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Using 10-K text to gauge COVID-related corporate disclosure

PloS one, 2023-03, Vol.18 (3), p.e0283138-e0283138 [Peer Reviewed Journal]

Copyright: © 2023 Dutta et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. ;COPYRIGHT 2023 Public Library of Science ;2023 Dutta et al. This is an open access article distributed under the terms of the Creative Commons Attribution License: http://creativecommons.org/licenses/by/4.0/ (the “License”), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;2023 Dutta et al 2023 Dutta et al ;2023 Dutta et al. This is an open access article distributed under the terms of the Creative Commons Attribution License: http://creativecommons.org/licenses/by/4.0/ (the “License”), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 1932-6203 ;EISSN: 1932-6203 ;DOI: 10.1371/journal.pone.0283138 ;PMID: 36947527

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  • Title:
    Using 10-K text to gauge COVID-related corporate disclosure
  • Author: Dutta, Shantanu ; Kumar, Ashok ; Pant, Pushpesh ; Walsh, Caolan ; Dutta, Moumita
  • Zahid, Rana Muhammad Ammar
  • Subjects: Analysis ; Annual reports ; Computer and Information Sciences ; Coronaviruses ; COVID-19 ; COVID-19 - epidemiology ; Dictionaries ; Disclosure ; Economic aspects ; Epidemics ; Female ; Financial disclosure ; Gauges ; Humans ; Investor relations ; Liquidity ; Literature reviews ; Litigation ; Medicine and Health Sciences ; Methods ; Natural language processing ; Organizations ; Pandemics ; Physical Sciences ; Social Sciences ; Stockholders ; United Kingdom
  • Is Part Of: PloS one, 2023-03, Vol.18 (3), p.e0283138-e0283138
  • Description: During the pandemic era, COVID-related disclosure has become quite critical for shareholders and other market participants to understand the uncertainties and challenges associated with a firm's operation. However, there is no well-grounded and systematic measure to gauge the intensity of COVID-related disclosure and its plausible impact. Therefore, this study develops and validates various COVID-related disclosure measures. More specifically, using a sample of publicly listed U.S. firms and applying natural language processing (NLP) on 10-K reports, we have developed two types of COVID dictionaries (or COVID-related disclosure measurement tools): (a) overall COVID dictionary (count of all COVID-related words/phrases) and (b) contextual COVID-dictionary (count of COVID related words/phrases preceded or followed by positive, negative tones, or financial constraints words). Subsequently, we have validated both types of COVID dictionaries by investigating their association with corporate liquidity events (e.g., dividend payment, dividend change). We confirm that the overall COVID dictionary effectively predicts a firm's liquidity event. We find similar results for contextual COVID dictionaries with a negative spin (i.e., COVID disclosures with a negative tone or an indication of financial constraints). Our results further show that better-governed firms (e.g., greater board independence, and more female directors) tend to have more COVID-related disclosures, despite the fact that more COVID-related disclosures suppress a firm's market-based stock performance (e.g. Tobin's Q). Our results suggest that better-governed firms prefer greater transparency, even if it may hurt their market performance in the short run.
  • Publisher: United States: Public Library of Science
  • Language: English
  • Identifier: ISSN: 1932-6203
    EISSN: 1932-6203
    DOI: 10.1371/journal.pone.0283138
    PMID: 36947527
  • Source: Open Access: PubMed Central
    Geneva Foundation Free Medical Journals at publisher websites
    PLoS
    MEDLINE
    Directory of Open Access Journals
    Coronavirus Research Database
    ProQuest Central
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