Journal of Accounting and Economics ·Volume 65· APRIL-MAY 2018

公司表现，报告目标和叙述性披露中的语言选择

作者：H. Scott Asay (The University of Iowa)

Robert Libby (Cornell University)

Kristina Rennekamp (Cornell University)

摘要：我们对经验丰富的经理进行实验，从而为报告目标和公司绩效如何影响语言选择提供更直接的证据。我们发现坏消息披露的可读性低于好消息，但只有当经理人有更强的自我提升动机时这种现象才会出现。我们的结果表明，这种差异主要是为了编写更易读的好消息报告，而对于差业绩则故意混淆。为了将糟糕的表现构造出积极的一面，管理者会更关注未来，为表现不佳提供因果解释，并使用更多的被动语态和更少的人称代词。

关键词：文本分析；可读性；叙述性披露的语言；因果解释

Firm performance, reporting goals, and language choices in narrative disclosures

H. Scott Asay (The University of Iowa) Robert Libby (Cornell University) Kristina Rennekamp (Cornell University)

ABSTRACT

We use an experiment with experienced managers to provide more-direct evidence on how reporting goals and firm performance influence language choices. We find that bad news disclosures are less readable than good news, but only when managers have a stronger self-enhancement motive. Our results suggest that this difference is driven mainly by attempts to write more readable good news reports as opposed to intentional obfuscation of poor performance. In order to frame poor performance in a positive light, managers also focus more on the future, provide causal explanations for poor performance, and use more passive voice and fewer personal pronouns.

Keywords: Textual analysis; Readability; Narrative disclosure language; Causal explanation

原文链接：

https://www.sciencedirect.com/science/article/pii/S0165410118300181

翻译：张展