Title: Sentiment shifts: sentiment analysis of annual reports during key economic and political periods

Authors: Lívia Kelebercová; Michal Munk; Anna Pilková; Karol Bližnák

Addresses: Constantine the Philosopher University in Nitra, Tr. A. Hlinku 1, SK 94901 Nitra, Slovakia ' Constantine the Philosopher University in Nitra, Tr. A. Hlinku 1, SK 94901 Nitra, Slovakia; Faculty of Economics and Administration, Science and Research Centre, University of Pardubice, Studentska 84, 53210, Pardubice, Czech Republic ' Comenius University in Bratislava, Odbojárov 10, SK 82005 Bratislava, Slovakia ' Comenius University in Bratislava, Odbojárov 10, SK 82005 Bratislava, Slovakia

Abstract: Annual reports are important in globalised economies as they are serving as tools for communication between banks and their stakeholders, including shareholders/investors, analysts, regulators/government agencies, other financial institutions, employees, and business partners. This study utilises sentiment analysis to examine shifts in sentiment within Slovak annual reports across key periods: pre-financial crisis, financial crisis, post-financial crisis, post-revision of the third pillar, COVID-19 pandemic, and the energy crisis/war in Ukraine. Results reveal notable patterns, with the global financial crisis being the most turbulent period, marked by a higher ratio of negative sentences. In contrast, the Post-Pillar 3 revision period exhibits stability, featuring the highest ratio of neutral sentences. This research contributes valuable insights into corporate sentiment dynamics during challenging times, shedding light on how companies navigate uncertainty and present narratives in annual reports, influencing stakeholder perceptions and potentially signalling future corporate decisions and strategies.

Keywords: machine learning; sentiment analysis; annual reports.

DOI: 10.1504/IJSTM.2025.149171

International Journal of Services Technology and Management, 2025 Vol.30 No.2/3, pp.166 - 181

Received: 20 Dec 2023
Accepted: 05 Jun 2024
Published online: 16 Oct 2025 *

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