This paper investigates the influence of profitability, bankruptcy risk, and the COVID-19 pandemic on the narrative tone of annual reports in Vietnam. Using regression analysis (OLS, REM, FEM, FGLS), bootstrapping, and SGMM, the study finds that high profitability correlates with increased positive and net tone, while bankruptcy risk is associated with more negative tone. The pandemic initially led to increased positive and negative tones, followed by a greater use of positive tone after stabilization. The findings suggest that companies do not consistently use impression management to hide information during economic hardship. This research offers valuable insights for investors interpreting management disclosures.
Publisher
Humanities and Social Sciences Communications
Published On
Oct 29, 2024
Authors
Binh Thi Hai Le, Cong Van Nguyen
Tags
profitability
bankruptcy risk
COVID-19
annual reports
narrative tone
Vietnam
impression management
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