Purpose

The purpose of this research note is to investigate the drivers and market reaction to firms’ decision to release general COVID-19-related announcements and to withdraw earnings forecasts and dividends during the COVID-19 pandemic in the continuous disclosure environment of Australia.

Design/methodology/approach

The authors first tracked the market reaction of all firms in the Australian Securities Exchange All Ordinaries, Top 300, Top 200 and Top 100 indices during the early period of the COVID-19 pandemic between 1 January and 21 September 2020. The authors then focus the investigation on the incidence of firms deciding to withdraw earnings forecasts and dividends and how the market responded to these incidences during that period.

Findings

The market reacted negatively during the March/April 2020 period but then bounced back to the pre-March 2020 level. The market reaction is mainly driven by three industries, including consumer discretionary, health care and utilities. Firms in industry sectors such as consumer discretionary, materials, health care and information technology contribute to the highest percentage of COVID-19 announcements. It is interesting to document that firms issuing COVID-19 announcements and withdrawing earnings forecasts and dividends tend to be larger firms with stronger financial performance and higher financial leverage. Regarding the stock market reaction, while the market generally reacted positively to COVID-19-related announcements, the decision to withdraw earnings forecasts and dividends is significantly regarded as bad news.

Originality/value

The COVID-19 pandemic has provided a unique natural event to examine firms’ disclosure behaviour in the continuous disclosure environment of Australia during this period of extreme uncertainty. The incidences of earnings forecasts and dividend withdrawals are mainly driven by larger, better performing and higher leverage firms in the consumer discretionary, health care, materials and information technology industry sectors. The market generally reacted favourably to COVID-19-related announcements, despite a significant stock price drop during the March/April 2020 period. The findings provide important regulatory and practical implications.

中文翻译：

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持续披露环境中与 COVID-19 相关的公告：驱动因素和股市影响

目的

本研究报告的目的是调查在澳大利亚持续披露的环境下，在 COVID-19 大流行期间，公司决定发布与 COVID-19 相关的一般公告以及撤回盈利预测和股息的驱动因素和市场反应。

设计/方法论/途径

作者首先追踪了 2020 年 1 月 1 日至 9 月 21 日期间，澳大利亚证券交易所所有普通股指数、前 300 指数、前 200 指数和前 100 指数中所有公司在 COVID-19 大流行初期的市场反应。调查公司决定撤销盈利预测和股息的发生率以及该时期市场对这些事件的反应。

发现

市场在 2020 年 3 月/4 月期间反应消极，但随后反弹至 2020 年 3 月前的水平。市场反应主要由三个行业推动，包括非必需消费品、医疗保健和公用事业。非必需消费品、材料、医疗保健和信息技术等行业的公司在 COVID-19 公告中所占比例最高。有趣的是，发布 COVID-19 公告并撤回盈利预测和股息的公司往往是财务业绩更强、财务杠杆更高的大型公司。关于股市反应，虽然市场普遍对与 COVID-19 相关的公告反应积极，但撤回盈利预测和股息的决定明显被视为坏消息。

原创性/价值

COVID-19大流行提供了一个独特的自然事件，可以在澳大利亚持续披露的环境中审查公司在这个极度不确定的时期的披露行为。盈利预测和股息提取的发生主要是由非必需消费品、医疗保健、材料和信息技术行业中规模更大、业绩更好和杠杆率更高的公司推动的。尽管 2020 年 3 月/4 月期间股价大幅下跌，但市场普遍对与 COVID-19 相关的公告反应良好。研究结果提供了重要的监管和实际意义。