Intra-variability in presidents’ letters: location obfuscation in times of crisis?

Purpose This study analyzes whether/how managers systematically place information in different locations of presidents' letters. Design/methodology/approach The paper examines the intra-document variability (each president's letter is divided into three parts: first, middle, and final) in syntactical complexity and attributions between two extremely different periods, determined by the global financial crisis. In a supplementary analysis, pre and post COVID-19 pandemic years are also analyzed. The setting is a civil-law country, Spain. Findings The results show that, in line with the obfuscation hypothesis, managers are more prone to using intra-variability in attributions, rather than in syntactical complexity. Financial Services and Real Estate is the sector whose intra-variability in attributions could be most clearly interpreted in line with the obfuscation hypothesis. Originality/value Previous research has not paid much attention to the location of news in the accounting documents. However, the placement of information within disclosure(s) is (often) deliberate and can be done for misleading purposes.