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The impact of managers’gender on the content of earnings press releases: A Topic Modeling Approach

Overal, Cyril
(2023)

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OVERAL_67521600_2023.pdf
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Details

Supervisors
Thewissen, James
Faculty
Louvain School of Management
Degree label
Master [120] en sciences de gestion, à finalité spécialisée
Abstract
In today's business landscape, the effectiveness of a manager is crucial for maximizing business performance and meeting investor expectations. Due to deeply rooted stereotypes influenced by sociocultural factors, the gender of a manager can impact not only their actions but also how they are perceived. The objective of this paper is to provide an analysis of how managers' gender influences the content of Earnings Press Releases (EPRs). To achieve this, we employed a Topic Modeling approach to quantify the gender impacts on EPRs content. Our study is based on a sample of 43,724 EPRs from July 2014 to January 2021. By examining the distribution of various identified topics, we explore whether male or female managers are more inclined to focus on financial topics versus diverse topics. Additionally, we investigate how the informational value of EPRs varies depending on the managers' gender. Our results, for the most part, challenge the stereotypes revealed in our literature review.