Assessing Post-Reform Changes in Risk Disclosure Quality with a Multidimensional Text Analysis Approach
This study proposes a longitudinal text analysis framework combining Japanese-language NLP metric extraction with paired testing and shift function analysis to evaluate qualitative changes in corporate risk disclosures. Applied to Japan's 2019 disclosure reforms, the approach analyzes 19,770 firm-year observations over ten years to capture multidimensional dynamics often masked by single-indicator methods.