Pressure from words: The tone of investors in Chinese earnings communication conferences and managerial myopia

Runmei Luo, Yong Ye
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Abstract

This study examines whether and how the negative tone of investors in earnings communication conferences (ECCs) held by Chinese listed companies influences managerial myopia. We use the bidirectional encoder representations from transformers (BERT) model to construct sentence‐level emotional tone and find that the negative tone of investors in ECCs leads to greater myopic behaviour by managers. The positive relationship between the negative tone of investors and managerial myopia is stronger when more investors participate in ECCs, investors ask more questions, and managers respond with longer statements. However, this positive relationship becomes weaker when managers have positions in other companies, managers are more competent, and managers display a more positive tone in ECCs. Additionally, this positive relationship weakens when listed companies that hold ECCs have more institutional investors and strengthens when the media reports these companies more frequently. Our results prove that individual investors can have a voice and influence the decision‐making behaviour of managers through ECCs.
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来自言辞的压力:投资者在中国财报沟通会议上的语气和管理层的短视
本研究旨在探讨中国上市公司召开的盈余沟通会议中投资者的负面基调是否以及如何影响管理层的近视。我们使用来自变压器(BERT)模型的双向编码器表示来构建句子级的情绪语气,并发现投资者在ecc中的负面语气会导致管理者更大的短视行为。当更多的投资者参与ecc,投资者提出更多的问题,管理者以更长的陈述回应时,投资者的消极基调与管理短视之间的正相关关系更强。然而,当管理者在其他公司担任职务,管理者更有能力,管理者在ECCs中表现出更积极的语气时,这种积极的关系就会变弱。此外,当持有ecc的上市公司拥有更多的机构投资者时,这种正相关关系会减弱,而当媒体对这些公司的报道频率更高时,这种正相关关系会增强。我们的研究结果证明,个人投资者可以通过ecc来表达和影响管理者的决策行为。
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