Harsh Raj

PGPLSM/04/017

Research Question
In what ways do headlines from Indian business newspapers signal shifting priorities and
concerns across policy, market dynamics, and societal issues throughout the first half of
2019?

Introduction
Business newspaper headlines provide essential signals about stakeholder priorities, spanning
policy directives, market activity, and broader societal issues. This study explores how three
prominent Indian business newspapers—Business Today, Economic Times, and Business
Standard—construct narratives that reflect and shape economic and corporate landscapes.
Using computational methods, this research investigates:

1. Thematic patterns in headlines to reveal dominant themes across policy, market, and
social concerns.
2. Emotional undertones to understand how newspapers engage stakeholders such as
investors, policymakers, and the general public.
3. The alignment of media narratives with strategic management concepts, including
marketing, corporate strategy, and stakeholder engagement.

The aim is to blend media analysis with management insights, enhancing our understanding
of how headlines respond to economic, political, and social dynamics.

Justification for the Selected Period

The period from January to June 2019 marked a crucial phase for India due to converging
economic, political, and corporate developments:

1. Union Budget 2019: The budget announcement in February included essential fiscal,
infrastructural, and social provisions.
2. Corporate and Market Trends: Q1 and Q2 of 2019 saw substantial shifts in
corporate earnings, stock trends, and trade developments, shaping business journalism
narratives.
3. Policy and Societal Emphasis: GST stabilization efforts and rural policies
highlighted key societal priorities, making this period ideal for exploring media's
response to evolving stakeholder interests.

This six-month timeframe balances both policy and market events, making it well-suited for
analyzing headline patterns.

Results

1. Thematic Evolution Across Newspapers

Dominant Keywords
o January–February: Emphasis on "market," "policy," and "growth," with a
strong focus on fiscal directives in anticipation of the budget.
 o March–April: The headlines shifted towards "earnings," "corporate," and
"growth," reflecting heightened interest in business performance and corporate
strategy.
o May–June: Increased attention on "infrastructure," "consumer," and "finance,"
indicating a turn towards societal issues and individual economic
empowerment.
2. Emotional Trends
Polarity (Optimism vs. Neutrality)
o Business Today: Displayed notable fluctuations, with higher positivity in
February, declining gradually by May.
o Economic Times: Consistent, moderate optimism, balancing neutral reporting
with occasional interpretive tones.
o Business Standard: Maintained steady neutrality, showing minimal positive or
negative shifts.

Subjectivity (Interpretive vs. Factual)

o All three newspapers maintained moderate subjectivity, though Business

Standard leaned slightly more factual compared to others.
3. Correlation Analysis Between Themes and Sentiment

Variable 1 Variable 2 Correlation Coefficient (r) Significance

Polarity Growth 0.58 Moderate Positive
Polarity India 0.45 Weak Positive
Polarity Stocks 0.64 Strong Positive
Polarity Policy 0.49 Moderate Positive
Subjectivity Growth 0.43 Weak Positive
Subjectivity India 0.38 Weak Positive
Subjectivity Stocks 0.60 Moderate Positive
Subjectivity Policy 0.52 Moderate Positive

Key Observations

1. Strong Correlations
o Polarity and Stocks (r = 0.64): Indicates that positivity in reporting aligns
closely with stock market coverage.
o Subjectivity and Stocks (r = 0.60): Reflects that interpretive content is more
prevalent in stock market reporting.
2. Moderate Correlations
o Polarity and Growth (r = 0.58): Media positivity often aligns with growth-
related coverage.
o Subjectivity and Policy (r = 0.52): Editorial interpretations tend to be more
frequent in policy discussions.
3. Weaker Correlations
o Subjectivity and India (r = 0.38): Indicates more neutral reporting on broader
national themes.
Linking Findings to Management Concepts

1. Marketing
o Targeting Key Stakeholders: Headlines in early 2019 catered to policymakers
and investors, aligning with fiscal priorities and growth projections.
o Broadening Consumer Focus: By May and June, themes shifted toward
societal issues, reflecting a strategic shift to engage a wider audience.
2. Strategy
o Adapting Priorities: Thematic transitions mirrored corporate responses to
evolving external dynamics, such as GST stabilization and rural development
initiatives.
o Balancing Immediate and Long-Term Goals: Newspapers portrayed a
corporate emphasis on addressing immediate market needs and aligning with
policy-driven objectives.
3. Content as Product Development
o Tailoring Headlines: Variations in headline tone and complexity showed an
adaptive approach to different demographic needs, from investors to the
general public.
o Thematic Adaptability: Newspapers spotlighted evolving concerns like
infrastructure and consumer finance, aligning with shifting organizational
priorities.

Conclusion
This study demonstrates how Indian business headlines mirror dynamic stakeholder
priorities:

1. Thematic Evolution: From policy-heavy coverage in early 2019 to a broader societal

focus by mid-year, headline themes adapted to the nation’s shifting priorities.
2. Emotional Dynamics: Newspapers adjusted their tone to balance stakeholder
engagement, combining optimism with neutrality and varying levels of factual
reporting.
3. Management Insights: The findings align with concepts in marketing, strategy, and
content development, underscoring the media's role in shaping public discourse.

Further research could examine causal links between media narratives and stakeholder
behavior, deepening understanding of media’s influence on economic and corporate
strategies.
Economic Times
1. Introduction and Methodology

1.1 Study Context

This report analyzes Economic Times news titles from January to June 2019, using a monthly
dataset for linguistic and emotional trends:

• Sheet1: January 2019

• Sheet2: February 2019
• Sheet3: March 2019
• Sheet4: April 2019
• Sheet5: May 2019
• Sheet6: June 2019

The titles provide insights into evolving language, tone, and themes across this period.

1.2 Methodology
Tools: LIWC-22
Scope: A total of 48,750 titles and 492,880 words analyzed across six months.
Analysis Dimensions: Linguistic complexity (title length, word count), emotional tone, and
cognitive word usage.

1.3 Key Metrics Overview

Month Total Titles Total Words Avg Words per Title

January 8,523 88,320 10.36
February 7,702 80,987 10.51
March 7,842 82,098 10.47
April 7,205 76,539 10.61
May 8,422 89,575 10.63
June 8,056 85,361 10.59

2. Temporal Analysis of Core Metrics

2.1 Analytical Thinking and Complexity

Title length averages around 10.5 words across all months. Titles in May show a peak (10.63
words), signaling more descriptive content, while January has shorter titles (10.36 words),
indicating conciseness early in the year.
2.2 Emotional Tone Evolution
The tone analysis includes polarity and subjectivity:

Month Polarity Subjectivity

January 0.08 0.36
February 0.07 0.34
March 0.06 0.35
April 0.05 0.33
May 0.06 0.35
June 0.04 0.32

Key Observations:
Polarity decreases from 0.08 in January to 0.04 by June, suggesting a move from optimism to
a more neutral stance. Subjectivity also decreases, indicating a shift toward factual reporting
over interpretative commentary.

3. Linguistic Style and Complexity

3.1 Word Usage Patterns

Titles consistently use complex vocabulary, with big words (over six letters) averaging 27-
29%, indicating a professional tone.

• Articles: Averaging 0.73%, reflecting precision.

• Prepositions: Stable at 5.47%, contributing to sentence complexity.
• Conjunctions: Minimal, at around 0.32%, supporting a concise style.

3.2 Sentence Structure

Titles maintain a consistent structure, with prepositions and descriptive language increasing
in May and June, reflecting more detailed reporting.

4. Emotional Content Analysis

4.1 Positive and Negative Emotions

• Positive Polarity: Highest in January (0.08), with a steady decline, indicating reduced
optimism over the months.
• Negative Emotions: Remain low across all months, consistent with factual reporting.

4.2 Emotional Complexity

The tone is largely neutral, balancing positivity with objectivity and maintaining moderate
subjectivity.
5. Topical Focus and Evolution

5.1 Monthly Highlights

• January: Coverage on financial and industry updates.

• February: Predominantly focused on budget and policy themes.
• March: Highlights technology, global events, and reform updates.
• April: Focuses on corporate performance and government programs.
• May: Balanced reporting on business and societal themes like infrastructure and
telecom.
• June: Shifts to consumer-focused topics such as loans and market trends.

5.2 Trends
The focus shifts from policy-driven narratives in early months to more consumer-oriented
themes by June, reflecting audience interests.

6. Social and Cultural Dimensions

6.1 Collective vs. Individual Focus

Titles reflect a collective focus with minimal personal pronouns, emphasizing institutional
narratives over personal viewpoints.

6.2 Cultural Indicators

Headlines reflect global perspectives with a blend of financial, tech, and societal issues.

7. Implications and Insights

7.1 Editorial Trends

• Consistency in Linguistic Style: Titles maintain a professional tone.

• Emotional Moderation: A decrease in positivity from January to June shows a trend
towards neutral reporting.

7.2 Societal Implications

Headlines emphasize objective and professional content, aligning with audience expectations
and shifting to more analytical reporting over time.

8. Recommendations and Conclusions

8.1 Key Findings

• Titles exhibit high linguistic sophistication and professional tone.

• A gradual shift from positivity in January to neutrality in June.
• Themes move from policy focus to consumer-centric by mid-year.
8.2 Recommendations

• Maintain a balance between emotional and analytical tones to engage a diverse

audience.
• Simplify complex phrasing to enhance readability.
• Broaden societal coverage for greater relatability.

8.3 Conclusion
The report reveals a professional, emotionally moderate editorial strategy with evolving
themes. The shift in tone and complexity underscores media's adaptability to audience
expectations and societal trends.

Business Study

1. Introduction and Methodology

1.1 Study Context

This analysis covers news titles from January to June , drawn from six sheets (Sheet1
through Sheet6), with each sheet representing a specific month:

• Sheet1: January 2019

• Sheet2: February 2019
• Sheet3: March 2019
• Sheet4: April 2019
 • Sheet5: May 2019
• Sheet6: June 2019

1.2 Methodology
Tools: LIWC-22.
Scope: Analysis of 1,929 titles and 19,080 words across six months.
Dimensions Analyzed:

• Linguistic complexity (average title length)

• Emotional tone and sentiment
• Functional and cognitive word use

1.3 Key Metrics Overview

Month Total Titles Total Words Avg Words per Title

January 333 3,210 9.64
February 323 3,219 9.97
March 335 3,480 10.36
April 311 3,058 9.83
May 319 3,126 9.80
June 308 2,957 9.60

2. Analysis of Core Metrics

2.1 Linguistic Complexity

The average title length remains within 9–10 words.

• March shows the longest average (10.36 words).

• June reflects a trend toward brevity, with the shortest average (9.60 words).

2.2 Emotional Tone Trends

The emotional tone is assessed by polarity and subjectivity:

Month Polarity Subjectivity

January 0.09 0.41
February 0.08 0.36
March 0.06 0.35
April 0.07 0.33
May 0.07 0.36
June 0.05 0.32

January has the highest polarity, while both polarity and subjectivity show a slight decline,
indicating a trend toward neutral reporting by June.

3. Linguistic Style and Structure

3.1 Word Usage
Use of longer words (over 6 letters) averages 26%, suggesting a sophisticated editorial style.
Key word types:

• Articles: 0.74%, emphasizing conciseness.

• Prepositions: 5.52%, reflecting complexity.
• Conjunctions: 0.34%, supporting brief structuring.

3.2 Sentence Patterns

Titles emphasize conciseness with limited use of conjunctions and personal pronouns.
Prepositions indicate focused, detail-oriented phrasing.

4. Emotional Content

4.1 Positive vs. Negative Emotions

• January has the most positive tone (0.09 polarity).

• Positive sentiment decreases across the months, with June showing the lowest polarity
(0.05).

Negative emotions are minimal, reflecting objective reporting.

4.2 Emotional Complexity

Titles are moderately subjective, blending fact with interpretation without extreme
sentiments.

5. Thematic Focus

5.1 Monthly Topic Shifts

• January: Financial updates, e.g., IndiGo policy.

• February: Budget and policy themes.
• March: Shift to technology and global events.
• April: Corporate and governmental news.
• May: Business and societal topics.
• June: Consumer-oriented news, such as loans.

5.2 Thematic Trends

Content moves from policy to consumer themes, with a consistent focus on finance.

6. Social and Cultural Aspects

6.1 Focus
Minimal personal pronouns suggest a collective, institutional focus.

6.2 Cultural Context

Titles span finance, technology, and social topics, reflecting a globalized editorial approach.

7. Insights and Recommendations

7.1 Editorial Trends

• Linguistic Style: Professional and concise across months.

• Emotional Tone: A gradual shift toward neutrality.

7.2 Audience Alignment

The objective tone aligns with audience expectations for balanced reporting.

8.1 Summary
Titles are clear and sophisticated, moving from optimistic to neutral tones over time, with a
thematic shift from policy to consumer issues.
Business Standard
1. Introduction and Methodology

1.1 Study Context

This analysis examines news titles from January to June 2019, drawn from Business Standard
data, with each sheet representing a specific month:

• Sheet1: January 2019

• Sheet2: February 2019
• Sheet3: March 2019
• Sheet4: April 2019
• Sheet5: May 2019
• Sheet6: June 2019

1.2 Methodology
Tools: LIWC-22.
Scope: A total of 3,512 titles and 38,327 words analyzed across six months.
Dimensions Analyzed:

• Linguistic complexity (average title length)

• Emotional tone and sentiment
• Functional and cognitive word usage

1.3 Key Metrics Overview

Month Total Titles Total Words Avg Words per Title

January 618 6,073 9.83
February 558 6,238 11.12
March 587 6,478 11.04
April 571 6,229 10.91
May 590 6,283 10.65
June 589 6,413 10.88

2. Analysis of Core Metrics

2.1 Linguistic Complexity

The average title length remains around 10–11 words.

• February has the longest titles (11.12 words).

• January features shorter, concise titles averaging 9.83 words.

2.2 Emotional Tone Trends

The emotional tone is assessed by polarity and subjectivity:

Month Polarity Subjectivity

January 0.09 0.37
 Month Polarity Subjectivity
February 0.08 0.35
March 0.06 0.34
April 0.06 0.32
May 0.08 0.36
June 0.07 0.35

January has the highest positivity (0.09), while the tone trends toward neutrality by April.

3. Linguistic Style and Structure

3.1 Word Usage

Longer words (over 6 letters) make up around 26%, signifying a sophisticated style. Key
word types:

• Articles: 0.76%, emphasizing conciseness.

• Prepositions: 5.42%, enhancing sentence detail.
• Conjunctions: 0.32%, supporting brevity.

3.2 Sentence Patterns

Titles are moderately complex, especially in February and March, likely due to policy and
finance coverage.

4. Emotional Content

4.1 Positive vs. Negative Emotions

• January has the most positive tone (0.09).

• Positivity decreases by April, then stabilizes in later months.

Negative emotions remain minimal, in line with professional reporting.

4.2 Emotional Complexity

Titles maintain moderate subjectivity, balancing fact and interpretive content.

5. Thematic Focus

5.1 Monthly Topic Shifts

• January: Market trends, policy updates.

• February: Focus on budget and financial news.
• March: International news and technology.
• April: Corporate and economic policies.
• May: Consumer and societal issues.
• June: Broader economic news and market movements.

5.2 Thematic Trends

Themes evolve from policy to consumer-oriented content, with consistent corporate focus.
6. Social and Cultural Aspects

6.1 Focus
Personal pronouns are minimal, emphasizing collective perspectives.

6.2 Cultural Context

Titles cover financial, technological, and societal topics, showcasing global perspectives.

7. Insights and Recommendations

7.1 Editorial Trends

• Linguistic Style: Professional and consistent.

• Emotional Tone: A shift from positive to neutral tones over time.

7.2 Audience Alignment

A balanced, neutral tone reflects audience expectations for objective news.

8. Summary
Titles are professional and concise, showing an evolution from optimism to neutrality, with
topics shifting from policy to consumer themes.