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...
- 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
- Palabra clave:
- Disclosure
Content analysis
Corporate governance
Firm value
- Rights
- License
- Acceso Restringido
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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 |
_version_ |
1793339955557171200 |