The use of managerial tone in corporate disclosure: a literature review in accounting and finance

Ning, J., Tao, L. ORCID: https://orcid.org/0000-0002-5182-1891, Mi, B. ORCID: https://orcid.org/0000-0002-5063-8673 and Zhang, L. (2025) The use of managerial tone in corporate disclosure: a literature review in accounting and finance. Journal of Accounting Literature. ISSN 2452-1469 doi: 10.1108/JAL-07-2024-0150 (In Press)

Abstract/Summary

Purpose This review aims to explore the evolving landscape of managerial tone in corporate disclosure by addressing three points: (1) research development, tracking its growth; (2) focus and critique, assessing key themes and limitations, and (3) future directions, synthesizing roles, determinants and application of managerial tone while proposing future research areas. Design/methodology/approach A structured literature review (SLR) is employed, using an analytical framework with 8 classification criteria to evaluate 163 studies from the past 15 years. Findings In total, 37% of studies assess tone’s informational role and 33% examine its determinants, while fewer explore its persuasive role, manipulation, or consequences. Most focus on the US, with others covering the UK, China and international markets. Traditional media like SEC filings, conference calls, press releases and annual reports dominate, though studies on ESG reports, social media, and IPO roadshows are rising. Originality/value This review offers the most up-to-date assessment of managerial tone research, incorporating 78 new papers since 2022 – nearly half the sample. It extends prior reviews through a structured analytical framework with eight comprehensive criteria, enabling systematic evaluation of tone across disclosure media, regulatory environments and research methodologies. It also broadens the scope beyond tone measurement to analyse tone’s roles, research themes, disclosure contexts and theoretical foundations.

Item Type	Article
URI	https://centaur.reading.ac.uk/id/eprint/124000
Identification Number/DOI	10.1108/JAL-07-2024-0150
Refereed	Yes
Divisions	Henley Business School > Finance and Accounting
Publisher	Emerald
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