Abstract
RESUMO O objetivo desta pesquisa é realizar duas análises relacionadas à compreensão dos efeitos de uma evidenciação voluntária. Primeiro, analisar se o desempenho da empresa apresenta relação com o tom verbal da divulgação voluntária de uma audioconferência. Segundo, analisar se o tom verbal de divulgações voluntárias está relacionado com os resultados de empresas brasileiras no tempo futuro. Para aferição do tom verbal, foi realizada uma análise de conteúdo computadorizada sobre os arquivos transcritos referentes às audioconferências de empresas brasileiras com American Depositary Receipts (ADRs) no mercado americano entre os anos de 2002 e 2016. Para o cálculo do tom do gestor, foi utilizado o dicionário de Loughran e McDonald (2011), em inglês e uma versão adaptada para português. As evidências encontradas sugerem uma relação positiva entre o tom verbal utilizado pelos gestores durante as ligações de audioconferênciase o desempenho atual e futuro da empresa.
Highlights
The objective of this research is to verify whether the verbal tone used by managers in conference calls relates to company performance
The findings suggest that the better the company's performance in the current quarter, the more optimistic the tone used by the manager during the conference call
The objectives of this research are to verify: (i) if the verbal tone of the managers in the conference call is determined by the firm's quarterly performance; and (ii) if the verbal tone of the managers in the conference call is related to the future performance of the company
Summary
The objective of this research is to verify whether the verbal tone used by managers in conference calls relates to company performance. Research regarding the verbal tone of results announcements, market announcements, and conference calls, conducted through computerized content analysis, has been gaining notoriety in the Accounting and Finance field (Davis, Piger, & Sedor, 2012; Henry, 2008; Loughran & McDonald, 2016; Tetlock, 2007; Tetlock, Saar-Tsechansky, & Macskassy, 2008). Despite recent research progress related to this, there have been no studies that, combined with the tools and techniques used here, seek to understand the association between the tone used for the information released in the conference calls and the quarterly earnings in the current and future periods in the Brazilian capital market. According to Moreira, Ramos, Kozak-Rogo, and Rogo (2016), there has been an increase in the annual number of conference calls since 2008 in Brazil, reinforcing the need for a better understanding of this information, which is complementary to mandatory data and may indicate some direction of future results (Davis et al, 2012)
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