From Human to Machine: Evidence that Brazilian Investors Attribute Equal Importance to Analysts and Artificial Intelligence

Abstract

Corporate disclosure through earnings calls is a crucial channel for financial communication that enables stakeholders to evaluate corporate strategies. However, current methods for assessing disclosure are outdated or focused too much on sustainability, often overlooking financial transparency. This study introduces a novel, optimised scale designed to bridge this gap by encompassing the responsibilities of a company to various stakeholders. The scale development process, grounded in a conceptual framework and exploratory factor analysis, used data from 74 investors and analysts in Brazil. The findings reveal a refined three-dimensional structure for evaluating earnings calls, incorporating Artificial Intelligence, Disclosure, and ESG. This scale contributes to advancing corporate disclosure research and improving communication practices. Additionally, the study reveals that Brazilian investor attribute equal importance to both analysts and artificial intelligence when making investment decisions through conference calls.

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