Publicação
Are chairmen and CEOS aligned in their style of disclosure? Measuring tone, complexity and forward-looking narratives and their predictability of firm future performance
| datacite.subject.fos | Ciências Sociais::Economia e Gestão | pt_PT |
| dc.contributor.advisor | Alves, Paulo Alexandre Pimenta | |
| dc.contributor.author | Assunção, Joana Filipa Silva | |
| dc.date.accessioned | 2022-11-30T13:07:51Z | |
| dc.date.available | 2022-11-30T13:07:51Z | |
| dc.date.issued | 2022-10-20 | |
| dc.date.submitted | 2022 | |
| dc.description.abstract | This paper analyses the impact of complexity (measured by the Fog and the Flesch indexes), tone (measured by Loughran & McDonald and Henry wordlists) and forward-looking (measured by an updated version of Hussainey et al. 2003 wordlist) in firm future performance for the Chairman and CEO sections of a firm’s annual report and the alignment of these two later figures on their style of discourse. Of the five measures used, only the measure used for forward-looking narratives showed a statistically significant negative impact on future firm performance measured by the future return on assets, on the CEO section. When looking at discourse inconsistencies, results find that the CEO review portrays a higher level of complexity measured by the Fog index and holds a more forward-looking text than the Chairman section, whilst the Chairman has a higher level of complexity measured by the Flesch index and a more positive tone measured by the two different wordlists used. The results hold for financial firms, with the CEO having a more complex discourse measured by the Flesch Index for non-financial firms. | pt_PT |
| dc.description.abstract | Este estudo analisa o impacto da complexidade (medida pelo Fog Index e pelo Flesch Score), do tom (medido pelas listas de palavras de Loughran & McDonald, e Henry) e das narrativas forward-looking na performance futura de uma empresa nos segmentos do Chairman e do CEO dos seu relatório anual e o alinhamento destes dois indivíduos no seu estilo de discurso textual. Das cinco medidas usadas, apenas a medida utilizada para as narrativas de forward-looking apresenta um impacto significativo (e negativo) na performance futura da empresa, que é medida pelo rácio return on assets, na secção do CEO. Relativamente às inconsistências no discurso, descobrimos que a review do CEO tem um maior nível de complexidade medida pelo Fog Index e tem uma narrativa mais forward-looking do que a secção do Chairman. Pelo contrário, esta tem um maior nível de complexidade medida pelo Flesch Score e um tom mais positivo medido pelas duas listas de palavras utilizadas. Os resultados mantêm-se para empresas financeiras, enquanto para empresas não-financeiras, o CEO passa a ter também um discurso mais positivo do que o Chairman medido pelo Flesch score. | pt_PT |
| dc.identifier.tid | 203088476 | pt_PT |
| dc.identifier.uri | http://hdl.handle.net/10400.14/39447 | |
| dc.language.iso | eng | pt_PT |
| dc.subject | Financial narratives | pt_PT |
| dc.subject | Tone management | pt_PT |
| dc.subject | Readability | pt_PT |
| dc.subject | Complexity | pt_PT |
| dc.subject | Forward-looking | pt_PT |
| dc.subject | Chairman’s letter | pt_PT |
| dc.subject | CEOs review | pt_PT |
| dc.subject | Disagreement | pt_PT |
| dc.subject | Predictability | pt_PT |
| dc.subject | Discourse inconsistency | pt_PT |
| dc.subject | Narrativas financeiras | pt_PT |
| dc.subject | Tom | pt_PT |
| dc.subject | Complexidade | pt_PT |
| dc.subject | Carta do chairman | pt_PT |
| dc.subject | Desacordo | pt_PT |
| dc.subject | Previsibilidade | pt_PT |
| dc.subject | Inconsistência de discurso | pt_PT |
| dc.title | Are chairmen and CEOS aligned in their style of disclosure? Measuring tone, complexity and forward-looking narratives and their predictability of firm future performance | pt_PT |
| dc.type | master thesis | |
| dspace.entity.type | Publication | |
| rcaap.rights | openAccess | pt_PT |
| rcaap.type | masterThesis | pt_PT |
| thesis.degree.name | Mestrado em Finanças | pt_PT |