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Measuring value-based management using natural language processing
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DOI：10.1016/j.mar.2025.100946.png)
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Abstract
En 中文
We propose an alternative approach to quantifying a firm’s value-based management (VBM) sophistication. The approach uses natural language processing (NLP) and builds on a newly developed, customised dictionary. We describe the development of this dictionary and validate the resulting measure for a large sample of European listed firms (STOXX Europe 600 Index) using tests of internal consistency, construct validity, and relevant robustness checks. In doing so, we present a novel application of NLP in management accounting. We also contribute a customised, open-source dictionary for the measurement of VBM sophistication thereby creating opportunities for future research.
Keywords:
C88
D22
G32
L25
M10
M41
Textual analysis
Natural language processing
Validity
Value-based management
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