The impact of COVID-19 has made it difficult to hold briefings on financial results and shareholder meetings in person. Consequently, an increasing number of companies are using online conferences. In Japan, there is an initiative called "Net Conference", which originated as a teleconference (conference call) to hold meetings such as financial results briefings over the Internet. A net conference is a place for managers to present to stakeholders their company's performance and situation; however, it is also a place for communication between managers and participants. It serves as a platform for managers to communicate their company's performance and engage with stakeholders including shareholders, investors, and analysts. 

There are two types of communication in a net conference: verbal and nonverbal. Nonverbal communication consists of visual information such as facial expressions, gestures, body language, and auditory information such as voice pitch and intensity.

Following the procedures of previous studies, this study focuses on the nonverbal communication of executives in Japanese companies during net conferences, specifically examining vocal characteristics (voice pitch and volume). This study aims to elucidate the relationship between vocal characteristics and business performance.

The analysis revealed that the fundamental   frequency   had   a   statistically significant negative coefficient   （β = -.21,  p < .05） on ROE. The value of the partial regression coefficient for fundamental frequency is negative, indicating that managers with a lower voice have a higher ROE.