Historically, companies disseminated financial information via the press release. The ability to disseminate information now exists on multiple "new media" channels beyond just the press release, with each channel reaching a different audience. With the different channels of communication come different connotations and associations that people have about the channels, which may affect the interpretation of the message, thereby altering management's ability to effectively communicate with stakeholders. I investigate whether retail investors' processing of financial information disclosures is dependent upon the fit between the channel and the type of information sent on the channel. Using the Elaboration Likelihood Model, I experimentally test how good and bad financial information posted on a social media channel, Twitter, compares to a more traditional channel, a company investor relations page where financial information is traditionally posted. I find that Twitter is associated with investors processing financial information unconsciously on the peripheral route while conscious or central route processing is associated with information coming from the company's investor relations page. Additionally, I find that investors have lower perceptions of management credibility after viewing financial disclosures on a company's Twitter feed than after viewing the same disclosures on the company's investor relations page.

Prior research indicates that management forecast strategies affect investors' perceptions of management, which, in turn, influence investors' judgments about the firm. The current study hypothesizes and demonstrates that decisions about the completeness and form of management's forecast disclosure affect venture capitalists' (VCs) investment screening judgments. In an experiment, 53 experienced VCs indicate whether they would recommend conducting due diligence on a new venture. I manipulate the completeness (inclusion vs. omission of quantitative data about the components of earnings) and form (point vs. range forecast values) of management's financial forecasts in a 2 X 2 between-subjects design. When management is more (less) complete in its forecast disclosure, participants make more (less) favorable investment screening judgments. Additionally, when managers provide less complete disclosures, the use of point rather than range forecasts leads to particularly unfavorable screening judgments, whereas when managers provide more complete disclosures, the use of point rather than range forecasts leads to particularly favorable screening judgments. Taken together, these results indicate that the completeness of forecast disclosure increases the favorability of screening judgments and decisions about the form of financial forecasts can offset some of the adverse consequences of less complete disclosure. / Ph. D.

This dissertation examines the factors influencing a state’s decision to adopt a local government investment pool (LGIP), the institutional arrangements used in managing them, and the effect of the institutional types on LGIP performance. The dissertation extends the policy adoption theory with insights from investment theory to demonstrate that management credibility influences the likelihood of a state’s LGIP adoption. The study finds that the quality of financial management, the quality of professional leadership, proximate state neighbors who have previously adopted an LGIP, and economic factors determine a state’s proclivity to policy adoption. The dissertation also describes the institutional arrangements used in managing LGIPs and develops typologies based on their institutional arrangements. The dissertation compares LGIPs depending on the risk aversion of their institutional arrangements. The research extends the risk-return tradeoff in investment theory to LGIP institutional arrangements. The empirical findings show that LGIP institutional arrangement that has greater risk report higher performance. The dissertation also finds that competition in the LGIP market due to multiple vendors, and periods of economic recession account for higher performance because of higher risk-taking behaviors associated with them. This dissertation promotes public funds investment laws that emphasize prudent management of government finances and guides managers of the public purse on the types of institutional choices that optimize returns with minimal risk.

Text in Afrikaans / Bestuursmodelle word vandag oor die algemeen as diagnostiese instrumente in organisasies benut. Die struktuur van hierdie bestuursmodelle word selde ondersoek om te bepaal of dit met die empiriese realiteit verband hou. Hierdie studie het ten doel om so 'n model, die bestuursbevoegdheidmodel wat deur Hall( 1988) ontwikkel was, te evalueer. Hall se model gee antwoorde op vrae oor die algemene bestuursklimaat van die organisasie. Die installing waar die navorsing gedoen was, is 'n Suid-Afrikaanse militere installing. Die Ramona-program is gebruik om te bepaal of daar wei passing is tussen die empiriese realiteit en bestuursprestasie in die betrokke organisasie waar die studie uitgevoer is. Daar is gevind dat daar gebrekkige passing tussen die empiriese realiteit en bestuursprestasie bestaan. Die waarde van die studie le daarin dat die betrokke organisasie in staat gestel word om alternatiewe modelle te oorweeg wat bes moontlik meer effektief sou kon wees. / Management models are used today as diagnostic instruments in organisations. The structure of these management models is seldom investigated for its validity and reliability. The aim of this study is to evaluate the Competence Process model developed by Jay Hall(1988). This model provides answers on the general management climate of the organisation. The research was performed at a South African military institution. The Ramona-programme was utilised in order to determine the match between the empirical reality and management performance in the particular organisation where this study was performed. The finding was that there is insufficient match between the empirical reality and management performance. The value of this study is that the specific organisation can now consider alternative models of management performance that are more effective. / Psychology / M.A. (Industrial Psychology)

Text in Afrikaans / Bestuursmodelle word vandag oor die algemeen as diagnostiese instrumente in organisasies benut. Die struktuur van hierdie bestuursmodelle word selde ondersoek om te bepaal of dit met die empiriese realiteit verband hou. Hierdie studie het ten doel om so 'n model, die bestuursbevoegdheidmodel wat deur Hall( 1988) ontwikkel was, te evalueer. Hall se model gee antwoorde op vrae oor die algemene bestuursklimaat van die organisasie. Die installing waar die navorsing gedoen was, is 'n Suid-Afrikaanse militere installing. Die Ramona-program is gebruik om te bepaal of daar wei passing is tussen die empiriese realiteit en bestuursprestasie in die betrokke organisasie waar die studie uitgevoer is. Daar is gevind dat daar gebrekkige passing tussen die empiriese realiteit en bestuursprestasie bestaan. Die waarde van die studie le daarin dat die betrokke organisasie in staat gestel word om alternatiewe modelle te oorweeg wat bes moontlik meer effektief sou kon wees. / Management models are used today as diagnostic instruments in organisations. The structure of these management models is seldom investigated for its validity and reliability. The aim of this study is to evaluate the Competence Process model developed by Jay Hall(1988). This model provides answers on the general management climate of the organisation. The research was performed at a South African military institution. The Ramona-programme was utilised in order to determine the match between the empirical reality and management performance in the particular organisation where this study was performed. The finding was that there is insufficient match between the empirical reality and management performance. The value of this study is that the specific organisation can now consider alternative models of management performance that are more effective. / Psychology / M.A. (Industrial Psychology)