多伦多证券交易所创业板公司盈利新闻稿中的标题印象管理*

IF 1.6 Q3 BUSINESS, FINANCE
Alisher Mansurov, Merridee Bujaki, Bruce McConomy
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引用次数: 0

摘要

本文探讨了在多伦多证券交易所(TSX)风险交易所交易的公司及其自愿披露实践,重点关注收益新闻稿(epr)。我们比较了EPR发行者和非发行者的特点,并调查了前者如何在其EPR中使用标题印象管理来突出公司绩效。更准确地说,我们检查强调和语气管理技术在超过1300个epr的标题由TSX风险交易所(TSX- v)公司。研究结果表明,决定企业环境责任披露选择的主要因素是企业实现正收益、企业市值增长趋势和行业类型。我们发现,EPR发行人在EPR的标题中强调和重复积极的结果,并使用积极的基调管理来突出积极的财务业绩。我们的研究结果证实了企业绩效与绩效结果的战略布局之间的关联,同时说明了这种关联的强度因行业和EPR特征(如EPR长度和数值强度)而异。总体而言,本文揭示了TSX-V公司,他们的披露做法,以及可能违反监管机构关于避免在新闻稿中使用夸大或促销语言的建议。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Headline Impression Management in the Earnings Press Releases of TSX Venture Exchange Firms*

This paper explores firms traded on the Toronto Stock Exchange (TSX) Venture Exchange and their voluntary disclosure practices by focusing on earnings press releases (EPRs). We compare the characteristics of EPR issuers and non-issuers and investigate how the former group uses headline impression management in their EPRs to highlight firm performance. More precisely, we examine emphasis and tone management techniques in the headlines of over 1,300 EPRs by TSX Venture Exchange (TSX-V) firms. Our results show that the main determinants of the EPR disclosure choice are the achievement of positive revenue, an increasing trend in firm market value, and industry type. We find that EPR issuers reinforce and repeat positive results in the headlines of EPRs and use positive tone management to highlight positive financial performance. Our results confirm the association between firm performance and strategic placement of performance results, while illustrating that the strength of this association varies by industry and by EPR characteristics such as EPR length and numerical intensity. Overall, this paper sheds light on TSX-V firms, their disclosure practices, and potential violations of recommendations from regulators regarding avoiding exaggerated or promotional language in press releases.

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来源期刊
Accounting Perspectives
Accounting Perspectives BUSINESS, FINANCE-
CiteScore
2.60
自引率
0.00%
发文量
30
期刊介绍: Accounting Perspectives provides a forum for peer-reviewed applied research, analysis, synthesis and commentary on issues of interest to academics, practitioners, financial analysts, financial executives, regulators, accounting policy makers and accounting students. Articles are sought from academics and practitioners that address relevant issues in any and all areas of accounting and related fields, including financial accounting and reporting, auditing and other assurance services, management accounting and performance measurement, information systems and related technologies, tax policy and practice, professional ethics, accounting education, and related topics. Without limiting the generality of the foregoing.
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