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Making investors feel good during earnings conference calls: The effect of warm-glow rhetoric
Journal of General Management Pub Date : 2019-01-01 , DOI: 10.1177/0306307018813759
Vivien E Jancenelle 1 , Susan F Storrud-Barnes 2 , Anthony Iaquinto 2
Affiliation  

In recent years, earnings conference calls have become a popular disclosure tool through which top managers can provide more information to the market regarding the quarterly earnings of their firms. Although some research has indicated that the tone of earnings conference calls is crucial in mitigating investors’ negative reactions to earnings surprises, relatively little is still known about other rhetorical tactics that may be available for managers to create value during times of heightened earnings uncertainty. This article contends that warm-glow rhetoric may be another way to mitigate investors’ negative reactions to earnings surprises, as warm-glow theory suggests that individuals are willing to make suboptimal economic choices when they receive warm-glow payouts. Hypotheses drawing on warm-glow theory and the incremental useful information perspective are developed and tested using computer-assisted text analysis (CATA) and event study methodology on a longitudinal sample of 1920 calls, and it is suggested that warm-glow rhetoric positively moderates the relationship between earnings surprises and financial performance (as measured through cumulated abnormal returns). The findings illustrate how the warm-glow effect can be used as an unconventional, yet effective tactic with which managers can create market value. A discussion of the findings and their implications for theory and practice concludes the study.

中文翻译:

让投资者在财报电话会议上感觉良好:热情洋溢的言辞的影响

近年来,收益电话会议已成为一种流行的披露工具,高层管理人员可以通过它向市场提供有关其公司季度收益的更多信息。尽管一些研究表明,收益电话会议的基调对于减轻投资者对收益意外的负面反应至关重要,但对于经理人在收益不确定性加剧的时期可以用来创造价值的其他修辞策略仍知之甚少。本文认为,暖光言论可能是减轻投资者对收益意外负面反应的另一种方式,因为暖光理论表明,个人在收到暖光支出时愿意做出次优的经济选择。使用计算机辅助文本分析 (CATA) 和事件研究方法对 1920 个电话的纵向样本开发和测试了基于暖光理论和增量有用信息视角的假设,并表明暖光修辞积极地缓和了收益意外与财务业绩(通过累积异常回报衡量)之间的关系。研究结果说明了暖光效应如何被用作一种非常规但有效的策略,管理者可以利用这种策略创造市场价值。对研究结果及其对理论和实践的影响的讨论结束了研究。并且建议温暖的言辞积极地调节收益意外与财务业绩之间的关系(通过累积的异常回报来衡量)。研究结果说明了暖光效应如何被用作一种非常规但有效的策略,管理者可以利用这种策略创造市场价值。对研究结果及其对理论和实践的影响的讨论结束了研究。并且有人认为,温暖的言辞积极地调节了收益意外与财务业绩(通过累积异常回报衡量)之间的关系。研究结果说明了暖光效应如何被用作一种非常规但有效的策略,管理者可以利用这种策略创造市场价值。对研究结果及其对理论和实践的影响的讨论结束了研究。
更新日期:2019-01-01
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