https:\/\/revistas.um.es\/rcsar\/article\/view\/393181\/307381<\/a><\/p>\n\n\n\nAbstrakt:
This paper aims to identify the drivers of management reporting choices in a setting characterized by ownership concentration and weak enforcement. Previous research indicates, that tone of the letter to shareholders is correlated with performance. However, tone can be biased towards the positive when a company is highly responsive to stock market incentives or controlled by majority investors. Bias can be reduced by the monitoring activities of institutional investors in closely held companies. There are two major implications of the study. First, when managers bias the text, they lose the ability to communicate positive news about their company. Under rational expectations investors can detect bias based on known situational incentives and disregard the biased information. Second, the results suggest that managers manipulate tone strategically, rather than unconsciously, to satisfy the needs of key shareholder groups. <\/p>\n","protected":false},"excerpt":{"rendered":"
Polecamy najnowszy artyku\u0142 zespo\u0142u pracownik\u00f3w Katedry Finans\u00f3w. Analizuj\u0105c listy do akcjonariuszy autorzy badali powi\u0105zania mi\u0119dzy tonem listu a cechami sp\u00f3\u0142ek. Artyku\u0142 wpisuje si\u0119 w trend bada\u0144 nad j\u0119zykiem sprawozda\u0144 finansowych. https:\/\/revistas.um.es\/rcsar\/article\/view\/393181\/307381 Abstrakt: This paper aims to identify the drivers of management reporting choices in a setting characterized by ownership concentration and weak enforcement. Previous research […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[75,219,94],"tags":[77,29,213,223,225,224],"class_list":["post-1989","post","type-post","status-publish","format-standard","hentry","category-artykul-naukowy","category-badania","category-pomysl-na-badania","tag-artykul-naukowy","tag-badania-naukowe","tag-gielda","tag-jezyk-sprawozdan-finansowych","tag-listy-do-akcjonariuszy","tag-ton"],"_links":{"self":[{"href":"https:\/\/katfin.ue.wroc.pl\/index.php\/wp-json\/wp\/v2\/posts\/1989","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/katfin.ue.wroc.pl\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/katfin.ue.wroc.pl\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/katfin.ue.wroc.pl\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/katfin.ue.wroc.pl\/index.php\/wp-json\/wp\/v2\/comments?post=1989"}],"version-history":[{"count":2,"href":"https:\/\/katfin.ue.wroc.pl\/index.php\/wp-json\/wp\/v2\/posts\/1989\/revisions"}],"predecessor-version":[{"id":1991,"href":"https:\/\/katfin.ue.wroc.pl\/index.php\/wp-json\/wp\/v2\/posts\/1989\/revisions\/1991"}],"wp:attachment":[{"href":"https:\/\/katfin.ue.wroc.pl\/index.php\/wp-json\/wp\/v2\/media?parent=1989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/katfin.ue.wroc.pl\/index.php\/wp-json\/wp\/v2\/categories?post=1989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/katfin.ue.wroc.pl\/index.php\/wp-json\/wp\/v2\/tags?post=1989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}