A literature review on earnings communication calls: information asymmetry, signaling, and research progress

Earnings communication conferences (ECCs) have emerged as a critical interactive platform for information dissemination in Chinas capital market, playing a pivotal role in mitigating information asymmetry between firms and investors. This paper conducts a systematic literature review of 15 key studies on ECCs published in top journals from 2020 to 2024, aiming to synthesize existing research and identify future directions. The review focuses on three core dimensions: the structure and functions of ECCs (with particular attention to the information-rich question-and-answer session), methodological approaches (including textual analysis of management tone, Q&A semantic similarity via BERT, and measurements of managerial traits (humor and narcissism), and theoretical frameworks (predominantly information asymmetry theory and signaling theory). Empirical findings highlight the impact of ECCs on market reactions, such as stock price dynamics and analysts forecast accuracy, as well as the influence of corporate characteristics (e.g., CSR performance) and managerial behaviors on communication quality. This review addresses the scarcity of comprehensive syntheses in extant literature, providing foundational insights for scholars exploring ECC-related topics and outlining avenues for future research.