The purpose of this study is to apply a combination of sentiment mining techniques and a sustainability balanced scorecard to CEO messages in sustainability management reports to predict corporate financial ratios. We classify the contents of CEO messages into the six perspectives suggested by the sustainability balanced scorecard (SBSC). From the sentiment mining results, we first document that positive words dominate CEO messages in sustainability management reports. Moreover, words related to the sustainability perspective do not generally exhibit a significant relationship with financial ratios. This finding indicates that CEOs’ messages in sustainability management reports seemingly fail to properly represent the firms’ current financial status. Therefore, the results indicate that a stronger supervisory standard may be required to induce CEO disclosures that are more responsible for sustainable management reports.

Despite the general agreement that a firm embodies its own culture, there is still a lack of empirical research on how a firm’s culture affects its value. Another caveat on previous studies is that they implicitly assume that a firm’s culture does not vary over time. In this paper, we examine the following two questions to address this lack: (1) Does a firm’s culture affect the firm’s value? (2) If a firm’s culture varies at different life cycle stages, do these changes have an impact on firm value? By using a competing values framework, we identify four types of corporate culture—adhocracy, market, clan, and hierarchy—and use life cycle stages to proxy for changes in a firm’s environment. The results reveal that adhocracy culture has a positive effect on a firm’s value. In contrast, we find a negative association between hierarchy culture and a firm’s value. This can be interpreted as the features of adhocracy culture, which gives autonomy to its members (flexible and discretion) and keeps challenging a firm to grow (external focus and differentiation), positively impacting firm value more than the other cultures. Furthermore, at a growth stage in which a firm faces dynamic environmental changes, both adhocracy and clan cultures have an incrementally positive effect on firm value. This implies that firms in mature or decline stages lose dynamic changes in their operational environment, therefore, the effect of culture on firm value is restricted in those stages.

(1) Background: The Chief Executive Officer’s (CEO’s) message on a hospital’s homepage on the Internet contains various components, such as the hospital’s future vision, promises to customers, availability of upgraded services and public activities. This statement usually includes non-financial information as well as financial information about the corporate entity owning/operating the hospital. In addition, it provides useful information about not only the company’s goals and vision, but also firm performance targets and strategies for the future. This study aims to investigate associations between the CEO’s message and the financial status of the institution. We used the balanced scorecard framework to analyze what content on the hospital’s homepage is related to the hospital’s various financial ratios. (2) Methods: We adopted a text-mining method to extract significantly repeated keywords from the CEO’s message on the hospital’s website. Then, we classified these keywords using a balanced scorecard approach. To examine the relationship between keywords in the CEO’s message and the hospital’s financial ratios, a t-test was conducted for the difference in the term frequency divided by inverse document frequency (TF-IDF) mean of the home page contents and its relationship with the views of the balanced scorecard framework. (3) Results: According to our empirical results on 65 samples collected from local hospitals, there are some significant relationships between the qualitative content of the hospital’s homepage and the quantitative financial ratios that indicate profitability, activity, leverage, liquidity, and accumulating reserves for proper business purposes. (4) Conclusions: The introduction section of a homepage is the part most accessible to customers, containing the aims and ideals of the hospital and reflecting the institution’s values and visions. In addition, in the coverage of financial status, the organization can either emphasize financial strength or focus on other areas to divert attention from any weakness shown in the financial information. This study reminds us of the importance of the hospital website’s disclosure, and what can be inferred from the financial status of the hospital. It also highlights the need for reconciliation and harmony between the quantitative data, financial statements, and qualitative data in the CEO’s message. (5) Implications: To the best of our knowledge, this paper is the first research attempting to investigate the relationship between text on the hospital’s homepage and the hospital’s financial ratios using text-mining techniques and the balanced scorecard framework. Hospitals play a crucial role in a country’s welfare and healthcare industry. Nevertheless, in many countries, hospital organizations tend to remain a source of critical fiscal deficits due to ineffective and sloppy management. We expect that the result of this paper can provide hospital managers with useful information to address that situation.

(1) Background: The CEO message of hospital homepage contain various contents such as the hospital's future vision, promises with customers, upgraded services and public activities. The CEO’s message of the homepage includes non-financial information as well as financial information of corporates. Also, it provides useful information for not only company's goals and vision but also firm performance and strategies for the future. This study aims to investigate associations between CEO’s message of hospitals homepages and financial status. We used the balanced scorecard frame to analyze what content on the hospital's homepage is related to the hospital's various financial ratios. (2) Methods: We adopt a text mining method to extract significantly repeated keywords from the CEO’s message of hospital website. And we classify these keywords by a balanced scorecard frame. To examine the relationship between keywords of CEO’s message of the hospital homepage and hospital’s financial ratio, T-test is conducted for the difference in the TF-IDF (Term Frequency is Divided by Inverse Document Frequency) mean of the home page contents and its relationship with the views of the balanced scorecard framework. (3) Results: According to empirical results on 65 samples collected from local hospitals, there are some significant relationship between the qualitative content of the hospital's homepage and the quantitative financial ratio that indicates profitability, activity, leverage, liquidity, and transfer to essential business fund (EBF) income. (4) Conclusions: The introduction section of a homepage is most accessible to customers, containing the aims and ideals of hospitals and reflecting their values and visions [1]. In addition, in view of financial status, they can either emphasize financial strength or focus on other areas to mask weakness of financial information. This study reminds us of the importance of hospital website’s disclosure, and it can be inferred from the financial status of the hospital. It also highlights the need for harmonization between quantitative data, financial statements, and qualitative data, CEO’s messages. (5) Implications: To our best knowledge, this paper is the first research attempting to investigate the relation between text of hospital homepage and financial ratio of hospital through text mining technique and balanced scorecard frame. Hospitals take a crucial part in a country’s welfare and healthcare backbone industry. Nevertheless, in many countries, hospital organization sectors tend to remain a source of critical fiscal deficits due to its ineffective and sloppy management. We expect that the result of this paper can provide hospital managers to useful information.