A systematic review of earnings conference calls as a means of voluntary disclosure in the capital market

Abstract

This article provides an overview of the research literature on conference calls as a means of voluntary disclosure. The systematic review encompasses the research, structuring and synthesizing of empirical studies that have used terms such as tone; conference calls; disclosure; analysts; managers and voluntary, to evaluate the recent development. In the literature on conference calls, both qualitative and quantitative empirical approaches are pointed out. In addition, there are studies on earnings management, information asymmetry and market reaction, which cover voluntary disclosure. Among the research results, it is worth highlighting the dissemination of articles that measure the tone variable, with the predominant use of the Loughran e McDonald (2011) dictionary. As the market reaction approach is used Cumulative Abnormal Return (CAR), which focuses primarily on examining the influence of the transcribed tone earnings conference calls on the stock market reaction.