Aspectos da Linguagem do Relatório dos Analistas Financeiros: Enfoque na Relação Entre a Acurácia e as Características que Compõem o Tom Linguístico da Comunalidade

Taciane Yasmin Cruz Ribeiro; Luiz Henrique Tavares Miranda Omena; André Machado; Paula Carolina Ciampaglia Nardi

doi:10.51341/cgg.v29i1.3485

Autores

Taciane Yasmin Cruz Ribeiro Universidade de São Paulo https://orcid.org/0009-0008-8638-7950
Luiz Henrique Tavares Miranda Omena Universidade de São Paulo https://orcid.org/0009-0004-2103-3052
André Machado Universidade de São Paulo https://orcid.org/0000-0001-5451-649X
Paula Carolina Ciampaglia Nardi FEARP/USP

DOI:

https://doi.org/10.51341/cgg.v29i1.3485

Palavras-chave:

Previsão de Analista, Comunalidade, Diferenças Culturais

Resumo

Objetivo: Analisar a relação entre o erro das previsões de lucro dos analistas financeiros e os tons linguísticos que compõem seus relatórios, considerando distintos ambientes culturais (coletivista x individualista).

Método: Utilizou-se como amostra as empresas do Brasil e EUA, no ano de 2019, totalizando de 979 observações para o Brasil e 17.761 para os EUA. As características linguísticas consideradas foram: centralidade, cooperação, relacionamento, diversidade, exclusão e liberação, todas obtidas via Diction®. Os testes foram realizados em modelos de Mínimos Quadrados Ordinários.

Resultados: Os resultados indicam que, nos Estados Unidos, os tons de cooperação, relacionamento e diversidade estão associados à redução do erro de previsão, sugerindo que a linguagem corporativa possui conteúdo informacional incremental em ambientes institucionais mais maduros. No Brasil, apenas o tom de diversidade apresentou relação significativa, estando associado a maior erro de previsão.

Contribuições Teóricas/Metodológicas: Os achados sugerem que o impacto da linguagem corporativa sobre a acurácia dos analistas depende do contexto cultural e institucional no qual a informação é produzida e interpretada, contribuindo para a literatura de finanças comportamentais, análise textual e estudos culturais em contabilidade e mercado de capitais.

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