Tone of language,financial disclosure,and earnings management:a textual analysis of form 20-F  

作　　者：Shuangyan Li Guangrui Wang Yongli Luo 

机构地区：[1]School of Economics and Finance,Xi’an Jiaotong University,Xi’an,China [2]Hanwang Technology Co.,Ltd.,Beijing,China [3]Archie W.Dunham College of Business at Houston Baptist University,Houston,USA

出　　处：《Financial Innovation》2022年第1期1360-1383,共24页金融创新（英文）

基　　金：supported by the National Social Science Foundation of China(Grant No.17BJY019).

摘　　要：This study investigates the relationship between the tone of financial disclosures and managers’earnings management behavior using Form 20-F filings of Chinese firms listed in the U.S.during 2002–2014.The results show that the proportion of positive,uncertain,or modal words used in financial disclosures is positively related to corporate earnings management,implying that managers attempt to conceal earnings management behavior by manipulating the tone of their financial reports.In addition,robustness tests are conducted using an alternative proxy for earnings management that considers the effects of the financial crisis and separately examines the information and non-information technology industries.The results suggest that the tone used in financial disclosures has informative value,and textual analysis can be an effective tool for identifying earnings management.

关 键 词：TONE Earnings management Textual analysis Financial statement 

分 类 号：F275[经济管理—企业管理]