Abstract：Taking the A-share listed companies in China from 2010 to 2021 as the research sample, this study explores the influence of online public opinion on the tone management behavior of management discussion and analysis. The results show a significant positive correlation between investors’ online public opinion attention and tone management behavior of management’s discussion and analysis. The relationship between the two conforms to the market pressure hypothesis rather than the effective supervision hypothesis. It is further found that when enterprises are faced with less room for earnings management manipulation, more pressure on corporate performance, and more need for image management, the more serious the behavior of enterprises catering to network public opinion through tone management is. Tone management behavior can improve the stock price crash risk and reduce the value of the enterprise. However, superb internal control quality and institutional investors’ shareholding can ease the management’s behavior of catering to investors’ concerns through tone manipulation.
张玉明，张馨月，李双. 投资者网络舆论关注对MD&A语调操纵的影响研究[J]. 管理学报, 2024, 21(3): 454-.
ZHANG Yuming，ZHANG Xinyue，LI Shuang. Research on the Influence of Internet Public Opinion Concerns of Investors on MD&A Tone Management. Chinese Journal of Management, 2024, 21(3): 454-.
