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What you say and how you say it : Information disclosure in Latin American firms

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dc.contributor.authorGonzález Ferrero, Maximilianospa
dc.contributor.authorGuzmán Vásquez, Alexanderspa
dc.contributor.authorTéllez Falla, Diego Fernandospa
dc.contributor.authorTrujillo Dávila , María Andreaspa
dc.contributor.orcidGonzález Ferrero, Maximiliano [0000-0002-8675-6911]
dc.contributor.orcidGuzmán Vásquez, Alexander [0000-0001-7675-048X]
dc.contributor.orcidTéllez Falla, Diego Fernando [0000-0002-1902-2870]
dc.contributor.orcidTrujillo Dávila, María Andrea [0000-0002-9592-7890]
dc.contributor.scopusGonzález Ferrero, Maximiliano [17434254200]
dc.contributor.scopusGuzmán Vásquez, Alexander [55207224400]
dc.contributor.scopusTéllez Falla, Diego Fernando [57200984310]
dc.contributor.scopusTrujillo Dávila, María Andrea [55206416700]
dc.date.accessioned2023-06-21T22:23:02Z
dc.date.available2023-06-21T22:23:02Z
dc.date.issued2021-04
dc.description.abstractenglishFirms in Latin America could differentiate themselves by adopting better information disclosure practices. In this paper, we construct an Information Disclosure Index (IDI) for a sample of 454 firms in the six largest Latin America countries. We look at 4.622 company reports and show that firms with better disclosure practices have better market valuation (Tobin's Q) and better accounting financial performance (return on equity, ROE). We then measure the tone of the information disclosed using word content analysis and find that uncertainty in tone is negatively associated with firm valuation and accounting financial performance while a positive tone in corporate communications is positively associated with firm value and performance. This paper shows that the tone in corporate communications is as relevant as the amount of information disclosed to the market.eng
dc.description.orcidhttps://orcid.org/0000-0002-8675-6911
dc.description.orcidhttps://orcid.org/0000-0001-7675-048X
dc.description.orcidhttps://orcid.org/0000-0002-1902-2870
dc.description.orcidhttps://orcid.org/0000-0002-9592-7890
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=17434254200
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=55207224400
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=57200984310
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=55206416700
dc.identifier.doihttps://doi.org/10.1016/j.jbusres.2019.05.014
dc.identifier.eissn1873-7978
dc.identifier.instnameinstname:Colegio de Estudios Superiores de Administración – CESA
dc.identifier.issn0148-2963
dc.identifier.reponamereponame:Biblioteca Digital – CESA
dc.identifier.repourlrepourl:https://repository.cesa.edu.co/
dc.identifier.urihttp://hdl.handle.net/10726/5062
dc.language.isoeng
dc.publisherElsevier Inc.
dc.relation.citationendpage443
dc.relation.citationstartpage427
dc.relation.citationvolume127
dc.relation.ispartofjournalJournal of Business Research
dc.rights.accessrightsinfo:eu-repo/semantics/restrictedAccess
dc.rights.coarhttp://vocabularies.coar-repositories.org/access_rights/c_16ec/
dc.rights.localAcceso Restringido
dc.subjectDisclosure
dc.subjectContent analysis
dc.subjectCorporate governance
dc.subjectFirm value
dc.titleWhat you say and how you say it : Information disclosure in Latin American firmseng
dc.typearticle
dc.type.coarhttp://purl.org/coar/resource_type/c_2df8fbb1
dc.type.coarversionhttp://purl.org/coar/version/c_71e4c1898caa6e32
dc.type.driverinfo:eu-repo/semantics/article
dc.type.redcolhttp://purl.org/redcol/resource_type/ART
dc.type.versioninfo:eu-repo/semantics/acceptedVersion

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