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Tone management of voluntary disclosures in Brazilian public companies’ press releases

Contextus (Fortaleza), 2020-04, Vol.18 (jan/dez 2020), p.39-51 [Peer Reviewed Journal]

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  • Title:
    Tone management of voluntary disclosures in Brazilian public companies’ press releases
  • Author: Silva, Polyana ; Souza de Souza, Paulo Vitor
  • Subjects: análise textual ; análisis textual ; divulgación voluntaria ; divulgação voluntária ; earnings management ; gerenciamento de resultados ; gerenciamento de tons ; gestión de resultados ; gestión de tonos ; notas de prensa ; press releases ; textual analysis ; tone management ; voluntary disclosure
  • Is Part Of: Contextus (Fortaleza), 2020-04, Vol.18 (jan/dez 2020), p.39-51
  • Description: This study seeks to verify whether Brazilian public companies manipulate qualitative information through tone management. Forty-three companies were selected from Brazil's Ibovespa, Bolsa e Balcão (B3), with quarterly data from 2017 to 2018. The data regarding positive tonality were formatted using Loughran and McDonald (2011) word classification, taken from press releases voluntarily released by the companies and analyzed by the software Atlas.ti8. The index was regressed against the discretionary accruals obtained in two results management models. The results point to a negative and significant relationship between accounting management and positive tone of reporting, i.e. companies with higher positive tone manage less results. These findings present relevant information as they highlight the quality of the texts contained in the companies' reports. Este artigo objetiva verificar se companhias abertas brasileiras manipulam informações qualitativas mediante gerenciamento de tons. Foram selecionadas 43 empresas pertencentes ao Ibovespa da Brasil, Bolsa e Balcão (B3), com dados trimestrais entre 2017 e 2018. Os dados referentes à tonalidade positiva foram formatados mediante classificação de palavras de Loughran e McDonald (2011), retiradas dos press releases divulgados voluntariamente pelas companhias e analisados pelo software Atlas.ti8. O índice foi regredido contra os accruals discricionários obtidos em dois modelos de gerenciamento de resultados. Os resultados apontam para relação negativa e significativa entre o gerenciamento contábil e a tonalidade positiva dos relatórios, ou seja, companhias com maior tom positivo gerenciam menos resultados. Estes achados apresentam informações relevantes por evidenciar a qualidade dos textos contidos nos relatórios das companhias. Este artículo tiene como objetivo verificar si las empresas públicas brasileñas manipulan información cualitativa a través de la gestión del tono. Se seleccionaron 43 empresas pertenecientes a Ibovespa da Brasil, Bolsa e Balcão (B3), con datos trimestrales entre 2017 y 2018. Los datos relacionados con el tono positivo fueron formateados por clasificación de palabras por Loughran y McDonald (2011), tomados de los comunicados de prensa publicados voluntariamente por las compañías y analizados por Software Atlas.ti8. El índice retrocedió contra las acumulaciones discrecionales obtenidas en dos modelos de gestión de ganancias. Los resultados apuntan a una relación negativa y significativa entre la gestión contable y el tono positivo de los informes, es decir, las empresas con un tono positivo más alto manejan menos resultados. Estos hallazgos presentan información relevante ya que destaca la calidad de los textos contenidos en los informes de las empresas.
  • Publisher: Universidade Federal do Ceará
  • Language: English
  • Identifier: ISSN: 1678-2089
    ISSN: 2178-9258
    EISSN: 2178-9258
    DOI: 10.19094/contextus.2020.43366
  • Source: ROAD: Directory of Open Access Scholarly Resources
    Dialnet
    DOAJ Directory of Open Access Journals
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