Beyond words: the challenge of measuring financial text across borders

• 成果类型: Article
• 署名作者: Pinto, Jedson; Siano, Federico
• 署名单位: University of Texas System; University of Texas Dallas
• 刊物名称: JOURNAL OF INTERNATIONAL BUSINESS STUDIES
• ISSN/ISSBN: 0047-2506
• DOI: 10.1057/s41267-025-00798-8
• 发表日期: 2025
• 页码: 921-936
• 关键词: context; Cultural distance; International communication; Investor reaction; language; Qualitative disclosure; Financial text

摘要

Dictionary-based methods are widely used to assess the information content of corporate disclosures, yet they are primarily developed within the U.S. context. This study applies a popular U.S.-based dictionary approach to analyze the disclosure sentiment of 200,960 earnings call transcripts across 85 countries. While disclosure sentiment is positively associated with short-window stock returns globally, the relationship is approximately 30% weaker for non-U.S. firms. Drawing on cultural accounting theory, we find that cultural differences play a central role in explaining this disparity. In terms of practical implications, we find that sentiment-based trading strategies are effective for U.S. firms and for non-U.S. firms operating in culturally similar environments, but not for firms from culturally distant countries. To address potential endogeneity, we use linguistic features as instrumental variables reflecting historical cultural values. Additionally, we apply a machine learning model trained on U.S. data, which continues to uncover cultural limitations when used internationally. Our findings underscore the importance of institutional and cultural context in international textual analysis and highlight the limitations of applying U.S.-centric empirical methods globally. The development of culturally sensitive and contextualized empirical approaches has the potential to advance the measurement and understanding of financial communication in international settings. Les m & eacute;thodes bas & eacute;es sur les dictionnaires sont largement utilis & eacute;es pour & eacute;valuer le contenu informationnel des divulgations d'entreprise, mais elles sont principalement d & eacute;velopp & eacute;es dans un contexte am & eacute;ricain. Cette recherche applique une approche populaire de dictionnaire bas & eacute;e sur les & Eacute;tats-Unis pour analyser le sentiment des divulgations de 200960 transcriptions des appels sur les r & eacute;sultats dans 85 pays. Bien que le sentiment de divulgation soit positivement associ & eacute; aux rendements boursiers & agrave; court terme au niveau mondial, la relation est environ 30% plus faible pour les entreprises non am & eacute;ricaines. Nous appuyant sur la th & eacute;orie de la comptabilit & eacute; culturelle, nous constatons que les diff & eacute;rences culturelles jouent un r & ocirc;le central dans l'explication de cette disparit & eacute;. En mati & egrave;re d'implications pratiques, nous observons que les strat & eacute;gies de trading bas & eacute;es sur le sentiment sont efficaces pour les entreprises am & eacute;ricaines et pour les entreprises non am & eacute;ricaines op & eacute;rant dans des environnements culturellement similaires, mais pas pour les entreprises provenant de pays culturellement & eacute;loign & eacute;s. Pour rem & eacute;dier & agrave; l'endog & eacute;n & eacute;it & eacute; potentielle, nous utilisons des caract & eacute;ristiques linguistiques comme variables instrumentales refl & eacute;tant les valeurs culturelles historiques. En outre, nous appliquons un mod & egrave;le d'apprentissage automatique form & eacute; sur des donn & eacute;es am & eacute;ricaines, qui continue de r & eacute;v & eacute;ler des limites culturelles lorsqu'il est utilis & eacute; & agrave; l'& eacute;chelle internationale. Nos r & eacute;sultats soulignent l'importance du contexte institutionnel et culturel dans l'analyse textuelle internationale, et mettent en & eacute;vidence les limites de l'application des m & eacute;thodes empiriques centr & eacute;es sur les & Eacute;tats-Unis & agrave; l'& eacute;chelle mondiale. Le d & eacute;veloppement des approches empiriques contextualis & eacute;es et sensibles & agrave; la culture pourrait faire progresser la mesure et la compr & eacute;hension de la communication financi & egrave;re dans les contextes internationaux. Los m & eacute;todos basados en diccionarios son ampliamente utilizados para evaluar el contenido informativo de las revelaciones corporativas; sin embargo, estos m & eacute;todos han sido desarrollados principalmente dentro del contexto estadounidense. Este estudio aplica un enfoque de diccionario popular basado en Estados Unidos para analizar el sentimiento de las revelaciones en 200.960 transcripciones de conferencias de resultados financieros de 85 pa & iacute;ses. Si bien el sentimiento de las revelaciones se asocia positivamente con los rendimientos burs & aacute;tiles de ventana corta a nivel global, esta relaci & oacute;n es aproximadamente 30% m & aacute;s d & eacute;bil para las empresas no estadounidenses. Bas & aacute;ndonos en la teor & iacute;a contable cultural, encontramos que las diferencias culturales desempe & ntilde;an un papel central en la explicaci & oacute;n de esta disparidad. En t & eacute;rminos de implicaciones pr & aacute;cticas, encontramos que las estrategias de negociaci & oacute;n basadas en sentimiento son efectivas para las empresas estadounidenses y para las empresas no estadounidenses que operan en entornos culturalmente similares, pero no para las empresas de pa & iacute;ses culturalmente distantes. Para abordar la potencial endogeneidad, utilizamos caracter & iacute;sticas ling & uuml;& iacute;sticas como variables instrumentales que reflejan valores culturales hist & oacute;ricos. Adicionalmente, aplicamos un modelo de aprendizaje autom & aacute;tico entrenado con datos estadounidenses, el cual contin & uacute;a revelando limitaciones culturales cuando se utiliza internacionalmente. Nuestros hallazgos subrayan la importancia del contexto institucional y cultural en el an & aacute;lisis textual internacional y destacan las limitaciones de aplicar m & eacute;todos emp & iacute;ricos centrados en Estados Unidos a nivel global. El desarrollo de enfoques emp & iacute;ricos culturalmente sensibles y contextualizados tiene el potencial de avanzar en la medici & oacute;n y comprensi & oacute;n de la comunicaci & oacute;n financiera en entornos internacionales. M & eacute;todos baseados em dicion & aacute;rios s & atilde;o amplamente utilizados para avaliar o conte & uacute;do informacional de comunicados ao mercado, mas foram desenvolvidos, em sua maioria, no contexto dos Estados Unidos. Este estudo aplica uma abordagem popular americana baseada em dicion & aacute;rio para analisar o sentimento dos comunicados em 200.960 transcri & ccedil;& otilde;es de teleconfer & ecirc;ncias de resultados em 85 pa & iacute;ses. Embora o sentimento dos comunicados esteja associado positivamente aos retornos acion & aacute;rios de curto prazo globalmente, essa rela & ccedil;& atilde;o & eacute; aproximadamente 30% mais fraca para empresas n & atilde;o norte-americanas. Com base na teoria cont & aacute;bil cultural, constatamos que diferen & ccedil;as culturais desempenham um papel central na explica & ccedil;& atilde;o dessa disparidade. Em termos de implica & ccedil;& otilde;es pr & aacute;ticas, observamos que estrat & eacute;gias de investimento baseadas em sentimento s & atilde;o eficazes tanto para empresas norte-americanas quanto n & atilde;o norte-americanas que operam em ambientes culturalmente similares, mas n & atilde;o para empresas de pa & iacute;ses culturalmente distantes. Para tratar uma poss & iacute;vel endogeneidade, utilizamos caracter & iacute;sticas lingu & iacute;sticas como vari & aacute;veis instrumentais que refletem valores culturais hist & oacute;ricos. Al & eacute;m disso, aplicamos um modelo de aprendizado de m & aacute;quina treinado com dados norte-americanos, que continua a revelar limita & ccedil;& otilde;es culturais quando utilizado internacionalmente. Nossos achados ressaltam a import & acirc;ncia do contexto institucional e cultural na an & aacute;lise textual internacional e destacam as limita & ccedil;& otilde;es da aplica & ccedil;& atilde;o de m & eacute;todos emp & iacute;ricos centrados nos Estados Unidos em escala global. O desenvolvimento de abordagens emp & iacute;ricas culturalmente sens & iacute;veis e contextualizadas tem potencial para aprimorar a mensura & ccedil;& atilde;o e a compreens & atilde;o da comunica & ccedil;& atilde;o financeira em contextos internacionais. 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