Decoding Entrepreneurial Orientation from Chairman’s Letter: A Study of Indian Corporates

Abstract

Qualitative information of the annual reports provide unique and useful information about the 1rganizat. Chairman’s letter, which is one of voluntary and qualitative sections of the annual reports,has beentaken for the study. Short et al. wordlist was used to quantify entrepreneurial orientation of the Chairman’s letter. Based on the one year market performance of Nifty 500 companies, the top and least 50 companies were selected as the sample. The study focuses to see the difference of entrepreneurial orientation between the top and least 50 companies and to see whether an association between entrepreneurial orientation and firm performance exists. Data for the study were collected from the Bloomberg database. The CATA software CAT scanner, and statistical software SPSS were used for analysis. Analysis showed that only the innovativeness score of top performing companies was significantly different from least performing companies