From: Tone of language, financial disclosure, and earnings management: a textual analysis of form 20-F
EM | Positive | Negative | Uncertainty | Litigious | Modal1 | Modal2 | Modal3 | Irr_verb | LEV | LNSIZE | CH | REV | CF | ROA | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
EM | 1 | ||||||||||||||
Positive | 0.196*** | 1 | |||||||||||||
Negative | 0.029 | 0.763*** | 1 | ||||||||||||
Uncertainty | 0.169*** | 0.895*** | 0.756*** | 1 | |||||||||||
Litigious | -0.009 | 0.420*** | 0.767*** | 0.344*** | 1 | ||||||||||
Strongml | 0.092* | 0.841*** | 0.750*** | 0.807*** | 0.457*** | 1 | |||||||||
Moderml | 0.132** | 0.887*** | 0.732*** | 0.883*** | 0.364*** | 0.846*** | 1 | ||||||||
Weakml | 0.170*** | 0.869*** | 0.787*** | 0.954*** | 0.419*** | 0.745*** | 0.830*** | 1 | |||||||
Irrverb | 0.028 | 0.668*** | 0.757*** | 0.670*** | 0.695*** | 0.747*** | 0.689*** | 0.607*** | 1 | ||||||
LEV | − 0.004 | − 0.197*** | − 0.235*** | − 0.261*** | − 0.174*** | − 0.191*** | − 0.272*** | − 0.284*** | − 0.115** | 1 | |||||
LNSIZE | 0.208*** | − 0.258*** | − 0.179*** | − 0.219*** | − 0.042 | − 0.138** | − 0.263*** | − 0.339*** | 0.106** | 0.417*** | 1 | ||||
CH | 0.008 | 0.199*** | 0.337*** | 0.220*** | 0.294*** | 0.181*** | 0.199*** | 0.324*** | 0.079* | − 0.435*** | − 0.523*** | 1 | |||
REV | 0.162*** | 0.087** | 0.108** | 0.029 | 0.172*** | 0.052 | 0.048 | 0.077 | 0.113** | 0.019 | − 0.061 | 0.119** | 1 | ||
CF | − 0.135*** | 0.026 | 0.032 | 0.022 | 0.110** | 0.089* | 0.050 | 0.016 | 0.148** | − 0.086** | 0.254*** | 0.124** | 0.236*** | 1 | |
ROA | 0.049 | 0.119** | 0.009 | 0.106** | 0.055 | 0.137*** | 0.121** | 0.095 | 0.150 | − 0.192 | 0.147** | 0.111** | 0.251*** | 0.755*** | 1 |