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The purpose of this research paper is to study attitudinal responses to the tone of a voluntary disclosure. It is known that tone can affect market response. Existing literature assumes that investors' attitudes mediate these effects, but these attitudinal mediators have not been directly measured. The authors are especially interested in cases where a firm is reporting poor financial results. The purpose is to trace the mechanism and conditions under which tone affects the credibility of a voluntary disclosure.

The authors conducted a 2 × 2 between-subjects study that manipulates financial performance (good/bad) and tone (positive/negative). The attitudinal dependent variable is the credibility of the management discussion, with persuasive intent as a mediator of the effects of tone on credibility.

In the case of bad financial results, a positive tone has a negative effect on credibility as the authors predict. This effect is fully mediated by perceived “persuasive intent”. In the case of good financial performance, credibility is higher when management adopts a positive tone, even though there, too, subjects perceive the persuasive intent.

The research paper establishes a bridge between the communications and finance literature on the effect of tone in voluntary disclosures. The empirical findings provide initial evidence and new detail regarding an attitudinal response (credibility) that the finance literature often assumes is responsible for mediating market responses to voluntary disclosures. One unexpected finding with interesting implications is that positive tone increases credibility in the case of good news. The implication is that a firm may indulge in taking a victory lap to celebrate good news, without harming the credibility of their corporate communications. Additional research is warranted that combines theory and methods from communications and finance, to further elaborate the attitudinal mechanisms behind the market effects of tone in voluntary disclosures.

At the most general level, the original contribution is the creation of a theoretical and methodological bridge between the communications and finance literature, regarding the effect of tone in voluntary disclosures. This research proposes an integrated theoretical framework, in which the concept of incentives shapes the relationships between the firm's financial situation, a disclosure's tone and its credibility. Methodologically, the authors employ an experimental method, which is more typical in the communications literature, to illuminate the attitudinal effects of tone that are frequently mentioned and assumed in the finance literature.

The purpose of the study is to reach an in-depth understanding of personalization and its components by developing a comprehensive definition of the concept in fashion. Moreover, it aims to clarify the open debate of the use of the terms personalization and customization.

The Delphi method was utilized for this study in order to collect the opinions of experts. This method is considered appropriate for reaching consensus among experts regarding a topic that is subject to debate.

The study provides a definition of personalization in fashion which is relevant in the current digital context, and it identifies the building components of the concept. By developing a definition of personalization, it also clarifies the meaning of customization in fashion and suggests a possible explanation for the use of the different terminologies among experts.

This study contributes to the personalization and customization debate by providing an expert perspective on the topics specific to the fashion industry and by offering insights into open debates that have limited its advancement. The definition represents an interesting theoretical contribution and offers avenues for further research. Moreover, it can be applied by fashion practitioners to guide the development of personalization strategies.