Management tone and corporate information asymmetry in times of pandemic crisis

IF 3.3 Q1 BUSINESS, FINANCE

Journal of International Accounting Auditing and Taxation Pub Date : 2025-06-13 DOI:10.1016/j.intaccaudtax.2025.100708

Yang Wang , Xin Chen , Yifei Zhang

引用次数: 0

Abstract

In this paper, we study the impact of management tones on corporate information asymmetry at earnings communication conferences during China’s COVID-19 outbreak. We show that firms’ information asymmetry was reduced when management used more positive tones. This positive effect was more pronounced for firms in those regions more affected by the pandemic, when participants raised more questions, or when the Chief Executive Officers attended at these conferences. We argue that an internet search is a channel through which management tones reduce information asymmetry. Our paper sheds light on the importance of management tones during a crisis and highlights the positive roles that top management engagement and conference participants’ activism play in the information environment.

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大流行危机时期的管理基调与企业信息不对称

本文研究了新冠肺炎疫情期间，管理层语气对盈余沟通会议上企业信息不对称的影响。我们表明，当管理层使用更积极的语气时，公司的信息不对称就会减少。当与会者提出更多问题或首席执行官出席这些会议时，这种积极影响对受大流行病影响更大区域的公司更为明显。我们认为，互联网搜索是一个渠道，通过它，管理音调减少信息不对称。我们的论文揭示了危机期间管理基调的重要性，并强调了高层管理人员的参与和会议参与者的行动主义在信息环境中发挥的积极作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of International Accounting Auditing and Taxation BUSINESS, FINANCE-

CiteScore

4.50

自引率

3.80%

发文量

期刊介绍： The Journal of International Accounting, Auditing and Taxation publishes articles which deal with most areas of international accounting including auditing, taxation and management accounting. The journal''s goal is to bridge the gap between academic researchers and practitioners by publishing papers that are relevant to the development of the field of accounting. Submissions are expected to make a contribution to the accounting literature, including as appropriate the international accounting literature typically found in JIAAT and other primary US-based international accounting journals as well as in leading European accounting journals. Applied research findings, critiques of current accounting practices and the measurement of their effects on business decisions, general purpose solutions to problems through models, and essays on world affairs which affect accounting practice are all within the scope of the journal.