Transcripts
Earnings calls provide an opportunity to present a company’s financial results, but they are also used to sell investors on the company’s future success. When and how frequently marketing is referenced during earnings calls remains an open question. We develop a marketing term dictionary to use for text analysis within financial contexts. Employing this dictionary, we conduct a text analysis of over 130,000 earnings call transcripts from 2001-2020, exploring how frequently marketing terms are used, the underlying sentiment that accompanies marketing term usage, and how marketing terms relate to objective company performance metrics such as earnings per share (EPS). We demonstrate that in general, marketing terms are positively associated with positive sentiment, inversely associated with negative sentiment, and positively associated with higher firm performance, with stronger effects for consumer focused and marketing-centric companies.
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