Discourse in the Marketplace: The Making of Meaning in Annual Reports

This paper reviews linguistic structures in a series of management messages in the annual reports of Cross & Trecker, a machine tool manufacturer. The docu ments cover the years 1984-1988, which began with prosperity and ended with severe losses. An analysis of how the company communicated this information to its shareholders offers some insights into the motivation and priorities of the Cross & Trecker management. This analysis suggests that a company's public communications are more complex than has been thought.

Specific methodology used is based on systemic theory, developed by Halli day (1976, 1978, 1985a, 1985b) and others and employs the systems of transitivity (verb structures), thematic structure (subjects), context and cohesion, and condensations.

Verb structures show a predictable increase in passive constructions as the years pass and profits decrease. Regarding other verb structures, however, the results were more complex, including an increase in the use of verbs of "being." Combined with the analysis of thematic structures, which show an increase in nonhuman agents, and contextual features shown by cohesion and condensa tions, the conclusion is that, as the news becomes more negative, linguistic structures suggest a factual, "objective" situation caused by circumstances not attributable to any persons who might otherwise be thought responsible.