Wydawca: edu-Libri Kategoria: Biznes, rozwój, prawo Język: angielski Rok wydania: 2017

Uzyskaj dostęp do tej
i ponad 25000 książek
od 6,99 zł miesięcznie.

Wypróbuj przez
7 dni za darmo

Ebooka przeczytasz w aplikacjach Legimi na:

e-czytniku (w tym Kindle) kup za 1 zł
tablecie  
smartfonie  
komputerze  
Czytaj w chmurze®
w aplikacjach Legimi.
Dlaczego warto?
Czytaj i słuchaj w chmurze®
w aplikacjach Legimi.
Dlaczego warto?
Liczba stron: 255 Przeczytaj fragment ebooka

Odsłuch ebooka (TTS) dostępny w abonamencie „ebooki+audiobooki bez limitu” w aplikacji Legimi na:

Androida
iOS
Czytaj i słuchaj w chmurze®
w aplikacjach Legimi.
Dlaczego warto?

Ebooka przeczytasz na:

Kindlu MOBI
e-czytniku EPUB kup za 1 zł
tablecie EPUB
smartfonie EPUB
komputerze PDF
Czytaj w chmurze®
w aplikacjach Legimi.
Dlaczego warto?
Czytaj i słuchaj w chmurze®
w aplikacjach Legimi.
Dlaczego warto?
Zabezpieczenie: watermark Przeczytaj fragment ebooka

Opis ebooka Corporate financial communication in Poland - Karol M. Klimczak, Marta Dynel, Anna Pikos

 

Companies listed in stock exchanges need to actively engage with investors but little research has been done into corporate communication practices in emerging markets. The goal of this book is to describe the textual communication between companies listed at the Warsaw Stock Exchange, equity analysts and investors. We present the results of three empirical studies of financial texts written in the Polish language: financial reports, letters to shareholders and sell-side analyst reports. The studies combine the methods of finance and language pragmatics to develop a rich picture of the causes and effects of financial communication.

 

We contribute this study of communication in the Polish language to the growing literature on the role of language and communication in the functioning of financial markets. The first chapter contains the theory and concepts of corporate disclosure. The second chapter presents the country setting and the information environment in Poland. The third chapter discusses the characteristics of language used in financial texts. The final chapter presents empirical research that we carried out using content analysis methods, experiments and market-based research methods.

 

The methodological workshop presented in this book can be used by students and researchers who study financial communication. The description of communication strategies can be useful for business people who work with companies in Poland.

 

Opinie o ebooku Corporate financial communication in Poland - Karol M. Klimczak, Marta Dynel, Anna Pikos

Fragment ebooka Corporate financial communication in Poland - Karol M. Klimczak, Marta Dynel, Anna Pikos

© edu-Libri s.c. 2017

Edition and correction: Dominika Drygas

Cover and title page design: GRAFOS

Publisher’s reviewer:

Prof. Joanna Krasodomska (Cracow University of Economics)

The project was funded by the National Science Centre, Poland, granted on the basis of the decision number DEC-2011/03/D/HS4/03392

Publishing house: edu-Libri s.c.

ul. Zalesie 15, 30-384 Kraków

e-mail: edu-libri@edu-libri.pl

DTP: GRAFOS

ISBN (print) 978-83-65648-01-3

ISBN e-book (PDF) 978-83-65648-02-0

Spis treści

Introduction

Chapter 1. Financial communication

1.1. Corporate disclosure

1.2. Credibillity

1.3. Truthfulness

Chapter 2. The information environment inPoland

2.1. The Polish stock market

2.2. Equity Analysts

2.3. Reporting requirements and practice

2.4. Culture and communication

Chapter 3. Communication strategies

3.1. Linguistic tone

3.2. Evaluation strategies

3.3. Mitigation strategies

3.4. Readability

Chapter 4. Financial communication inthePolish market

4.1. Explanations of goodwill impairment tests

4.1.1. Research method

4.1.2. Results

4.1.3. Discussion and conclusion

4.2. Management communications and investor decision-making

4.2.1. Research method

4.2.2. Results

4.2.3. Conclusions and summary

4.3. Analyst reports and market price response torecommendations

4.3.1. Research method

4.3.2. Results

4.3.3. Discussion and conclusion

4.4. Summary of findings

Conclusions

References

Chapter 2. The information environment inPoland

[...]

2.2. Equity Analysts

Perhaps the greatest strength of the Polish market are the stock brokers, a professional group that developed rapidly during the early years of the economic transformation in order to support the rebirth of the free capital market. Stock brokers are licensed by a government body, the Polish Financial Supervisory Authority, to provide intermediation of trades and investment recommendations to the public (Parliament of Poland, 2005). Stock brokers and financial analysts do not tend to be licensed in developed markets, but Poland needed to quickly create the foundations for these professions and government intervention seemed to be the best solution. In addition, regulating access to professions has a long tradition in Poland where the number of licensed professions is about twice as high as in Germany. In 2014, the government considered deregulating the stock broker and investment advisor professions as part of a wide deregulation project. While one could certainly argue that these professions were developed well enough to support themselves without government intervention, there was an outcry against deregulation from the community including the Union of Brokers and Advisers. The government yielded and left the system of official exams and licenses in place.

The literature that deals with the equity analyst profession focuses on two issues which are relevant to the Polish setting: the role of analysts as information intermediaries and the behavioral bias that affects their recommendations. Regarding the role of analysts as information intermediaries it is useful to distinguish between sell-side and buy-side analysts. Sell-side analysts are employed by investment banks and brokerage firms to prepare and publish investment recommendations and analytical reports. The products of their work are usually distributed publicly without charging investors for access, although it can be possible for subscribed investors to obtain the recommendations before public dissemination (Fogarty & Rogers, 2005). Since their work is not financed by the readership of their reports it needs to be financed by other business of the institutions that employ them, which includes commissions on trading and income from corporate financial services. Consequently, sell-side analysts work in an environment where an inherent tension exists between their professional duty towards investors and the benefit their work brings to their employers. The literature does show that analysts tend to be biased towards making positive recommendations as it helps increase trading and strengthen relationships with corporations (Asquith et al., 2005; Mikhail et al., 2007). Analysts respond to these pressures by openly committing to codes of ethics and reiterating their professional integrity. The reputation of analysts is important to their employers, since only reputable analysts achieve the degree of visibility in the market that helps generate business. The awareness of bias in analyst recommendations reduces the market impact of buy recommendations relative sell recommendations (Mokoaleli-Mokoteli et al., 2009). The fact that bias exists and that market participants are aware of it suggests that the work of sell-side analysts contributes more to the market than just the biased investment recommendations: their industry knowledge presented in the reports that accompany recommendations (Imam & Spence, 2016).

Buy-side analysts are employed by investment management firms and institutional investors in order to gather information useful for investment decisions made by the firm. Their responsibility is towards the firm, not the public, which removes the conflicts of interest described above. Their work further differs from that of sell-side analysts as they do not build a reputation by making public recommendations and reports, nor do they specialize in selected industries. Instead, they need to obtain accurate information for the entire portfolio that their employer is engaged in. In order to manage their resources efficiently they rely on the reports written by sell-side analysts for broad, contextual information rather than gather it themselves. Sell-side analysts follow a limited number of companies, usually from one sector, which allows them to gather a broader range of information, develop personal contacts with the management, investigate companies more thoroughly, and eventually make more accurate assessments of company performance than buy-side analysts can (Imam & Spence, 2016).

The relations between the two groups of analysts are important in understanding the flow of information in the market. While sell-side analysts are more visible, it is buy-side analysts who have the direct influence on trading decisions of institutional investors and thus drive changes in stock prices. Consequently, issues of maintaining a public image and a good reputation are ostensibly important to sell-side analysts, but one must remember that fulfilling the information needs of buy-side analysts is their core role in the market. It may be surprising at first that “a well-understood connection between inputs and outputs in the work done by analysts does not seem to exist” (Fogarty & Rogers, 2005, p. 333), but it just serves to indicate that analysts produce useful information beyond the recommendation and target price (Mielcarz, 2016; Twedt & Rees, 2012). In any event, forecasts of target prices and earnings per share for individual companies cannot be accurate in a dynamic economic environment. Analysts respond to that challenge by a behavior called herding which involves making forecasts that are close to those of other analysts so as not to risk repeatedly making forecasts which are not only inaccurate but also contravened by other analysts. Only the highly reputable analysts can attempt to lead the herd by applying discretion in making forecasts and deviating from the consensus (Booth et al., 2014). Investors are aware of the rationale behind herding behavior: they tend to base their decisions on the consensus but they can recognize leading analysts.

The complexity of the setting in which analysts work is reflected in the results of the interviews that we carried out with analysts in Poland. When we began our interviews with a set of questions based on the fundamental notions from the literature, the first analyst we approached was quick to point out that we need to take a broader picture:

Maybe you should go to a brokerage firm and spend a few days with them, with someone, so that you would understand how this works, or with some traders. Because it seems to me… I get the idea from this conversation that you may have a wrong impression as to what is important and what is not [Analyst 2].

As mentioned before, sell-side analyst need to pass a professional exam at the PFSA to obtain a licence that allows them to publish reports and recommendations. While the major brokerage houses issue reports to the public, there are many analysts who serve private investors and never publish their reports. The analysts we interviewed underscore their technical abilities that allow them to produce useful reports:

Whether this is associated with a revision of the recommendation or not, that’s a whole other issue. Mainly, we try to predict what will happen in the future and what effect the present events will have on what will happen in the future... and the cash flows of companies [Analyst 8].

Their work involves becoming familiar with the companies that they follow, so that they can form expectations about future performance, revise these expectations when results are published and learn from the past. When companies publish results, the first element that analysts notice are any deviations from previous forecasts and expectations that need to be explained and understood. The next element is the revision of forecasts which involves the assessment of whether the long-term trends have been altered or if the events that occurred are will only have a temporary effect. This is achieved by drawing information from a number of different sources and comparing them: financial statements, management disclosures and presentation, the press, the internet. Hard data is obviously important:

We are, we have more analytical brains, financial, not linguistic [Analyst 2].

The overall trends, the business story, form the background of the analysis. That is why the information contained in management reports and the notes to financial statements can be useful when an analysts initiates coverage of a new company or covers and initial public offering. Once an analyst knows a company well, he or she will be primarily interested in operational information:

We know very well what they will build, what they will do, and we can talk with them about how much money they will spend (…). I would say, about the fifteen companies that I follow, that I know quite well how they will spend their cash [Analyst 8].

Information from meetings with the management is a major element that allows analysts to form expectations about the future. Poland is small enough geographically to make it feasible for analysts to visit all companies, although that can be difficult during the reporting season. As one company representative stated:

Our investors, they are institutions, they prefer to talk one-on-one, to meet, to talk. Because it works that way, we know each other, that’s the order of things which suits both them and us [CFO 9].

However, the information provided by the management needs to be corroborated, so it is best if the information provided to analysts during meetings is also available through other channels:

It’s best if whatever the company tells investors during small meetings with institutional investors is also written in the report [Analyst 2].

Analysts can find it frustrating if a company reserves too much information for personal meetings and analyst presentations:

And then you have to meet again to find out anything, right? That is, you know, I don’t think that this is super sensitive information, but it is very useful for investors [Analyst 3].

Direct contacts between the management and analyst can lead to selective disclosure practices that involve the management disclosing price sensitive information to chosen analysts. However, the analysts we talked to affirmed their values, cited compliance procedures and stated that such practices are damaging in the long run:

[The meetings,] this is not the grey area. It’s only later, when people talk behind the scenes, but more and more companies learn not to engage in that. What’s interesting is that many analysts learn that this does not lead anywhere. In my view it’s a huge mistake to base on this grey area [Analyst 6].

Summing up, the interview results suggest that Polish analysts function in a setting which is characterised by complexity similar to that found in developed markets. They are an important group of information intermediaries who facilitate the flow of information between management and investors. Sell-side analysts are employed by brokerage houses, so we can assume that the structure of their incentives causes a positive bias as described in the literature. In fact, all the analyst reports that we study include disclaimers stating that conflicts of interest may be present. Analysts who produce publicly available reports draw on a variety of sources and maintain contacts with the management to develop an understanding of the business models and strategies. The financial statements and regulated management disclosures provide allow them to revise their expectations and fine-tune their predictions. We study the use of communication strategies in analyst reports in the last chapter of the book.

References

Abeysekera, I. (2014). Why do firms disclose and not disclose structural intangibles? Advances in Accounting, 30(2), pp. 381–393. https://doi.org/10.1016/j.adiac.2014.09.017

Adler, J.E. (1997). Lying, Deceiving, or Falsely Implicating. The Journal of Philosophy, 94(9), pp. 435–452. https://doi.org/10.2307/2564617

Aerts, W. (2005). Picking up the pieces: impression management in the retrospective attributional framing of accounting outcomes. Accounting, Organizations and Society, 30(6), pp. 493–517. https://doi.org/10.1016/j.aos.2004.07.001

Aerts, W. & Yan, B. (2017). Rhetorical Impression Management in the Letter to Shareholders and Institutional Setting: A Metadiscourse Perspective. Accounting, Auditing and Accountability Journal, 30, in press. http://dx.doi.org/10.1108/AAAJ-01-2015-1916

Agarwal, V., Taffler, R.J., Bellotti, X. & Nash, E.A. (2016). Investor relations, information asymmetry and market value. Accounting and Business Research, 46(1), pp. 31–50. https://doi.org/10.1080/00014788.2015.1025254

Aharony, J., Barniv, R. & Falk, H. (2010). The Impact of Mandatory IFRS Adoption on Equity Valuation of Accounting Numbers for Security Investors in the EU. European Accounting Review, 19(3), pp. 535–578. https://doi.org/10.1080/09638180.2010.506285

Akerlof, G. (1970). The Market for ‘Lemons’: Quality Uncertainty and the Market Mechanism. The Quarterly Journal of Economics, 84(3), pp. 488–500.

Amir, E., Lev, B. & Sougiannis, T. (2003). Do financial analysts get intangibles? European Accounting Review, 12(4), pp. 635–659. https://doi.org/10.1080/0963818032000141879

Armstrong, C.S., Guay, W.R. & Weber, J.P. (2010). The role of information and financial reporting in corporate governance and debt contracting. Journal of Accounting and Economics, 50(2–3), 179–234. https://doi.org/10.1016/j.jacceco.2010.10.001

Asquith, P., Mikhail, M.B. & Au, A.S. (2005). Information content of equity analyst reports. Journal of Financial Economics, 75(2), pp. 245–282. https://doi.org/10.1016/j.jfineco.2004.01.002

Bagiński, S.P., Clinton, S.B., & Mcguire, S.T. (2014). Forward-Looking Voluntary Disclosure in Proxy Contests. Contemporary Accounting Research, 31(4), 1008–1046

Bagiński, S., Demers, E. Wang, C. & Yu, J. (2016). Contemporaneous verification of language: evidence from management earnings forecasts. Review of Accounting Studies, 21(1), pp. 165–197. https://doi.org/10.1007/s11142-015-9347-6

Barber, B. M., & Odean, T. (2001). The internet and the investor. The Journal of Economic Perspectives, 15(1), 41–54

Barnes, J.A. (1994). A Pack of Lies: Towards a Sociology of Lying. Cambridge University Press.

Barth, M.E., Kasznik, R. & McNichols, M.F. (2001). Analyst Coverage and Intangible Assets. Journal of Accounting Research, 39(1), pp. 1–34. https://doi.org/10.1111/1475-679x.00001

Barton, J., Hansen, T.B. & Pownall, G. (2010). Which Performance Measures Do Investors Around the World Value the Most – and Why? Accounting Review, 85(3), pp. 753–789. https://doi.org/10.2308/accr.2010.85.3.753

Beattie, V. (2014). Accounting narratives and the narrative turn in accounting research: Issues, theory, methodology, methods and a research framework. The British Accounting Review, 46(2), pp. 111–134. https://doi.org/10.1016/j.bar.2014.05.001

Beatty, A. & Weber, J. (2006). Accounting Discretion in Fair Value Estimates: An Examination of SFAS 142 Goodwill Impairments. Journal of Accounting Research, 44(2), pp. 257–288.

Bednarek, M. (2010). The Language of Fictional Television: Drama and Identity. Continuum International Publishing Group Ltd.

Beneish, M. d. (1991). Stock Prices and the Dissemination of Analysts’ Recommendations. Journal of Business, 64(3), pp. 393–416.

Beyer, A., Cohen, D.A., Lys, T.Z. & Walther, B.R. (2010). The financial reporting environment: Review of the recent literature. Journal of Accounting and Economics, 50(2–3), pp. 296–343. https://doi.org/10.1016/j.jacceco.2010.10.003

Bloomfield, R.J. (2002). The ‘Incomplete Revelation Hypothesis’ and Financial Reporting. Accounting Horizons, 16(3), pp. 233–243. https://doi.org/10.2308/acch.2002.16.3.233

Bok, S. (1978). Lying: moral choice in public and private life. New York: Harvester Press.

Booth, L., Chang, B. & Zhou, J. (2014). Which Analysts Lead the Herd in Stock Recommendations? Journal of Accounting, Auditing & Finance, 29(4), pp. 464–491. https://doi.org/10.1177/0148558X14537825

Botosan, C.A. (1997). Disclosure Level and the Cost of Equity Capital. The Accounting Review, 72(3), pp. 323–349.

Bozanic, Z. & Thevenot, M. (2015). Qualitative Disclosure and Changes in Sell–Side Financial Analysts’ Information Environment. Contemporary Accounting Research, 32(4), pp. 1595-1616. https://doi.org/10.1111/1911-3846.12123

Brennan, M.J. & Hughes, P.J. (1991). Stock Prices and the Supply of Information. The Journal of Finance, 46(5), pp. 1665–1691. https://doi.org/10.2307/2328568

Brown, S.V. & Tucker, J.W. (2011). Large–sample evidence on firms’ year–over–year MD&A modifications. Journal of Accounting Research, 49(2), pp. 309-346. https://doi.org/10.1111/j.1475- 679x. 2010.00396.x

Cascino, S., Clatworthy, M., García Osma, B., Gassen, J., Imam, S. & Jeanjean, T. (2014). Who Uses Financial Reports and for What Purpose? Evidence from Capital Providers. Accounting in Europe, 11(2), pp. 185–209. https://doi.org/10.1080/17449480.2014.940355

Castelfranchi, C. & Poggi, I. (1994). Lying as pretending to give information. In: H. Parret (Ed.), Pretending to communicate, pp. 276–291. Berlin: Walter de Gruyter.

Chisholm, R.M. & Feehan, T.D. (1977). The Intent to Deceive. The Journal of Philosophy, 74(3), pp. 143–159. https://doi.org/10.2307/2025605

Christensen, H.B., Hail, L. & Leuz, C. (2013). Mandatory IFRS reporting and changes in enforcement. Journal of Accounting and Economics, 56(2–3, Supplement 1), pp. 147–177. https://doi.org/ 10.1016/j.jacceco.2013.10.007

Clatworthy, M. & Jones, M. J. (2001). The effect of thematic structure on the variability of annual report readability. Accounting, Auditing & Accountability Journal, 14(3), pp. 311–326. https://doi.org/10.1108/09513570110399890

Coram, P.J., Monroe, G.S. & Woodliff, D.R. (2009). The Value of Assurance on Voluntary Nonfinancial Disclosure: An Experimental Evaluation. Auditing, 28(1), pp. 137–151. https://doi.org/10.2308/aud.2009.28.1.137

Craig, R., Mortensen, T. & Iyer, S. (2013). Exploring Top Management Language for Signals of Possible Deception: The Words of Satyam’s Chair Ramalinga Raju. Journal of Business Ethics, 113(2), pp. 333–347. https://doi.org/10.1007/s10551-012-1307-5

Crawford Camiciottoli, B. (2010). Discourse connectives in genres of financial disclosure: Earnings presentations vs. earnings releases. Journal of Pragmatics, 42(3), pp. 650–663. https://doi.org/ 10.1016/j.pragma.2009.07.007

Crawford Camiciottoli, B. (2013). Rhetoric in Financial Discourse : A Linguistic Analysis of ICT-mediated Disclosure Genres. Amsterdam: Brill Academic Publishers.

Czajor, P., Michalak, J. & Waniak-Michalak, H. (2013). Influence of Economy Growth on Earnings Quality of Listed Companies in Poland. Ekonominio Augimo Įtaka Atskirų Lenkijos Įmonių Pajamų Kokybei., 82(4), pp. 48–58.

Czapiński, J. (2015). Stan Społeczeństwa Obywatelskiego. Contemporary Economics, 9(4), pp. 332372. https://doi.org/10.5709/ce.1897-9254

Daske, H., Hail, L., Leuz, C. & Verdi, R. (2008). Mandatory IFRS Reporting around the World: Early Evidence on the Economic Consequences. Journal of Accounting Research, 46(5), pp. 1085–1142. https://doi.org/10.1111/j.1475-679x.2008.00306.x

Davis, A.K., Ge, W., Matsumoto, D. & Zhang, J. L. (2015). The effect of manager-specific optimism on the tone of earnings conference calls. Review of Accounting Studies, 20(2), pp. 639–673. https://doi.org/10.1007/s11142-014-9309-4

Davis, A.K., Piger, J.M. & Sedor, L.M. (2012). Beyond the Numbers: Measuring the Information Content of Earnings Press Release Language. Contemporary Accounting Research, 29(3), pp. 845–868. https://doi.org/10.1007/s11142-014-9309-4

Degeorge, F., Ding, Y., Jeanjean, T. & Stolowy, H. (2013). Analyst coverage, earnings management and financial development: An international study. Journal of Accounting and Public Policy, 32(1), pp. 1–25. https://doi.org/10.1016/j.jaccpubpol.2012.10.003

Demski, J.S., Fellingham, J.C., Ijiri, Y., Sunder, S., Glover, J.C. & Jinghong, P. (2002). Some Thoughts on the Intellectual Foundations of Accounting. Accounting Horizons, 16(2), pp. 157–168.

Dimopoulou, E. & Fill, C. (2000). Corporate Identity Cues: The Significance of the Sales Force. Journal of Medical Marketing, 1(1), pp. 9–19. https://doi.org/10.1057/palgrave.jmm.5040002

Dobija, D. & Klimczak, K.M. (2010). Development of accounting in Poland: Market efficiency and the value relevance of reported earnings. The International Journal of Accounting, 45(3), pp. 356–374. https://doi.org/10.1016/j.intacc.2010.06.010

Dodd, P. & Warner, J.B. (1983). On corporate governance. Journal of Financial Economics, 11(1), pp. 401–438. https://doi.org/10.1016/0304-405X(83)90018-1

Dyczkowska, J. (2015). Ujawnianie informacji strategicznych w raportach rocznych spółek notowanych na rynkach alternatywnych w Londynie i w Warszawie. Prace Naukowe Uniwersytetu Ekonomicznego We Wrocławiu, 389, pp. 70–83.

Dyczkowska, J., Krasodomska, J. & Michalak, J. (2016). CSR in Poland: Institutional context, legal framework and voluntary initiatives. Accounting & Management Information Systems / Contabilitate Si Informatica de Gestiune, 15(2), pp. 206–254.

Ekman, P. (1985). Telling lies: clues to deceit in the marketplace, politics, and marriage. New York: W. W. Norton.

Fallis, D. (2009). What is lying? The Journal of Philosophy, 106(1), pp. 29–56. https://doi.org/10.5840/jphil200910612

Fallis, D. (2010). Lying and deception. Retrieved from https://philpapers.org/rec/FALLAD

Feldman, R., Govindaraj, S., Livnat, J. & Segal, B. (2010). Management’s tone change, post earnings announcement drift and accruals. Review of Accounting Studies, 15(4), pp. 915-953. https://doi.org/10.1007/s11142-009-9111-x

Fields, T.D., Lys, T.Z. & Vincent, L. (2001). Empirical research on accounting choice. Journal of Accounting and Economics, 31(1–3), pp. 255–307. https://doi.org/10.1016/s0165-4101(01)00028-3

Fijałkowska, D., Muszyński, M. & Pauka, M. (2014). Disclosure quality on the Polish alternative investment market NewConnect. Financial Reporting Function of the Corporate Governance, pp. 8–19.

Filzen, J.J. & Peterson, K. (2015). Financial Statement Complexity and Meeting Analysts’ Expectations. Contemporary Accounting Research, 32(4), pp. 1560–1594. https://doi.org/10.1111/1911-3846.12135

Fogarty, T.J. & Rogers, R.K. (2005). Financial analysts’ reports: an extended institutional theory evaluation. Accounting, Organizations and Society, 30(4), pp. 331–356. https://doi.org/10.1016/j.aos.2004.06.003

Franco, G., Hope, O.-K., Vyas, D. & Zhou, Y. (2015). Analyst Report Readability. Contemporary Accounting Research, 32(1), pp. 76–104. https://doi.org/10.1111/1911-3846.12062

Frankel, R., Kothari, S.P. & Weber, J. (2006). Determinants of the informativeness of analyst research. Journal of Accounting and Economics, 41(1–2), pp. 29–54. https://doi.org/10.1016/j.jacceco. 2005.10.004

Frankfurt, H.G. (2005). On bullshit. Princeton, NJ: Princeton University Press.

Fraser, B. (1980). Conversational mitigation. Journal of Pragmatics, 4(4), pp. 341–350. https://doi.org/10.1016/0378-2166(80)90029-6

García Osma, B. & Guillamón-Saorín, E. (2011). Corporate governance and impression management in annual results press releases. Accounting, Organizations and Society, 36(4–5), pp. 187–208. https://doi.org/10.1016/j.aos.2011.03.005

Gibbins, M., Richardson, A. & Waterhouse, J. (1990). The Management of Corporate Financial Disclosure: Opportunism, Ritualism, Policies, and Processes. Journal of Accounting Research, 28(1), pp. 121–143. https://doi.org/10.2307/2491219

Gibbons, J.D. & Chakraborti, S. (1991). Comparisons of the Mann-Whitney, Student’s t, and Alternate t Tests for Means of Normal Distributions. The Journal of Experimental Education, 59(3), pp. 258–267. https://doi.org/10.1080/00220973.1991.10806565

Grabiński, K., Kędzior, M. & Krasodomska, J. (2014). The Polish accounting system and IFRS implementation process in the view of empirical research. Accounting & Management Information Systems / Contabilitate Si Informatica de Gestiune, 13(2), pp. 281–310.

Gray, S.J. (1988). Towards a Theory of Cultural Influence on the Development of Accounting Systems Internationally. Abacus, 24(1), pp. 1–15. https://doi.org/10.1111/j.1467-6281.1988.tb00200.x

Gruszczyński, W. & Ogrodniczuk, M. (2016). JASNOPIS czyli mierzenie zrozumiałości polskich tekstów użytkowych. Warszawa: Oficyna Wydawnicza Aspra.

Guillamon-Saorin, E., Isidro, H. & Marques, A. (2017). Impression Management and Non-GAAP Disclosure in Earnings Announcements. Journal of Business Finance & Accounting, n/a-n/a. https://doi.org/10.1111/jbfa.12238

Gunning, R. (1971). Technique of clear writing. New York: McGraw-Hill.

Hales, J., Kuang, X. & Venkataraman, S. (2011). Who Believes the Hype? An Experimental Examination of How Language Affects Investor Judgments. Journal of Accounting Research, 49(1), pp. 223–255. https://doi.org/10.1111/j.1475-679x.2010.00394.x

Hartung, M. (1998). Ironie in der Alltagssprache: eine gesprächsanalytische Untersuchung. Opladen: Westdeutscher Verlag.

Healy, P.M. & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1–3), pp. 405–440. https://doi.org/10.1016/S0165-4101(01)00018-0

Henry, E. (2008). Are Investors Influenced by How Earnings Press Releases Are Written? Journal of Business Communication, 45(4), pp. 363–407.

Hettmansperger, T.P. (1984). Two-Sample Inference Based on One-Sample Sign Statistics. Journal of the Royal Statistical Society. Series C (Applied Statistics), 33(1), pp. 45–51. https://doi.org/ 10.2307/2347662

Hirst, D.E., Koonce, L. & Venkataraman, S. (2008). Management Earnings Forecasts: A Review and Framework. Accounting Horizons, 22(3), pp. 315–338. https://doi.org/10.2308/acch.2008.22.3.315

Hobson, J.L., Mayew, W.J. & Venkatachalam, M. (2012). Analyzing Speech to Detect Financial Misreporting. Journal of Accounting Research, 50(2), pp. 349–392. https://doi.org/10.1111/j.1475-679X. 2011.00433.x

Hofstede, G. (2001). Culture’s Consequences: Comparing Values, Behaviors, Institutions and Organizations Across Nations. Thousands Oaks: SAGE.

Hovland, C.I., Jannis, I.L. & Kelley, H.H. (1953). Communication and persuasion; psychological studies of opinion change (Vol. xii). New Haven, CT: Yale University Press.

Hsieh, C.-C., Hui, K.W. & Zhang, Y. (2016). Analyst Report Readability and Stock Returns. Journal of Business Finance & Accounting, 43(1–2), pp. 98–130. https://doi.org/10.1111/jbfa.12166

Hübler, A. (1983). Understatements and Hedges in English. Philadelphia: John Benjamins Publishing Company.

Humpherys, S.L., Moffitt, K.C., Burns, M.B., Burgoon, J.K. & Felix, W.F. (2011). Identification of fraudulent financial statements using linguistic credibility analysis. Decision Support Systems, 50(3), pp. 585–594. https://doi.org/10.1016/j.dss.2010.08.009

Hunston, S. (2004). Counting the uncountable: Problems of identifying evaluation in a text and in a corpus. Corpora and Discourse, 9, pp. 157–188.

Hunston, S. & Thompson, G. (2000). Evaluation in text: authorial stance and the construction of discourse. Oxford; New York: Oxford University Press.

Hyland, K. (1996). Writing Without Conviction? Hedging in Science Research Articles. Applied Linguistics, 17(4), pp. 433–454. https://doi.org/10.1093/applin/17.4.433

Hyland, K. (1998). Hedging in Scientific Research Articles. John Benjamins Publishing.

Hyland, K. (2000). Hedges, Boosters and Lexical Invisibility: Noticing Modifiers in Academic Texts. Language Awareness, 9(4), pp. 179–197. https://doi.org/10.1080/09658410008667145

Iatridis, G. (2008). Accounting disclosure and firms’ financial attributes: Evidence from the UK stock market. International Review of Financial Analysis, 17(2), pp. 219–241. https://doi.org/10.1016/j.irfa.2006.05.003

Imam, S. & Spence, C. (2016). Context, not predictions: a field study of financial analysts. Accounting, Auditing and Accountability Journal, 29(2), pp. 226–247. https://doi.org/10.1108/AAAJ-02-2014-1606

Jaruga, A. (1993). Changing rules of accounting in Poland. European Accounting Review, 2(1), pp. 115–126. https://doi.org/10.1080/09638189300000010

Jennings, R. (1987). Unsystematic Security Price Movements, Management Earnings Forecasts, and Revisions in Consensus Analyst Earnings Forecasts. Journal of Accounting Research, 25(1), pp. 90–110. https://doi.org/10.2307/2491260

Kahneman, D. & Tversky, A. (1979). Prospect theory: An analysis of decisions under risk. Econometrica, 47(2), pp. 263–291. https://doi.org/10.2307/1914185

Kantsperger, R. & Kunz, W.H. (2010). Consumer trust in service companies: a multiple mediating analysis. Managing Service Quality: An International Journal, 20(1), pp. 4–25. https://doi.org/10.1108/09604521011011603

Kay, J. (2012). The Kay review of UK equity markets and long-Term decision making. Final Report. Retrieved from: http://www.publications.parliament.uk/pa/cm201314/cmselect/cmbis/603/60302.htm

Kissing, P. (2016). Conceptual Framework and Research Approach. In: Corporate Disclosures and Financial Risk Assessment,pp. 33–39. Springer Fachmedien Wiesbaden. https://doi.org/10.1007/978-3-658-12460-1_3

Klimczak, K.M., Dynel, M. & Pikos, A. (2016). Goodwill Impairment Test Disclosures under Uncertainty. Journal of Accounting and Management Information Systems, 15(4), pp. 639–660.

Kogut, J. (2014). The system of oversight and control over the operations performed by statutory auditors and audit firms in Poland. Prace Naukowe Uniwersytetu Ekonomicznego We Wrocławiu, (351), pp. 38–49.

Kolman, L., Noorderhaven, N.G., Hofstede, G. & Dienes, E. (2003). Cross-cultural differences in Central Europe. Journal of Managerial Psychology, 18(1), p. 76. https://doi.org/10.1108/02683940310459600

Korczak, A. & Korczak, P. (2009). Corporate ownership and the information content of earnings in Poland. Applied Financial Economics, 19(9), pp. 703–717. https://doi.org/10.1080/09603100802167247

Kothari, S.P. (2001). Capital markets research in accounting. Journal of Accounting and Economics, 31(1–3), pp. 105–231. https://doi.org/10.1016/S0165-4101(01)00030-1

Kothari, S.P., Li, X. & Short, J.E. (2009). The effect of disclosures by management, analysts, and business press on cost of capital, return volatility, and analyst forecasts: A study using content analysis. The Accounting Review, 84(5), pp. 1639–1670. https://doi.org/10.2308/accr.2009.84.5.1639

Krasodomska, J. (2014). Informacje niefinansowe w sprawozdawczości spółek. Kraków: Wydawnictwo Uniwersytetu Ekonomicznego.

Kravet, T. & Muslu, V. (2013). Textual risk disclosures and investors’ risk perceptions. Review of Accounting Studies, 18(4), pp. 1088–1122. https://doi.org/10.1007/s11142-013-9228-9

Lakoff, G. (1973). Hedges: A study in meaning criteria and the logic of fuzzy concepts. Journal of Philosophical Logic, 2(4), pp. 458–508. https://doi.org/10.1007/BF00262952

Latusek, D. & Cook, K.S. (2012). Trust in Transitions. Kyklos, 65(4), pp. 512–525. https://doi.org/10.1111/kykl.12004

Lee, Y.J. (2012). The effect of quarterly report readability on information efficiency of stock prices. Contemporary Accounting Research, 29(4), pp. 1137–1170. https://doi.org/10.1111/j.1911-3846. 2011.01152.x

Lehavy, R., Li, F. & Merkley, K. (2011). The effect of annual report readability on analyst following and the properties of their earnings forecasts. The Accounting Review, 86(3), pp. 1087–1115. https://doi.org/10.2308/accr.00000043

Leuz, C. (2010). Different approaches to corporate reporting regulation: how jurisdictions differ and why. Accounting & Business Research, 40(3), pp. 229–256. https://doi.org/10.1080/00014788.2010.9663398

Leuz, C. & Wysocki, P.D. (2016). The Economics of Disclosure and Financial Reporting Regulation: Evidence and Suggestions for Future Research. Journal of Accounting Research, 54(2), pp. 525–622. https://doi.org/10.1111/1475-679X.12115

Lev, B. (2012). Winning Investors Over: Surprising Truths about Honesty, Earnings Guidance, and Other Ways to Boost Your Stock Price. Boston: Harvard Business Press.

Li, F. (2008). Annual report readability, current earnings, and earnings persistence. Journal of Accounting and Economics, 45(2–3), pp. 221–247. https://doi.org/10.1016/j.jacceco.2008.02.003

Li, F. (2010). The Information Content of Forward-Looking Statements in Corporate Filings-A Naïve Bayesian Machine Learning Approach. Journal of Accounting Research, 48(5), pp. 1049–1102. https://doi.org/10.1111/j.1475-679X.2010.00382.x

Loughran, T. & McDonald, B. (2011a). Barron’s Red Flags: Do They Actually Work? Journal of Behavioral Finance, 12(2), pp. 90–97. https://doi.org/10.1080/15427560.2011.575971

Loughran, T. & McDonald, B. (2011b). When Is a Liability Not a Liability? Textual Analysis, Dictionaries, and 10-Ks. Journal of Finance, 66(1), pp. 35–65. https://doi.org/10.1111/j.1540-6261.2010.01625.x

Loughran, T. & Mcdonald, B. (2014). Measuring Readability in Financial Disclosures. The Journal of Finance, 69(4), pp. 1643–1671. https://doi.org/10.1111/jofi.12162

Loughran, T. & McDonald, B. (2015). The Use of Word Lists in Textual Analysis. Journal of Behavioral Finance, 16(1), pp. 1–11. https://doi.org/10.1080/15427560.2015.1000335

Loughran, T. & Mcdonald, B. (2016). Textual Analysis in Accounting and Finance: A Survey. Journal of Accounting Research, 54(4), pp. 1187–1230. https://doi.org/10.1111/1475-679X.12123

Macintosh, N.B. (2006). Accounting – Truth, Lies, or ‘Bullshit’? A Philosophical Investigation. Accounting and the Public Interest, 6(1), pp. 22–36. https://doi.org/10.2308/api.2006.6.1.22

Macintosh, N.B. (2009). Accounting and the Truth of Earnings Reports: Philosophical Considerations. European Accounting Review, 18(1), pp. 141–175. https://doi.org/10.1080/09638180802327073

Mahon, J.E. (2007). A Definition of Deceiving. International Journal of Applied Philosophy, 21(2), pp. 181–194. https://doi.org/10.5840/ijap20072124

Mahon, J.E. (2008). Two Definitions of Lying. International Journal of Applied Philosophy, 22(2), pp. 211–230. https://doi.org/10.5840/ijap200822216

Markkanen, R. & Schröder, H. (1989). Hedging as a translation problem in scientific texts. In: Special languages: From human thinking to thinking machines, pp. 171–179. Clevedon: Multilingual Matters.

Markkanen, R. & Schröder, H. (1997). Hedging and discourse: approaches to the analysis of a pragmatic phenomenon in academic texts. Berlin; New York: Walter de Gruyter.

Martin, J.R. & White, P.R.R. (2005). The language of evaluation: appraisal in English. Basingstoke: Palgrave Macmillan.

Martín Martín, P. (2003). The Pragmatic Rhetorical Strategy of Hedging in Academic Writing. Vigo International Journal of Applied Linguistics, (1), pp. 57–72.

Mayew, W.J. & Venkatachalam, M. (2013). Speech Analysis in Financial Markets. Foundations and Trends® in Accounting, 7(2), pp. 73–130. https://doi.org/10.1561/1400000024

McCroskey, J.C. & Teven, J.J. (1999). Goodwill: A reexamination of the construct and its measurement. Communication Monographs, 66(1), pp. 90–103. https://doi.org/10.1080/03637759909376464

McKinnon, C. (2006). Varieties of Insincerity. International Journal of Applied Philosophy, 20(1), pp. 23–40. https://doi.org/10.5840/ijap20062016

Meibauer, J. (2014). Lying at the semantics-pragmatics interface. Boston: Walter de Gruyter.

Mercer, M. (2004). How Do Investors Assess the Credibility of Management Disclosures? Accounting Horizons, 18(3), pp. 185–196. https://doi.org/10.2308/acch.2004.18.3.185

Mercer, M. (2005). The Fleeting Effects of Disclosure Forthcomingness on Management’s Reporting Credibility. Accounting Review, 80(2), pp. 723–744.

Merkl-Davies, D.M. & Brennan, N.M. (2007). Discretionary Disclosure Strategies in Corporate Narratives: Incremental Information or Impression Management? Journal of Accounting Literature, 26, pp. 116–194.

Merkl-Davies, D.M. & Brennan, N.M. (2011). A conceptual framework of impression management: new insights from psychology, sociology and critical perspectives. Accounting and Business Research, 41(5), pp. 415–437. https://doi.org/10.1080/00014788.2011.574222

Michalak, J., Waniak-Michalak, H. & Czajor, P. (2012). Impact of mandatory IFRS implementation on earnings quality. Evidence from the Warsaw Stock Exchange. Wpływ Obowiązkowego Przyjęcia MSSF Na Jakość Zysków. Wyniki Badań Empirycznych Na Giełdzie Papierów Wartościowych W Warszawie., 68(124), pp. 63–73.

Mielcarz, P. (2016). Krótkookresowy wpływ rekomendacji na rynek giełdowy w Polsce. Warszawa: Wydawnictwo Naukowe PWN.

Mikhail, M.B., Walther, B.R. & Willis, R.H. (2007). When Security Analysts Talk, Who Listens? The Accounting Review, 82(5), pp. 1227–1253.

Minister of Finance. Rozporządzenie Ministra Finansów z dnia 19 lutego 2009 r. w sprawie informacji bieżących i okresowych przekazywanych przez emitentów papierów wartościowych oraz warunków uznawania za równoważne informacji wymaganych przepisami prawa państwa niebędącego państwem członkowskim, Pub. L. No. Dz.U. 2009 nr 33 poz. 259 (2009). Retrieved from: http://isap.sejm.gov.pl/DetailsServlet?id=WDU20090330259

Mokoaleli-Mokoteli, T., Taffler, R.J. & Agarwal, V. (2009). Behavioural Bias and Conflicts of Interest in Analyst Stock Recommendations. Journal of Business Finance & Accounting, 36(3–4), pp. 384–418. https://doi.org/10.1111/j.1468-5957.2009.02125.x

Morley, J. (2004). The sting in the tail: persuasion in English editorial discourse. Corpora and Discourse, pp. 239–255.

Moshirian, F., Ng, D. & Wu, E. (2009). The value of stock analysts’ recommendations: Evidence from emerging markets. International Review of Financial Analysis, 18(1–2), pp. 74–83. https://doi.org/10.1016/j.irfa.2008.11.001

Nasierowski, W. & Mikula, B. (1998). Culture Dimensions of Polish Managers: Hofstede’s Indices. Organization Studies, 19(3), pp. 495–509.

Newell, S.J., Wu, B., Leingpibul, D. & Jiang, Y. (2016). The importance of corporate and salesperson expertise and trust in building loyal business-to-business relationships in China. Journal of Personal Selling & Sales Management, 36(2), pp. 160–173. https://doi.org/10.1080/08853134.2016.1190656

Parliament of Poland. Ustawa z dnia 29 września 1994 r. o rachunkowości., Pub. L. No. Dz.U. 1994 nr 121 poz. 591 (1994). Retrieved from: http://isap.sejm.gov.pl/DetailsServlet?id=WDU19941210591

Parliament of Poland. Ustawa z dnia 29 lipca 2005 r. o obrocie instrumentami finansowymi, Pub. L. No. Dz.U. 2005 nr 183 poz. 1538 (2005). Retrieved from: http://isap.sejm.gov.pl/DetailsServlet?id=WDU20140000094&min=1

Partington, A. (2009). The linguistics of laughter: a corpus-assisted study of laughter-talk. London; New York: Routledge.

Peterson, P.P. (1989). Event Studies: A Review of Issues and Methodology. Quarterly Journal of Business and Economics, 28(3), pp. 36–66.

Pett, M.A. (2015). Nonparametric Statistics for Health Care Research: Statistics for Small Samples and Unusual Distributions. Los Angeles: SAGE.

Powell, M.J. (1985). Purposive vagueness: an evaluative dimension of vague quantifying expressions. Journal of Linguistics, 21(1), pp. 31–50. https://doi.org/10.1017/S002222670001001X

Prince, E.F., Frader, J. & Bosk, C. (1982). On hedging in physician-physician discourse. Linguistics and the Professions, 8, pp. 83–97.

Rennekamp, K. (2012). Processing Fluency and Investors’ Reactions to Disclosure Readability. Journal of Accounting Research, 50(5), pp. 1319–1354. https://doi.org/10.1111/j.1475-679X.2012.00460.x

Resche, C. (2015). Hedging in the discourse of central banks. Studies in Communication Sciences, 15(1), pp. 83–92. https://doi.org/10.1016/j.scoms.2014.12.008

Roberts, C., Weetman, P. & Gordon, P. (2008). International corporate reporting: a comparative approach (4th ed.). Harlow, England, New York: Prentice Hall/Financial Times.

Rogers, J.L., Van Buskirk, A. & Zechman, S. L. (2011). Disclosure tone and shareholder litigation. The Accounting Review, 86(6), pp. 2155-2183. https://doi.org/10.2308/accr-10137

Rutherford, B.A. (2005). Genre Analysis of Corporate Annual Report Narratives. Journal of Business Communication, 42(4), pp. 349–378. https://doi.org/10.1177/0021943605279244

Rutherford, B.A. (2017). New Pragmatism and Accountants’ Truth. Philosophy of Management, in press. https://doi.org/10.1007/s40926-017-0051-4

Salager-Meyer, F. (1994). Hedges and textual communicative function in medical English written discourse. English for specific purposes, 13(2), 149–170

Saul, J.M. (2012). Lying, Misleading, and What is Said: An Exploration in Philosophy of Language and in Ethics. New York: Oxford University Press.

Skelton, J. (1997). How to Tell the Truth in the British Medical Journal. In R. Markkanen & H. Schröder (Eds.), Hedging and Discourse: Approaches to the Analysis of a Pragmatic Phenomenon in Academic Texts (pp. 42–47). Berlin: De Gruyter.

Slater, R.D. (2007). The impact of management’s tone on the perception of management’s credibility in forecasting (Ph.D.). Ann Arbor, United States. Retrieved from: http://search.proquest.com/docview/304805219/abstract/20B1E4B03CC04D6APQ/1

Smieliauskas, W. (2008). A Framework for Identifying (and Avoiding) Fraudulent Financial Reporting. Accounting Perspectives, 7(3), pp. 189–226. https://doi.org/10.1506/ap.7.3.1

Stocken, P.C. (2013). Strategic Accounting Disclosure. Foundations and Trends® in Accounting, 7(4), pp. 197–291. https://doi.org/10.1561/1400000027

Stokke, A. (2013). Lying and Asserting. The Journal of Philosophy, 110(1), pp. 33–60. https://doi.org/10.5840/jphil2013110144

Stringham, E., Boettke, P. & Clark, J.R. (2008). Are regulations the answer for emerging stock markets? Evidence from the Czech Republic and Poland. The Quarterly Review of Economics and Finance, 48(3), pp. 541–566. https://doi.org/10.1016/j.qref.2007.11.003

Tan, H.-T., Ying Wang, E. & Zhou, B. (2014). When the Use of Positive Language Backfires: The Joint Effect of Tone, Readability, and Investor Sophistication on Earnings Judgments. Journal of Accounting Research, 52(1), pp. 273–302. https://doi.org/10.1111/1475-679X.12039

Tetlock, P.C. (2007). Giving Content to Investor Sentiment: The Role of Media in the Stock Market. Journal of Finance, 62(3), pp. 1139–1168. https://doi.org/10.1111/j.1540-6261.2007.01232.x

Tetlock, P.C., Saar-Tsechansky, M. & Macskassy, S. (2008). More Than Words: Quantifying Language to Measure Firms’ Fundamentals. Journal of Finance, 63(3), pp. 1437–1467. https://doi.org/10.1111/ j.1540-6261.2008.01362.x

The Hofstede Centre. (2016). Poland – Geert Hofstede. Retrieved 22 July 2016, from https://geert-hofstede.com/poland.html

Todeva, E. (1999). Models for comparative analysis of culture: the case of Poland. International Journal of Human Resource Management, 10(4), pp. 606–623. https://doi.org/10.1080/095851999340297

Tversky, A. & Kahneman, D. (1986). Rational Choice and the Framing of Decisions. Journal of Business, 59(4), pp. 251–278. https://doi.org/10.1086/296365

Twedt, B. & Rees, L. (2012). Reading between the lines: An empirical examination of qualitative attributes of financial analysts’ reports. Journal of Accounting and Public Policy, 31(1), pp. 1–21. https://doi.org/10.1016/j.jaccpubpol.2011.10.010

UNDP. (2014). Human Development Report. Retrieved 22 July 2016, from: http://hdr.undp.org/en/content/human-development-report-2014

Verrecchia, R.E. (1983). Discretionary disclosure. Journal of Accounting and Economics, 5, pp. 179–194. https://doi.org/10.1016/0165-4101(83)90011-3

Vincent, J. (2000). Truthfulness. In J. Verschueren, J. Blommaert, J.-O. Östman & C. Bulcaen (Eds.), Handbook of Pragmatics 2000, pp. 1–48. Amsterdam/Philadelphia: John Benjamins Publishing.

Vincent, J. & Castelfranchi, C. (1981). How to lie while saying the truth. In H. Parret, M. Sbisa & J. Verschueren (Eds.), Possibilities and Limitations of Pragmatics: Proceedings of the Conference on Pragmatics, Urbino, July 8-14, 1979, pp. 749–777. Amsterdam: John Benjamins Publishing.

Waterhouse, J., Gibbins, M. & Richardson, A.J. (1993). Strategic Financial Disclosure: Evidence from Labor Negotiations. Contemporary Accounting Research, 9(2), pp. 526–550. https://doi.org/ 10.1111/j.1911-3846.1993.tb00896.x

Wen, H. & Moehrle, S.R. (2016). Accounting for goodwill: An academic literature review and analysis to inform the debate. Research in Accounting Regulation, 28(1), pp. 11–21. https://doi.org/ 10.1016/j.racreg.2016.03.002

Williams, B. (2002). Truth & Truthfulness: An Essay in Genealogy. Princeton, N.J.: Princeton University Press.

Wójtowicz, P. (2010). Wiarygodność sprawozdań finansowych wobec aktywnego kształtowania wyniku finansowego. Kraków: Wydawnictwo Uniwersytetu Ekonomicznego w Krakowie.

Xuan Huang, Siew Hong Teoh & Yinglei Zhang. (2014). Tone Management. Accounting Review, 89(3), pp. 1083–1113. https://doi.org/10.2308/accr-50684

Yang, H.I. (2012). Capital market consequences of managers’ voluntary disclosure styles. Journal of Accounting and Economics, 53(1–2), pp. 167–184. https://doi.org/10.1016/j.jacceco.2011.08.003

You, H. & Zhang, X.J. (2009). Financial reporting complexity and investor underreaction to 10-K information. Review of Accounting Studies, 14(4), pp. 559–586. https://doi.org/10.1007/s11142-008-9083-2

Yuthas, K., Rogers, R. & Dillard, J.F. (2002). Communicative Action and Corporate Annual Reports. Journal of Business Ethics, 41(1–2), pp. 141–157. https://doi.org/10.1023/A:1021314626311