Does corporate culture shape “Tone at the Top”? Evidence from earnings calls

Man Dang, Premkanth Puwanenthiren, Edward Jones, Nguyen Bui, Thuy Dung Le

Research output: Contribution to journalArticlepeer-review


This study investigates how corporate culture affects the tone of managerial communications. Using data from earnings calls of U.S.-listed firms over 2001-2021, we find firms with strong culture values characterized by innovation, integrity, quality, respect, and teamwork experience more positive tone. Our findings remain unchanged after addressing endogeneity and the use of entropy balancing approach. Further, the culture-tone relationship is more pronounced in weak information and governance environments. Overall, this study provides insights on the benefits of promoting a strong corporate culture.
Original languageEnglish
Article number104698
JournalFinance Research Letters
Early online date9 Nov 2023
Publication statusPublished - Jan 2024


  • Corporate culture
  • Earnings calls
  • Earnings quality
  • Information and governance environments
  • Machine learning
  • Management tone

ASJC Scopus subject areas

  • Finance


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