Corporate financial communication in Poland

Karol M. Klimczak, Marta Dynel, Anna Pikos

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ISBN/ISSN:

978-83-65648-02-0

DOI:

Wydawnictwo:

edu-Libri

Rok wydania:

2017

Liczba stron:

124

XML:ISBN/ISSN:

ONIX MARC21

Bibliografia:

Klimczak, Karol M.; Dynel, Marta; Pikos, Anna. Corporate financial communication in Poland. Red. . Kraków-Legionowo: edu-Libri, 2017, 124 s. ISBN 978-83-65648-02-0

Bibliografia refWorks:

RT Book, Whole

SR Electronic(1)

A1 Klimczak, K.M.

A1 Dynel, M.

A1 Pikos, A.

T1 Corporate financial communication in Poland

PB edu-Libri

PP Kraków-Legionowo

YR 2017

SN 978-83-65648-02-0

Bibliografia BibTex:

@Book{ 186764, author = "Klimczak, Karol M. and Dynel, Marta and Pikos, Anna", editor = "", title = "Corporate financial communication in Poland", publisher = "edu-Libri", year = "2017", address = "Kraków-Legionowo", isbn = "978-83-65648-02-0" }

Bibliografia endNote:

TY - BOOK

AU - Klimczak, Karol M.

AU - Dynel, Marta

AU - Pikos, Anna

ED -

TI - Corporate financial communication in Poland

PB - edu-Libri

CY - Kraków-Legionowo

PY - 2017

SN - 978-83-65648-02-0

ER -

Netografia (standard APA):

Klimczak, Karol M.; Dynel, Marta; Pikos, Anna. Corporate financial communication in Poland [baza danych online] Kraków-Legionowo: edu-Libri, 2017 [dostęp: 23 07 2024]. Dostęp w Ibuk Libra: https://libra.ibuk.pl/reader/corporate-financial-communication-in-poland-karol-m-klimczak-marta-dynel-186764.

accounting, communication, finance, evaluation, financial reporting, Exchange, pragmatics, investor, stock, shareholders, mitigation

Companies listed in stock exchanges need to actively engage with investors but little research has been done into corporate communication practices in emerging markets. The goal of this book is to describe the textual communication between compani...

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ISBN/ISSN:

978-83-65648-02-0

DOI:

Wydawnictwo:

edu-Libri

Rok wydania:

2017

Liczba stron:

124

XML:ISBN/ISSN:

ONIX MARC21

Introduction7
Chapter 1. Financial communication13
1.1. Corporate disclosure13
1.2. Credibillity22
1.3. Truthfulness25
Chapter 2. The information environment in Poland31
2.1. The Polish stock market31
2.2. Equity Analysts36
2.3. Reporting requirements and practice39
2.4. Culture and communication50
Chapter 3. Communication strategies54
3.1. Linguistic tone54
3.2. Evaluation strategies58
3.3. Mitigation strategies63
3.4. Readability67
Chapter 4. Financial communication in the Polish market74
4.1. Explanations of goodwill impairment tests74
4.1.1. Research method76
4.1.2. Results77
4.1.3. Discussion and conclusion82
4.2. Management communications and investor decision-making84
4.2.1. Research method85
4.2.2. Results88
4.2.3. Conclusions and summary94
4.3. Analyst reports and market price response to recommendations96
4.3.1. Research method97
4.3.2. Results104
4.3.3. Discussion and conclusion109
4.4. Summary of findings110
Conclusions112
References114

Introduction

Thewealthofdatacanbebestexploitedbysell-sideanalystswhospecializein

processingsuchinformationandwhoareabletoplaceitinthebroadcontextofthe

industryandtheentiremarket.Analystsprovideinvestorswithreportscontaining

descriptionsofthecontextandsummaryquantitativeinformation,thusreducing

theamountoftimeandefortthatinvestorsneedexpendinordertoobtainrele-

vantinformation(Fogarty&Rogers,2005).Moreover,analystsinteractwithcom-

panymanagementwiththeviewtomotivatethelattertoproducedisclosuresthat

wouldcontainusefulandwell-structuredinformation(Degeorge,Ding,Jeanjean

&Stolowy,2013).

Atthesametime,companiesmaywanttoappealtoindividualinvestorsdirectly

byprovidingthemwithabridged,accessibleinformationsothattheyencourage

directinvolvementwiththecompany.Suchpracticescanhelpmaintainabalance

betweenindividualandinstitutionalownershipatatimewhenindividualinvestors

increasinglyrelyoninvestmentfundsforthemanagementoftheirportfoliostaking

aback-seatinﬁnancialmarkets.Takentogether,ﬁnancialcommunicationoccurs

inanumberofformats(Healy&Palepu,2001):a)regulatedﬁnancialdisclosure

(ﬁnancialstatements,managementdiscussionandanalysis,andotherregulatory

ﬁlings);b)voluntarydisclosuresandcommunication(managementforecasts,

analystpresentationsandconferencecalls,pressreleases,corporatewebsites);

c)informationprovidedbyintermediaries(analystreports,thebusinessmedia).

Researchersfromtheﬁeldofﬁnanceandaccountinghavebeguntostudytheuse

oflanguageinﬁnancialcommunication,whichisseenasinimportantcomple-

mentofthequantitativeinformationcontainedtherein(Bagiński,Demers,Wang

&Yu,2016).Hales,Kuang,andVenkataraman(2011,p.224)statethatHalthough

weoftenthinkofﬁnancialreportingintermsofnumbers,languageis,infact,the

mediumthroughwhichcompaniescommunicatemuchoftheinformationontheir

pastandprojectedfutureperformance”.Beforeinvestorscanusequantitativeinfor-

mation,theymustdecodeitandprocessitintheﬁrstplace.Financialtextsprovide

thecontextinwhichitoccurs,theyindicatethekeyelementsandframetheir

perception.Experiencedinvestorsmayagreethatthelinguisticcharacteristics,

suchastone,needtobetakenintoaccountwhenevaluatingquantitativeinforma-

tion:itisnotwhatacompanysays,buthowthecompanysaysitthatmatters

(XuanHuang,SiewHongTeoh&YingleiZhang,2014).Consequently,thekeyto

understandingthecomplexitiesofﬁnancialcommunicationliesinthecombina-

tionofquantitativeandtextualinformation.

Researchintotheroleoflanguageinﬁnancialcommunicationneedstoinvolve

anumberofdisciplines:linguistics(CrawfordCamiciottoli,2010;Resche,2015;

Rutherford,2005),ﬁnancialreportingresearch(Bagińskietal.,2016;XuanHuang

etal.,2014)andstudiesthatattempttoapplymethodsandconceptsfrompsycho-

logyandlinguisticstoﬁnancialtexts(Loughran&Mcdonald,2016;Twedt&Rees,

2012).WecontributetothisliteraturethatisfocusedontextswrittenintheEnglish

languageasthecommonlanguageofinternationalﬁnance.Inthisbook,weattempt

toexpandtheanalysisofﬁnancialcommunicationtoemergingmarketsbyexa-

miningtextswritteninthePolishlanguage.

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Corporate financial communication in Poland

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