方法来测量CEO的个性特征.
主要方法:
- 利用多式联网深度学习框架,分析IPO路演的视听数据.
- 从中国的ChiNext和STAR市场 (2019-2024) 收集了866家IPO公司的数据集.
- 使用回归分析来检查人格特征,承销商声誉和披露质量之间的关系.
主要成果:
- 首席执行官的开放性,良心和外向性与更高的风险披露质量有积极的相关性.
- 首席执行官的乐观性和神经性与风险披露质量有负面关联.
- 保险人的声誉调节了这些关系,放大了开放和良心的积极影响.
结论:
- 首席执行官的个性是IPO风险披露质量的重要因素.
- 多模式深度学习提供了一种强大的方法,用于从行为线索评估人格特征.
- 这些发现增强了对IPO披露动态和AI在组织研究中的应用的理解.
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