We examine whether the analysts can identify the managers’ tone management behavior conveyed through the management discussion and analysis section of corporate annual reports. We find that analysts can effectively identify the managers’ upward tone management behavior and lower their...

Standalone corporate social responsibility (CSR) reports vary considerably in the content of information released due to their voluntary nature. In this study, we develop a disclosure score based on the tone, readability, length, and the numerical and horizon content of CSR report narratives,...