The Positivity of Earnings Conference Calls’ Tone and Cost of Equity Capital: Empirical Evidence from FTSE All-Share Companies
Based on agency theory, this study examines the association between the optimistic tone of earnings conference calls and the cost of equity capital using an unbalanced panel of 342 non-financial FTSE All-Share companies (987 firm-year observations) over the period 2010–2024. Earnings conference call tone is measured us...