Attention to COVID-19 : A content analysis study of Swedish interim reports

Abstract: The purpose of this study was to examine the attention to the COVID-19 pandemic displayed by top-level management in companies listed on Nasdaq OMX Stockholm Large Cap, and how this aforementioned attention was affected by the board size and board gender diversity of respective company. To accomplish this, a content analysis on a word-by-word level was conducted of all interim reports produced in 2020 by each company, and data regarding the board size and board gender diversity was gathered, for each company. The frequency with which each company mentioned select keywords concerning the COVID-19 pandemic was measured and then used as a comparative measure of the attention to the COVID-19 pandemic. In order to determine the magnitude of the impact of the independent variables a control variable, firm size, was introduced and linear fits were constructed of various combinations of variables. The resulting fits all clearly displayed an absence of correlation between either board size or board gender diversity and the attention paid to the COVID-19 pandemic by top-level management in large Swedish companies. Hence, this study suggests that there is no increase in board activity regarding daily operations in large Swedish companies during crises.