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On “true” portraits of Letters to Shareholders – and the importance of phraseological analysis

image of On “true” portraits of Letters to Shareholders – and the importance of phraseological analysis

The purpose of the present paper is primarily methodological. It provides evidence that a research question investigated in a corpus can produce different results according to the software adopted, queries the comparability of the results, and shows that the whole picture is more than one piece of software can reveal. The field of research is a corpus of Letters to Shareholders referring to 2008, the year the current financial crisis began, compared to identically constructed corpora from the same companies, referring to 2006 and 2010. The paper argues that the macro analysis of key words and key semantic domains needs to be complemented by close phraseological analyses, since it is in the phraseology of the texts that the nuances of a message are to be found.

References

  1. Amernic, J. , Craig, R. & Tourish, D
    2007 “The transformational leader as pedagogue, physician, architect, commander, and saint: Five root metaphors in Jack Welch’s letters to stockholders of General Electric”. Human Relations, 60 (12), 1839–1872. doi: 10.1177/0018726707084916
     https://doi.org/10.1177/0018726707084916 [Google Scholar]
  2. 2010 Measuring and Assessing Tone at the Top Using Annual Report CEO Letters. Edinburgh: The Institute of Chartered Accountants of Scotland.
     [Google Scholar]
  3. Berber Sardinha, T
    2000 “Comparing corpora with WordSmith Tools: How large must the reference corpus be?”. In A.Kilgariff & T.Berber Sardinha (Eds.), Proceedings of the Workshop on Comparing Corpora. The Association for Computational Linguistics , 7–13. doi: 10.3115/1117729.1117731
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  4. Cheng, W. , Greaves, C. & Warren, M
    2006 “From n-gram to skipgram to concgram”. International Journal of Corpus Linguistics, 11 (4), 411–433. doi: 10.1075/ijcl.11.4.04che
     https://doi.org/10.1075/ijcl.11.4.04che [Google Scholar]
  5. Clatworthy, M. & Jones, M.J
    2001 “The effect of thematic structure on the variability of annual report readability”. Accounting, Auditing and Accountability Journal, 14 (3), 311–326. doi: 10.1108/09513570110399890
     https://doi.org/10.1108/09513570110399890 [Google Scholar]
  6. 2003 “Financial reporting of good news and bad news: Evidence from accounting narratives”. Accounting and Business Research, 33 (3), 171–185. doi: 10.1080/00014788.2003.9729645
     https://doi.org/10.1080/00014788.2003.9729645 [Google Scholar]
  7. D’Aveni, R.A. & McMillan, I.C
    1990 “Crisis and the content of managerial communications: 
A study of the focus of attention of top managers in surviving and failing firms”. Administrative Science Quarterly, 35 (4), 634–657. doi: 10.2307/2393512
     https://doi.org/10.2307/2393512 [Google Scholar]
  8. Feldman, R. , Govindaraj, S. , Livnat, J. & Segal, B
    2010 “Management’s tone change, post earnings announcement drift and accruals”. Review of Accounting Studies, 15 (4), 915–953. doi: 10.1007/s11142‑009‑9111‑x
     https://doi.org/10.1007/s11142-009-9111-x [Google Scholar]
  9. Garzone, G
    2004 “Annual company reports and CEO’s letters: Discoursal features and cultural markedness”. In C.Candlin & M.Gotti (Eds.), Intercultural Aspects of Specialized Communication. Bern: Peter Lang, 311–342.
     [Google Scholar]
  10. 2005 “Discorso e dinamiche linguistiche nella comunicazione professionale. Il caso delle Lettere agli Azionisti”. In G.Bellini , L.Merlini & S.Vecchiato (Eds.), Pablo Neruda in Bocconi. Uno sguardo alle lingue professionali. Milano: Egea, 121–136.
     [Google Scholar]
  11. Granger, S. & Rayson, P
    1998 “Automatic profiling of learner texts”. In S.Granger (Ed.), Learner English on Computer. London: Longman, 119–131.
     [Google Scholar]
  12. Greaves, C
    2009 ConcGram 1.0. A Phraseological Search Engine. Amsterdam: John Benjamins.
     [Google Scholar]
  13. Hart, R.P
    2000 DICTION 5.0. User Manual. Austin, TX: Digitext Inc.
     [Google Scholar]
  14. 2001 “Redeveloping DICTION: Theoretical considerations”. In M.D.West (Ed.), Theory, Method, and Practice of Computer Content Analysis. Westport, CT: Greenwood Publishing Group, 43–60.
     [Google Scholar]
  15. Hunston, S
    2002 Corpora in Applied Linguistics. Cambridge: Cambridge University Press. doi: 10.1017/CBO9781139524773
     https://doi.org/10.1017/CBO9781139524773 [Google Scholar]
  16. Hyland, K
    1998 “Exploring corporate rhetoric: Metadiscourse in the CEO’s letter”. Journal of Business Communication, 35 (2), 224–244. doi: 10.1177/002194369803500203
     https://doi.org/10.1177/002194369803500203 [Google Scholar]
  17. Malavasi, D
    2007 “Lexical analysis of implicit promotional devices in Bank Annual Reports”. ILCEA, 9, 171–184. Available at: ilcea.revues.org/index724.html (accessedDecember 2012).
     [Google Scholar]
  18. Merkl-Davies, D.M. & Brennan, N.M
    2007 “Discretionary disclosure strategies in corporate narratives: Incremental information or impression management?”. Journal of Accounting Literature, 26, 116–194.
     [Google Scholar]
  19. Piotti, S
    2009 Exploring Corporate Rhetoric in English. Hedging in Company Annual Reports. 
A Corpus-assisted Analysis. Milan: Educatt.
     [Google Scholar]
  20. Poncini, G. & Hiris, L
    2007 “When (un)ethical behaviour is an issue for the industry: An examination of CEO letters of securities brokerage firms”. In G.Garzone & S.Sarangi (Eds.), Discourse, Ideology and Specialized Communication. Bern: Peter Lang, 207–232.
     [Google Scholar]
  21. Rayson, P
    2008 “From key words to key semantic domains”. International Journal of Corpus Linguistics, 13 (4), 519–549. doi: 10.1075/ijcl.13.4.06ray
     https://doi.org/10.1075/ijcl.13.4.06ray [Google Scholar]
  22. RaysonP. , Berridge, D. & Francis, B
    2004 “Extending the Cochran rule for the comparison of word frequencies between corpora”. In G.Purnelle , C.Fairon & A.Dister (Eds.), Le poids des mots: Proceedings of the 7th International Conference on Statistical Analysis of Textual Data (JADT 2004), VOLUME II, Louvain-la-Neuve, Belgium, March 10–12, 2004. Louvain-la-Neuve: Presses Universitaires de Louvain, 926–936.
     [Google Scholar]
  23. Scott, M
    2008 WordSmith Tools Version 5. Liverpool: Lexical Analysis Software.
     [Google Scholar]
  24. Short, J.C. & Palmer, T.B
    2008 “The application of DICTION to content analysis research in strategic management”. Organizational Research Methods, 11 (4), 727–752. doi: 10.1177/1094428107304534
     https://doi.org/10.1177/1094428107304534 [Google Scholar]
  25. Stubbs, M
    2010 “Three concepts of keywords and three problems for research”. In M.Scott & M.Bondi (Eds.), Keyness in Texts. Amsterdam: John Benjamins, 21–42. doi: 10.1075/scl.41.03stu
     https://doi.org/10.1075/scl.41.03stu [Google Scholar]
  26. Yuthas, K. , Rogers, R. & Dillard, J.F
    2002 “Communicative action and corporate annual reports”. Journal of Business Ethics, 41 (1), 141–157. doi: 10.1023/A:1021314626311
     https://doi.org/10.1023/A:1021314626311 [Google Scholar]

References

  1. Amernic, J. , Craig, R. & Tourish, D
    2007 “The transformational leader as pedagogue, physician, architect, commander, and saint: Five root metaphors in Jack Welch’s letters to stockholders of General Electric”. Human Relations, 60 (12), 1839–1872. doi: 10.1177/0018726707084916
     https://doi.org/10.1177/0018726707084916 [Google Scholar]
  2. 2010 Measuring and Assessing Tone at the Top Using Annual Report CEO Letters. Edinburgh: The Institute of Chartered Accountants of Scotland.
     [Google Scholar]
  3. Berber Sardinha, T
    2000 “Comparing corpora with WordSmith Tools: How large must the reference corpus be?”. In A.Kilgariff & T.Berber Sardinha (Eds.), Proceedings of the Workshop on Comparing Corpora. The Association for Computational Linguistics , 7–13. doi: 10.3115/1117729.1117731
     https://doi.org/10.3115/1117729.1117731 [Google Scholar]
  4. Cheng, W. , Greaves, C. & Warren, M
    2006 “From n-gram to skipgram to concgram”. International Journal of Corpus Linguistics, 11 (4), 411–433. doi: 10.1075/ijcl.11.4.04che
     https://doi.org/10.1075/ijcl.11.4.04che [Google Scholar]
  5. Clatworthy, M. & Jones, M.J
    2001 “The effect of thematic structure on the variability of annual report readability”. Accounting, Auditing and Accountability Journal, 14 (3), 311–326. doi: 10.1108/09513570110399890
     https://doi.org/10.1108/09513570110399890 [Google Scholar]
  6. 2003 “Financial reporting of good news and bad news: Evidence from accounting narratives”. Accounting and Business Research, 33 (3), 171–185. doi: 10.1080/00014788.2003.9729645
     https://doi.org/10.1080/00014788.2003.9729645 [Google Scholar]
  7. D’Aveni, R.A. & McMillan, I.C
    1990 “Crisis and the content of managerial communications: 
A study of the focus of attention of top managers in surviving and failing firms”. Administrative Science Quarterly, 35 (4), 634–657. doi: 10.2307/2393512
     https://doi.org/10.2307/2393512 [Google Scholar]
  8. Feldman, R. , Govindaraj, S. , Livnat, J. & Segal, B
    2010 “Management’s tone change, post earnings announcement drift and accruals”. Review of Accounting Studies, 15 (4), 915–953. doi: 10.1007/s11142‑009‑9111‑x
     https://doi.org/10.1007/s11142-009-9111-x [Google Scholar]
  9. Garzone, G
    2004 “Annual company reports and CEO’s letters: Discoursal features and cultural markedness”. In C.Candlin & M.Gotti (Eds.), Intercultural Aspects of Specialized Communication. Bern: Peter Lang, 311–342.
     [Google Scholar]
  10. 2005 “Discorso e dinamiche linguistiche nella comunicazione professionale. Il caso delle Lettere agli Azionisti”. In G.Bellini , L.Merlini & S.Vecchiato (Eds.), Pablo Neruda in Bocconi. Uno sguardo alle lingue professionali. Milano: Egea, 121–136.
     [Google Scholar]
  11. Granger, S. & Rayson, P
    1998 “Automatic profiling of learner texts”. In S.Granger (Ed.), Learner English on Computer. London: Longman, 119–131.
     [Google Scholar]
  12. Greaves, C
    2009 ConcGram 1.0. A Phraseological Search Engine. Amsterdam: John Benjamins.
     [Google Scholar]
  13. Hart, R.P
    2000 DICTION 5.0. User Manual. Austin, TX: Digitext Inc.
     [Google Scholar]
  14. 2001 “Redeveloping DICTION: Theoretical considerations”. In M.D.West (Ed.), Theory, Method, and Practice of Computer Content Analysis. Westport, CT: Greenwood Publishing Group, 43–60.
     [Google Scholar]
  15. Hunston, S
    2002 Corpora in Applied Linguistics. Cambridge: Cambridge University Press. doi: 10.1017/CBO9781139524773
     https://doi.org/10.1017/CBO9781139524773 [Google Scholar]
  16. Hyland, K
    1998 “Exploring corporate rhetoric: Metadiscourse in the CEO’s letter”. Journal of Business Communication, 35 (2), 224–244. doi: 10.1177/002194369803500203
     https://doi.org/10.1177/002194369803500203 [Google Scholar]
  17. Malavasi, D
    2007 “Lexical analysis of implicit promotional devices in Bank Annual Reports”. ILCEA, 9, 171–184. Available at: ilcea.revues.org/index724.html (accessedDecember 2012).
     [Google Scholar]
  18. Merkl-Davies, D.M. & Brennan, N.M
    2007 “Discretionary disclosure strategies in corporate narratives: Incremental information or impression management?”. Journal of Accounting Literature, 26, 116–194.
     [Google Scholar]
  19. Piotti, S
    2009 Exploring Corporate Rhetoric in English. Hedging in Company Annual Reports. 
A Corpus-assisted Analysis. Milan: Educatt.
     [Google Scholar]
  20. Poncini, G. & Hiris, L
    2007 “When (un)ethical behaviour is an issue for the industry: An examination of CEO letters of securities brokerage firms”. In G.Garzone & S.Sarangi (Eds.), Discourse, Ideology and Specialized Communication. Bern: Peter Lang, 207–232.
     [Google Scholar]
  21. Rayson, P
    2008 “From key words to key semantic domains”. International Journal of Corpus Linguistics, 13 (4), 519–549. doi: 10.1075/ijcl.13.4.06ray
     https://doi.org/10.1075/ijcl.13.4.06ray [Google Scholar]
  22. RaysonP. , Berridge, D. & Francis, B
    2004 “Extending the Cochran rule for the comparison of word frequencies between corpora”. In G.Purnelle , C.Fairon & A.Dister (Eds.), Le poids des mots: Proceedings of the 7th International Conference on Statistical Analysis of Textual Data (JADT 2004), VOLUME II, Louvain-la-Neuve, Belgium, March 10–12, 2004. Louvain-la-Neuve: Presses Universitaires de Louvain, 926–936.
     [Google Scholar]
  23. Scott, M
    2008 WordSmith Tools Version 5. Liverpool: Lexical Analysis Software.
     [Google Scholar]
  24. Short, J.C. & Palmer, T.B
    2008 “The application of DICTION to content analysis research in strategic management”. Organizational Research Methods, 11 (4), 727–752. doi: 10.1177/1094428107304534
     https://doi.org/10.1177/1094428107304534 [Google Scholar]
  25. Stubbs, M
    2010 “Three concepts of keywords and three problems for research”. In M.Scott & M.Bondi (Eds.), Keyness in Texts. Amsterdam: John Benjamins, 21–42. doi: 10.1075/scl.41.03stu
     https://doi.org/10.1075/scl.41.03stu [Google Scholar]
  26. Yuthas, K. , Rogers, R. & Dillard, J.F
    2002 “Communicative action and corporate annual reports”. Journal of Business Ethics, 41 (1), 141–157. doi: 10.1023/A:1021314626311
     https://doi.org/10.1023/A:1021314626311 [Google Scholar]

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