VOLUNTARY DISCLOSURE: EMPIRICAL ANALYSIS OF THE TONE USED IN CONFERENCE CALLS

FERREIRA, FELIPE RAMOS; FIOROT, DIEGO CAMPANA; MOTOKI, FABIO YOSHIO SUGURI; MOREIRA, NADIA CARDOSO

doi:10.1590/S0034-759020190405

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ARTICLES • Rev. adm. empres. 59 (4) • Jul-Aug 2019 • https://doi.org/10.1590/S0034-759020190405 copy

VOLUNTARY DISCLOSURE: EMPIRICAL ANALYSIS OF THE TONE USED IN CONFERENCE CALLS

Authorship SCIMAGO INSTITUTIONS RANKINGS

ABSTRACT

The study aims to perform the following two analyses for understanding the effect of a voluntary disclosure: 1) whether a company’s performance is related to its voluntary disclosure in a conference call; and 2) whether the voluntary information is related to the future results of Brazilian companies. The tone of Brazilian firms with American Depositary Receipts (ADRs) (American Depositary Receipts) in the US market was measured between 2002 and 2016. The tone of managers was calculated in English using the original dictionary proposed by Loughran and McDonald (2011)Loughran, T., & McDonald, B. (2011). When is a liability not a liability? Textual analysis, dictionaries, and 10-Ks. The Journal of Finance, 66(1), 35-65. doi:10.1111/j.1540-6261.2010.01625.x
https://doi.org/10.1111/j.1540-6261.2010... , as well as an adapted version in Portuguese. The findings suggest a positive relation between the tone used by managers during conference call and firms’ current and future performance.

KEYWORDS
Voluntary disclosure; conference call; tone; performance; content analysis

Five most recurring words
	Negative		Positive
	Portuguese	English	Portuguese	English
1	redução	curtailment	muito	greatly
2	liquida	liquidates	maior	greater, greatest, highest
3	contra	against	melhor	best, better
4	inadimplência	delinquencies	lucro	gain
5	atenção	warning	forte	strong

Sample	N
All firms/quarters with conference calls available in English	427
Less firms/quarters that do not have the same conference call in Portuguese	67
Less firms/quarters with some missing model variables	7
Total of firms/quarters in the sample	353

Variables	N	Mean	Std. dev.	Minimum	Maximum
TOM_inglês	353	6.26	6.25	-5.56	22.84
TOM_português	353	5.53	6.09	-7.45	22.18
TOMNEG_inglês	353	0.16	0.37	0.00	1.00
TOMNEG_português	353	0.20	0.40	0.00	1.00
ROA	353	0.81	2.10	-9.30	6.60
ROE	345	2.50	7.29	-38.50	26.00
LPA	353	0.26	0.75	-3.42	1.86
META	353	0.56	0.50	0.00	1.00
PREJ	353	0.12	0.33	0.00	1.00
%PREJ	353	0.12	0.25	0.00	1.00
CRES_VENDAS	353	0.18	0.46	-0.27	3.76
RETV	353	28.55	55.05	-103.09	317.96
MUDRV	353	32.12	71.43	0.06	443.99
BTM	353	0.60	0.53	-2.52	2.26
TAM	353	16.91	1.43	13.91	19.74
TRI4	353	0.24	0.43	0.00	1.00

Variable	TOM_Inglês	TOM_português	ROA	ROE	LPA	PREJ	%PREJ	RETV	MUDRV	TAM	BTM	CRES_VENDAS	META	TRI4
TOM_Inglês	1.00
TOM_português	0.65	1.00
ROA	0.01	0.12	1.00
ROE	-0.02	0.08	0.80	1.00
LPA	0.14	0.23	0.86	0.80	1.00
PREJ	0.02	-0.12	-0.66	-0.65	-0.72	1.00
%PREJ	0.01	-0.21	-0.58	-0.62	-0.60	0.76	1.00
RETV	0.11	0.11	0.03	0.02	0.91	-0.38	-0.24	1.00
MUDRV	0.19	0.09	-0.17	-0.15	-0.14	0.19	0.18	0.40	1.00
TAM	-0.12	0.02	0.07	0.17	0.26	-0.21	-0.33	-0.11	-0.18	1.00
BTM	-0.03	-0.06	-0.06	-0.22	0.01	0.00	-0.05	0.00	0.11	0.31	1.00
CRES_VENDAS	0.11	0.11	0.13	0.06	0.05	-0.11	-0.15	0.20	0.09	-0.13	-0.02	1.00
META	0.14	0.12	0.31	0.28	0.31	-0.29	-0.22	-0.06	-0.17	-0.01	-0.12	0.07	1.00
TRI4	-0.06	0.01	-0.11	-0.08	-0.09	0.07	0.02	0.00	0.01	0.03	0.01	-0.01	-0.03	1.00

Independent variables	[a] TOM_inglês			[b] TOM_português
Independent variables	Coef.	t statistic		Coef.	t statistic
Intercept	-18.73	-1.12
ROA	0.50	2.10	**	0.40	1.70	*
META	0.19	0,31		-0.49	-0.82
PREJ	0.99	0.72		1.14	0.81
%PREJ	4.16	1.68	*	-0.05	-0.02
CRES_VENDAS	0.96	1.55		0.39	0.96
BTM	2.15	2.64	***	0.77	0.89
TAM	1.26	1.28		2,14	2.79	***
TRI4	-0.37	-0.59		0.45	0.72
Dummy year	Sim			Sim
Dummy firm	Sim			Sim
Observation	353			353
R²	0.45			0.47

Independent variables	[a] ROA t+1			[b] ROA t+1
Independent variables	Coef.	t statistic		Coef.	t statistic
Intercept	-0.66	-0.91		-3.28	-0.75
ROA	0.46	4.52	***	0.41	3.88	***
TOMNEG_Inglês	1.08	3.78	***
TOMNEG_Inglês * ROA	-0.55	-3.87	***
TOMNEG_Português				0.81	2.68	***
TOMNEG_Português * ROA				-0.42	-2.43	**
RETV	0.00	1.67	*	0.00	1.42
%PREJ	-0.13	-0.14		-0.79	-0.85
MUDRV	0.00	0.30		0.00	0.47
BTM	-0.51	-1.44		-0.51	-1.22
TAM	0.36	1.46		0.32	1.24
TRI4	0.19	1.23		0.19	1.17
Dummy year	Sim			Sim
Dummy firm	Sim			Sim
Observation	352			352
R²	0.47			0.44
Test of sum of the coefficients:		F statistic		F statistic
ROA + TOMNEG_Inglês ROA*		0.49
ROA + TOMNEG_Português * ROA				0.00

Independent variables	[a] TOM_inglês			[b] TOM_português			[c] TOM_inglês			[d] TOM_português
Independent variables	Coef.	t statistic		Coef.	t statistic		Coef.	t statistic		Coef.	t statistic
Intercept	-24.39	-1.35		-16.94	-1.16		-1.51	-0.09		-20.33	-1.61
ROE	0.13	2.81	***	0.12	2.66	***
LPA							1.82	3.02	***	1.79	3.05	***
Control variables	Yes			Yes			Yes			Yes
Dummy year	Yes			Yes			Yes			Yes
Dummy firm	Yes			Yes			Yes			Yes
Observation	345			345			353			353
R²	0.46			0.47			0.50			0.49

Independent variables	[a] ROE t+1			[b] ROE t+1			[a] LPA t+1			[b] LPA t+1
Independent variables	Coef.	t statistic		Coef.	t statistic		Coef.	t statistic		Coef.	t statistic
Intercept	-14.87	-0.46		-11.06	-0.37		-2.55	-1.82	*	-2.26	-1.50
ROE	0.28	2.17	**	0.29	2.46	**
TOMNEG_Inglês	1.75	2.15	**				0.25	2.35	**
TOMNEG_Inglês * ROE	-0.25	-1.96	*
TOMNEG_Português				1.70	1.82	*				0.22	1.91	*
TOMNEG_Português ROE*				-0.23	-1.40
LPA							0.32	2.49	**	0.21	1.55
TOMNEG_Inglês * LPA							-0.59	-3.82	***
TOMNEG_Português * LPA										-0.33	-1.86	*
Control variables	Sim			Sim			Sim			Sim
Dummy year	Sim			Sim			Sim			Sim
Dummy firm	Sim			Sim			Sim			Sim
Observation	343			343			351			351
R²	0.32			0.32			0.35			0.30
Test of sum of the coefficients:		F statistic		F statistic				F statistic		F statistic
ROE + (TOMNEG_Inglês * ROE)		0.06
ROE + (TOMNEG_Português * ROE)				0.19
LPA + (TOMNEG_Inglês * LPA)								3.84	*
LPA + (TOMNEG_Português LPA)*										0.77

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[1] felipe.ramos.ferreira@gmail.com