Table 6 The interplay of tone Variables...

Table 6

The interplay of tone

Variables	DEVIATION1	DEVIATION1	DEVIATION1	DEVIATION1
TRUSTTL	−0.012***	−0.009***	−0.004***	−0.014**
TRUSTTL	(0.003)	(0.003)	(0.001)	(0.005)
TONE	0.064	0.039	0.017	0.118
TONE	(0.102)	(0.109)	(0.037)	(0.208)
TONE × TRUSTTL	0.020***	0.014*	0.006***	0.023*
TONE × TRUSTTL	(0.006)	(0.007)	(0.002)	(0.013)
C and CONTROLES	YES	YES	YES	YES
YEAR_FE	YES	YES	YES	YES
IND_FE	YES	YES	YES	YES
Obs	1,976	1,976	1,976	1,976
R²	0.590	0.497	0.484	0.454
Adj R²	0.578	0.482	0.469	0.438
F	49.14***	33.68***	31.97***	28.39***

Variables	DEVIATION1	DEVIATION1	DEVIATION1	DEVIATION1
TRUSTTL	−0.012***	−0.009***	−0.004***	−0.014**
TRUSTTL	(0.003)	(0.003)	(0.001)	(0.005)
TONE	0.064	0.039	0.017	0.118
TONE	(0.102)	(0.109)	(0.037)	(0.208)
TONE × TRUSTTL	0.020***	0.014*	0.006***	0.023*
TONE × TRUSTTL	(0.006)	(0.007)	(0.002)	(0.013)
C and CONTROLES	YES	YES	YES	YES
YEAR_FE	YES	YES	YES	YES
IND_FE	YES	YES	YES	YES
Obs	1,976	1,976	1,976	1,976
R²	0.590	0.497	0.484	0.454
Adj R²	0.578	0.482	0.469	0.438
F	49.14***	33.68***	31.97***	28.39***

Note(s): This table examines how the tone, calculated as the ratio of positive to negative words, interacts with trust language to affect information transparency. It includes interaction terms (TONE × TRUSTTL) to evaluate how the sentiment conveyed in disclosures influences the effectiveness of trust language in enhancing transparency. Standard errors in parentheses. All variables are defined in Appendix B. *p < 0.10, **p < 0.05, and ***p < 0.01

Source(s): Authors’ own work

[ViewLarge]

Sharing Unavailable