What you say and how you say it : Information disclosure in Latin American firms

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...

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Autores:
González Ferrero, Maximiliano
Guzmán Vásquez, Alexander
Téllez Falla, Diego Fernando
Trujillo Dávila , María Andrea
Tipo de recurso:
Article of investigation
Fecha de publicación:
2021
Institución:
Colegio de Estudios Superiores de Administración
Repositorio:
Repositorio CESA
Idioma:
eng
OAI Identifier:
oai:repository.cesa.edu.co:10726/5062
Acceso en línea:
http://hdl.handle.net/10726/5062
https://doi.org/10.1016/j.jbusres.2019.05.014
Palabra clave:
Disclosure
Content analysis
Corporate governance
Firm value
Rights
License
Acceso Restringido
id CESA2_c8080e6796809d880c6a9ba060665d98
oai_identifier_str oai:repository.cesa.edu.co:10726/5062
network_acronym_str CESA2
network_name_str Repositorio CESA
repository_id_str
spelling González Ferrero, Maximiliano6ed7fd26-b94e-4e41-8b5a-390d5ef46a5f600Guzmán Vásquez, Alexandere6815926-cc9f-40cd-bb0e-f549642805cf600Téllez Falla, Diego Fernando73192d46-1a72-4c82-9e37-f5b55205a208600Trujillo Dávila , María Andrea5b131e3f-c0dd-4f10-9a55-2909001129ad600González Ferrero, Maximiliano [0000-0002-8675-6911]Guzmán Vásquez, Alexander [0000-0001-7675-048X]Téllez Falla, Diego Fernando [0000-0002-1902-2870]Trujillo Dávila, María Andrea [0000-0002-9592-7890]González Ferrero, Maximiliano [17434254200]Guzmán Vásquez, Alexander [55207224400]Téllez Falla, Diego Fernando [57200984310]Trujillo Dávila, María Andrea [55206416700]2023-06-21T22:23:02Z2023-06-21T22:23:02Z2021-040148-2963http://hdl.handle.net/10726/5062instname:Colegio de Estudios Superiores de Administración – CESAreponame:Biblioteca Digital – CESArepourl:https://repository.cesa.edu.co/1873-7978https://doi.org/10.1016/j.jbusres.2019.05.014engElsevier Inc.DisclosureContent analysisCorporate governanceFirm valueWhat you say and how you say it : Information disclosure in Latin American firmsarticlehttp://purl.org/coar/resource_type/c_2df8fbb1http://purl.org/coar/resource_type/c_6501info:eu-repo/semantics/articlehttp://purl.org/redcol/resource_type/ARThttp://purl.org/coar/version/c_71e4c1898caa6e32Acceso Restringidohttp://vocabularies.coar-repositories.org/access_rights/c_16ec/http://purl.org/coar/access_right/c_16ecFirms 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.https://orcid.org/0000-0002-8675-6911https://orcid.org/0000-0001-7675-048Xhttps://orcid.org/0000-0002-1902-2870https://orcid.org/0000-0002-9592-7890https://www.scopus.com/authid/detail.uri?authorId=17434254200https://www.scopus.com/authid/detail.uri?authorId=55207224400https://www.scopus.com/authid/detail.uri?authorId=57200984310https://www.scopus.com/authid/detail.uri?authorId=55206416700127427443Journal of Business Research10726/5062oai:repository.cesa.edu.co:10726/50622023-10-02 19:49:45.643metadata only accessBiblioteca Digital - CESAbiblioteca@cesa.edu.co
dc.title.eng.fl_str_mv What you say and how you say it : Information disclosure in Latin American firms
title What you say and how you say it : Information disclosure in Latin American firms
spellingShingle What you say and how you say it : Information disclosure in Latin American firms
Disclosure
Content analysis
Corporate governance
Firm value
title_short What you say and how you say it : Information disclosure in Latin American firms
title_full What you say and how you say it : Information disclosure in Latin American firms
title_fullStr What you say and how you say it : Information disclosure in Latin American firms
title_full_unstemmed What you say and how you say it : Information disclosure in Latin American firms
title_sort What you say and how you say it : Information disclosure in Latin American firms
dc.creator.fl_str_mv González Ferrero, Maximiliano
Guzmán Vásquez, Alexander
Téllez Falla, Diego Fernando
Trujillo Dávila , María Andrea
dc.contributor.author.spa.fl_str_mv González Ferrero, Maximiliano
Guzmán Vásquez, Alexander
Téllez Falla, Diego Fernando
Trujillo Dávila , María Andrea
dc.contributor.orcid.none.fl_str_mv González Ferrero, Maximiliano [0000-0002-8675-6911]
Guzmán Vásquez, Alexander [0000-0001-7675-048X]
Téllez Falla, Diego Fernando [0000-0002-1902-2870]
Trujillo Dávila, María Andrea [0000-0002-9592-7890]
dc.contributor.scopus.none.fl_str_mv González Ferrero, Maximiliano [17434254200]
Guzmán Vásquez, Alexander [55207224400]
Téllez Falla, Diego Fernando [57200984310]
Trujillo Dávila, María Andrea [55206416700]
dc.subject.none.fl_str_mv Disclosure
Content analysis
Corporate governance
Firm value
topic Disclosure
Content analysis
Corporate governance
Firm value
description 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.
publishDate 2021
dc.date.issued.none.fl_str_mv 2021-04
dc.date.accessioned.none.fl_str_mv 2023-06-21T22:23:02Z
dc.date.available.none.fl_str_mv 2023-06-21T22:23:02Z
dc.type.none.fl_str_mv article
dc.type.coar.fl_str_mv http://purl.org/coar/resource_type/c_6501
dc.type.coar.none.fl_str_mv http://purl.org/coar/resource_type/c_2df8fbb1
dc.type.driver.none.fl_str_mv info:eu-repo/semantics/article
dc.type.redcol.none.fl_str_mv http://purl.org/redcol/resource_type/ART
dc.type.coarversion.none.fl_str_mv http://purl.org/coar/version/c_71e4c1898caa6e32
format http://purl.org/coar/resource_type/c_2df8fbb1
dc.identifier.issn.none.fl_str_mv 0148-2963
dc.identifier.uri.none.fl_str_mv http://hdl.handle.net/10726/5062
dc.identifier.instname.none.fl_str_mv instname:Colegio de Estudios Superiores de Administración – CESA
dc.identifier.reponame.none.fl_str_mv reponame:Biblioteca Digital – CESA
dc.identifier.repourl.none.fl_str_mv repourl:https://repository.cesa.edu.co/
dc.identifier.eissn.none.fl_str_mv 1873-7978
dc.identifier.doi.none.fl_str_mv https://doi.org/10.1016/j.jbusres.2019.05.014
identifier_str_mv 0148-2963
instname:Colegio de Estudios Superiores de Administración – CESA
reponame:Biblioteca Digital – CESA
repourl:https://repository.cesa.edu.co/
1873-7978
url http://hdl.handle.net/10726/5062
https://doi.org/10.1016/j.jbusres.2019.05.014
dc.language.iso.none.fl_str_mv eng
language eng
dc.relation.citationvolume.none.fl_str_mv 127
dc.relation.citationstartpage.none.fl_str_mv 427
dc.relation.citationendpage.none.fl_str_mv 443
dc.relation.ispartofjournal.none.fl_str_mv Journal of Business Research
dc.rights.coar.fl_str_mv http://purl.org/coar/access_right/c_16ec
dc.rights.local.none.fl_str_mv Acceso Restringido
dc.rights.coar.none.fl_str_mv http://vocabularies.coar-repositories.org/access_rights/c_16ec/
rights_invalid_str_mv Acceso Restringido
http://vocabularies.coar-repositories.org/access_rights/c_16ec/
http://purl.org/coar/access_right/c_16ec
dc.publisher.none.fl_str_mv Elsevier Inc.
publisher.none.fl_str_mv Elsevier Inc.
institution Colegio de Estudios Superiores de Administración
repository.name.fl_str_mv Biblioteca Digital - CESA
repository.mail.fl_str_mv biblioteca@cesa.edu.co
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