Gerenciamento de tons das divulgações voluntárias nos press releases das companhias abertas brasileiras

Abstract

This article aims to verify whether Brazilian public companies manipulate qualitative information through tone management. 43 companies belonging to the Ibovespa da Brasil, Bolsa e Balcão (B3) were selected, with quarterly data between 2017 and 2018. The data referring to a positive tone were formatted by word classification by Loughran and McDonald (2011), taken from the press releases voluntarily by the companies and analyzed by Atlas.ti8. The index was regressed against the discretionary accruals obtained in two earnings management models. The results point to a negative and significant relationship between accounting management and the positive tone of the reports, that is, companies with a higher positive tone manage less results. These findings present relevant information as it highlights the quality of the texts contained in the companies' reports.