{"id":"https://openalex.org/W4388858633","doi":"https://doi.org/10.3390/risks11120205","title":"Inconsistency in Managers\u2019 Disclosure Tone: The Signalling Perspective","display_name":"Inconsistency in Managers\u2019 Disclosure Tone: The Signalling Perspective","publication_year":2023,"publication_date":"2023-11-21","ids":{"openalex":"https://openalex.org/W4388858633","doi":"https://doi.org/10.3390/risks11120205"},"language":"en","primary_location":{"id":"doi:10.3390/risks11120205","doi":"https://doi.org/10.3390/risks11120205","is_oa":true,"landing_page_url":"https://doi.org/10.3390/risks11120205","pdf_url":"https://www.mdpi.com/2227-9091/11/12/205/pdf?version=1700551814","source":{"id":"https://openalex.org/S4210214252","display_name":"Risks","issn_l":"2227-9091","issn":["2227-9091"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-scientific","cwts-core","doaj","norway-1","poland-70","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Risks","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://www.mdpi.com/2227-9091/11/12/205/pdf?version=1700551814","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5042075649","display_name":"Azam Pouryousof","orcid":"https://orcid.org/0000-0002-2316-0483","observed_orcids":["https://orcid.org/0000-0002-2316-0483"]},"institutions":[{"id":"https://openalex.org/I55547365","display_name":"Payame Noor University","ror":"https://ror.org/031699d98","country_code":"IR","type":"education","lineage":["https://openalex.org/I55547365"]}],"countries":["IR"],"is_corresponding":false,"raw_author_name":"Azam Pouryousof","raw_affiliation_strings":["Faculty of Management, Economics & Accounting, Payame Noor University, Tehran 19395-4697, Iran"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Faculty of Management, Economics & Accounting, Payame Noor University, Tehran 19395-4697, Iran","institution_ids":["https://openalex.org/I55547365"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5059170919","display_name":"Farzaneh Nasirzadeh","orcid":"https://orcid.org/0000-0002-5876-6389","observed_orcids":["https://orcid.org/0000-0002-5876-6389"]},"institutions":[{"id":"https://openalex.org/I86958956","display_name":"Ferdowsi University of Mashhad","ror":"https://ror.org/00g6ka752","country_code":"IR","type":"education","lineage":["https://openalex.org/I86958956"]}],"countries":["IR"],"is_corresponding":true,"raw_author_name":"Farzaneh Nassirzadeh","raw_affiliation_strings":["Faculty of Economics and Administrative Sciences, Ferdowsi University of Mashhad, Mashhad 9177948951, Iran"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Faculty of Economics and Administrative Sciences, Ferdowsi University of Mashhad, Mashhad 9177948951, Iran","institution_ids":["https://openalex.org/I86958956"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5025224080","display_name":"Davood Askarany","orcid":"https://orcid.org/0000-0002-2206-4641","observed_orcids":["https://orcid.org/0000-0002-2206-4641"]},"institutions":[{"id":"https://openalex.org/I154130895","display_name":"University of Auckland","ror":"https://ror.org/03b94tp07","country_code":"NZ","type":"education","lineage":["https://openalex.org/I154130895"]}],"countries":["NZ"],"is_corresponding":false,"raw_author_name":"Davood Askarany","raw_affiliation_strings":["Department of Accounting & Finance, University of Auckland, Auckland 1010, New Zealand"],"raw_orcid":"https://orcid.org/0000-0002-2206-4641","affiliations":[{"raw_affiliation_string":"Department of Accounting & Finance, University of Auckland, Auckland 1010, New Zealand","institution_ids":["https://openalex.org/I154130895"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5059170919"],"corresponding_institution_ids":["https://openalex.org/I86958956"],"apc_list":{"value":1400,"currency":"CHF","value_usd":1557},"apc_paid":{"value":1400,"currency":"CHF","value_usd":1557},"fwci":4.0534,"has_fulltext":true,"cited_by_count":12,"citation_normalized_percentile":{"value":0.94278002,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":95,"max":98},"biblio":{"volume":"11","issue":"12","first_page":"205","last_page":"205"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.9955999851226807,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.9955999851226807,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.0010000000474974513,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13794","display_name":"Financial Reporting and XBRL","score":0.0008999999845400453,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/management-s-discussion-and-analysis","display_name":"management discussion and analysis","score":0.796999990940094},{"id":"https://openalex.org/keywords/disclosure-tone","display_name":"disclosure tone","score":0.8500000238418579},{"id":"https://openalex.org/keywords/signaling-theory","display_name":"signaling theory","score":0.906000018119812},{"id":"https://openalex.org/keywords/future-financial-performance","display_name":"future financial performance","score":0.8009999990463257},{"id":"https://openalex.org/keywords/financial-risk","display_name":"financial risk","score":0.9399999976158142},{"id":"https://openalex.org/keywords/return-on-assets","display_name":"return on assets","score":0.7300000190734863},{"id":"https://openalex.org/keywords/return-on-equity","display_name":"return on equity","score":0.9940000176429749},{"id":"https://openalex.org/keywords/tehran-stock-exchange","display_name":"Tehran Stock Exchange","score":0.7839999794960022},{"id":"https://openalex.org/keywords/iranian-firms","display_name":"Iranian companies","score":0.3499999940395355}],"concepts":[{"id":"https://openalex.org/C2780583480","wikidata":"https://www.wikidata.org/wiki/Q1366327","display_name":"Tone (literature)","level":2,"score":0.7422121167182922},{"id":"https://openalex.org/C39743133","wikidata":"https://www.wikidata.org/wiki/Q3262595","display_name":"Signalling","level":2,"score":0.6779053807258606},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.5915416479110718},{"id":"https://openalex.org/C12713177","wikidata":"https://www.wikidata.org/wiki/Q1900281","display_name":"Perspective (graphical)","level":2,"score":0.5096545219421387},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.48199906945228577},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.44319018721580505},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.42352741956710815},{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.3559954762458801},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.25130248069763184},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.14684569835662842},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.08167538046836853},{"id":"https://openalex.org/C142362112","wikidata":"https://www.wikidata.org/wiki/Q735","display_name":"Art","level":0,"score":0.0},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C124952713","wikidata":"https://www.wikidata.org/wiki/Q8242","display_name":"Literature","level":1,"score":0.0},{"id":"https://openalex.org/C154945302","wikidata":"https://www.wikidata.org/wiki/Q11660","display_name":"Artificial intelligence","level":1,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0}],"mesh":[],"locations_count":4,"locations":[{"id":"doi:10.3390/risks11120205","doi":"https://doi.org/10.3390/risks11120205","is_oa":true,"landing_page_url":"https://doi.org/10.3390/risks11120205","pdf_url":"https://www.mdpi.com/2227-9091/11/12/205/pdf?version=1700551814","source":{"id":"https://openalex.org/S4210214252","display_name":"Risks","issn_l":"2227-9091","issn":["2227-9091"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-scientific","cwts-core","doaj","norway-1","poland-70","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Risks","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:gam:jrisks:v:11:y:2023:i:12:p:205-:d:1284363","doi":null,"is_oa":false,"landing_page_url":"https://www.mdpi.com/2227-9091/11/12/205/","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:doaj.org/article:da2d795a5ab3438eb671322a036efa3f","doi":null,"is_oa":true,"landing_page_url":"https://doaj.org/article/da2d795a5ab3438eb671322a036efa3f","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Risks, Vol 11, Iss 12, p 205 (2023)","raw_type":"article"},{"id":"pmh:oai:researchspace.auckland.ac.nz:2292/69087","doi":null,"is_oa":true,"landing_page_url":"https://hdl.handle.net/2292/69087","pdf_url":null,"source":{"id":"https://openalex.org/S7407055463","display_name":"ResearchSpace (University of Auckland)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I154130895","host_organization_name":"University of Auckland","host_organization_lineage":["https://openalex.org/I154130895"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Journal Article"}],"best_oa_location":{"id":"doi:10.3390/risks11120205","doi":"https://doi.org/10.3390/risks11120205","is_oa":true,"landing_page_url":"https://doi.org/10.3390/risks11120205","pdf_url":"https://www.mdpi.com/2227-9091/11/12/205/pdf?version=1700551814","source":{"id":"https://openalex.org/S4210214252","display_name":"Risks","issn_l":"2227-9091","issn":["2227-9091"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-scientific","cwts-core","doaj","norway-1","poland-70","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Risks","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4388858633.pdf","grobid_xml":"https://content.openalex.org/works/W4388858633.grobid-xml"},"referenced_works_count":50,"referenced_works":["https://openalex.org/W345467527","https://openalex.org/W1549301408","https://openalex.org/W1873429512","https://openalex.org/W1997097989","https://openalex.org/W1998990073","https://openalex.org/W2026256898","https://openalex.org/W2048872071","https://openalex.org/W2088556288","https://openalex.org/W2103669789","https://openalex.org/W2121427379","https://openalex.org/W2152136804","https://openalex.org/W2334959554","https://openalex.org/W2569923865","https://openalex.org/W2766910972","https://openalex.org/W2767406520","https://openalex.org/W2782104565","https://openalex.org/W2793505519","https://openalex.org/W2793864804","https://openalex.org/W2795291926","https://openalex.org/W2802208015","https://openalex.org/W2907999817","https://openalex.org/W2916869663","https://openalex.org/W2936544390","https://openalex.org/W2998323914","https://openalex.org/W3004996989","https://openalex.org/W3008514170","https://openalex.org/W3016641153","https://openalex.org/W3023151798","https://openalex.org/W3024707504","https://openalex.org/W3040763879","https://openalex.org/W3078573638","https://openalex.org/W3092181866","https://openalex.org/W3109842173","https://openalex.org/W3121547932","https://openalex.org/W3122755721","https://openalex.org/W3122944446","https://openalex.org/W3123287217","https://openalex.org/W3123492911","https://openalex.org/W3123870091","https://openalex.org/W3124423437","https://openalex.org/W3124698732","https://openalex.org/W3125319092","https://openalex.org/W3170762171","https://openalex.org/W3185269056","https://openalex.org/W4248426834","https://openalex.org/W4253889179","https://openalex.org/W4283031632","https://openalex.org/W4296346013","https://openalex.org/W4307273317","https://openalex.org/W4313410915"],"related_works":["https://openalex.org/W6892143390","https://openalex.org/W4399714224","https://openalex.org/W4410414655","https://openalex.org/W2062466037","https://openalex.org/W4248426834","https://openalex.org/W2988475235","https://openalex.org/W4402441825","https://openalex.org/W4413045201","https://openalex.org/W7211966331","https://openalex.org/W7077864056"],"abstract_inverted_index":{"This":[0,164],"article":[1],"examines":[2],"the":[3,7,30,34,41,50,71,79,99,112,150,168,173],"factors":[4],"contributing":[5],"to":[6,18,26,29,94,118,167,175],"disparity":[8],"in":[9,98,154,183],"managers\u2019":[10,96,156,184],"disclosure":[11,185],"tone":[12,25,37,80,97,147,152],"from":[13,107],"a":[14,135,179],"signalling":[15,162,177],"perspective.":[16],"According":[17],"this":[19],"viewpoint,":[20],"managers":[21],"intentionally":[22],"choose":[23],"their":[24],"convey":[27],"information":[28],"market.":[31],"To":[32],"determine":[33],"origin":[35],"of":[36,52,59,74,81,104,181],"inconsistency,":[38],"we":[39],"explored":[40],"association":[42],"between":[43,138],"future":[44,65,139,142],"financial":[45,66,140,143],"performance":[46],"(as":[47,68],"measured":[48,69],"by":[49,70,161,171],"rate":[51,58],"return":[53,60],"on":[54,61,111],"assets":[55],"(ROA)":[56],"and":[57,64,76,84,89,128,145],"equity":[62],"(ROE))":[63],"risk":[67],"standard":[72],"deviation":[73],"ROA":[75],"ROE)":[77],"with":[78],"management":[82],"discussion":[83],"analyses":[85],"(MD&As).":[86],"The":[87,132],"Loughran":[88],"McDonald":[90],"dictionaries":[91],"were":[92],"utilised":[93],"assess":[95],"MD&As.":[100],"Our":[101],"dataset":[102],"consisted":[103],"1510":[105],"MD&As":[106,157],"156":[108],"companies":[109],"listed":[110],"Tehran":[113],"Stock":[114],"Exchange,":[115],"covering":[116],"2013":[117],"2022.":[119],"Multiple":[120],"regression":[121],"analysis":[122],"was":[123],"employed,":[124],"controlling":[125],"for":[126],"industry":[127],"year":[129],"fixed":[130],"effects.":[131],"findings":[133],"revealed":[134],"significant":[136],"relationship":[137],"performance,":[141],"risk,":[144],"MD&A":[146],"inconsistency.":[148],"Thus,":[149],"biased":[151],"observed":[153],"Iranian":[155],"can":[158],"be":[159],"explained":[160],"theory.":[163],"study":[165],"contributes":[166],"existing":[169],"literature":[170],"being":[172],"first":[174],"investigate":[176],"as":[178],"source":[180],"inconsistency":[182],"tone.":[186]},"counts_by_year":[{"year":2026,"cited_by_count":5},{"year":2025,"cited_by_count":4},{"year":2024,"cited_by_count":3}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2023-11-22T00:00:00"}
