Purpose

Based on transformative service research (TSR), the study explores the mechanisms by which a firm's information transparency influences a retail investor's perceived financial well-being (PFW). It proposes a model exploring the mediating roles of the investor's financial risk tolerance (RT) and financial self-efficacy (FSE) in the relationship between a firm's information transparency and the consumer's PFW.

Design/methodology/approach

A survey was conducted by including a sample of 310 retail investors from Pakistan Stock Exchange (PSX) to test the proposed hypotheses. Data analysis was based on a series of multiple regressions, moderation and serial mediation analyses.

Findings

The findings show that a firm's information transparency harnesses investors' PFW. Information transparency also positively affects investors' RT toward the firm and their FSE while dealing with financial challenges.

Research limitations/implications

The findings call for a deeper understanding of financial services' interventions and their underlying mechanisms to improve consumer’s financial well-being (FWB). On a methodology level, future studies could apply a mixed-method approach and SEM to explore new avenues for predicting investors' FWB.

Practical implications

Besides validating TSR, the study has several implications for listed firms to adopt more transparent information reporting practices to improve investors' PFW. Accordingly, regulators should take initiatives to compel firms to comply with higher standards of information transparency.

Originality/value

The proposed model explores a concrete mechanism that helps listed firms to strengthen investors' PFW via information transparency.

中文翻译：

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公司信息透明度在触发散户投资者感知财务福祉中的变革作用

目的

该研究基于变革性服务研究 (TSR)，探讨了公司信息透明度影响散户投资者感知财务状况 (PFW) 的机制。它提出了一个模型，探索投资者的财务风险承受能力 (RT) 和财务自我效能 (FSE) 在公司信息透明度和消费者 PFW 之间的关系中的中介作用。

设计/方法/方法

通过包括来自巴基斯坦证券交易所 (PSX) 的 310 名散户投资者的样本进行了一项调查，以测试提议的假设。数据分析基于一系列多元回归、调节和系列中介分析。

发现

研究结果表明，公司的信息透明度利用了投资者的 PFW。在应对财务挑战的同时，信息透明度也会对投资者对公司及其 FSE 的 RT 产生积极影响。

研究限制/影响

调查结果要求更深入地了解金融服务的干预措施及其改善消费者财务状况 (FWB) 的潜在机制。在方法论层面，未来的研究可以应用混合方法和 SEM 来探索预测投资者 FWB 的新途径。

实际影响

除了验证 TSR 之外，该研究还对上市公司采用更透明的信息报告做法以改善投资者的 PFW 具有多种意义。因此，监管机构应采取措施强制公司遵守更高的信息透明度标准。

原创性/价值

所提出的模型探索了一种具体机制，通过信息透明度帮助上市公司加强投资者的PFW。