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首页> 外文期刊>Journal of Business Research >What you say and how you say it: Information disclosure in Latin American firms
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What you say and how you say it: Information disclosure in Latin American firms

机译：你所说的和你怎么说：拉丁美洲公司的信息披露

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摘要

Firms in Latin America could differentiate themselves by adopting better information disclosure practices. In this paper, we construct an Information Disclosure Index (IDI) for a sample of 454 firms in the six largest Latin America countries. We look at 4.622 company reports and show that firms with better disclosure practices have better market valuation (Tobin's Q) and better accounting financial performance (return on equity, ROE). We then measure the tone of the information disclosed using word content analysis and find that uncertainty in tone is negatively associated with firm valuation and accounting financial performance while a positive tone in corporate communications is positively associated with firm value and performance. This paper shows that the tone in corporate communications is as relevant as the amount of information disclosed to the market.
机译：拉丁美洲的公司可以通过采用更好的信息披露实践来区分自己。在本文中，我们构建了一个信息披露指数（IDI），了解六大拉丁美洲国家的454家公司的样本。我们看看4.622公司报告，并显示具有更好披露实践的公司具有更好的市场估值（托宾Q）和更好的会计财务表现（股权返回ROE）。然后，我们测量使用Word内容分析所公开的信息的音调，并发现语气的不确定性与公司估值和会计财务表现负相关，而企业通信中的正音质与公司的价值和性能正相关。本文表明，企业通信中的基调与市场所透露的信息量一样重要。

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