Speaking with one voice? Individual preferences and managers’ personal communication style

IF 2.2 3区管理学 Q2 BUSINESS, FINANCE

Journal of Business Finance & Accounting Pub Date : 2024-04-06 DOI:10.1111/jbfa.12792

Christoph J. Sextroh, Juliane Wutzler

引用次数: 0

Abstract

We examine whether and to what extent the personal communication of corporate information by individual managers is affected by their personal preferences for impression management. Using earnings conference calls as a setting in which to observe individual managers’ personal communication and controlling for firm-specific and manager-specific factors, we document that the communication style of managers who sell corporate stock shortly after the call is significantly more optimistic than that of the nonselling manager who participates in the same call. The effect is more pronounced in the less scripted and more flexible question and answer section and is more likely to emerge from Chief Financial Officer (CFO) than from Chief Executive Officer (CEO) communications. Taken together, our findings suggest that differences in individual communication styles are not only affected by personality and career backgrounds of individual managers but rather can also emerge from managers’ conscious or unconscious preferences for impression management.

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用一个声音说话？个人偏好和管理者的个人沟通风格

我们研究了经理个人的公司信息沟通是否以及在多大程度上受到其个人印象管理偏好的影响。我们将财报电话会议作为观察经理人个人沟通的一个环境，并控制了公司特定因素和经理人特定因素，结果发现，在电话会议后不久出售公司股票的经理人的沟通风格明显比参加同一电话会议的非出售经理人更乐观。这种效应在较少照本宣科、较灵活的问答部分更为明显，而且首席财务官（CFO）比首席执行官（CEO）的沟通更容易产生这种效应。综上所述，我们的研究结果表明，个人沟通风格的差异不仅受管理者个人性格和职业背景的影响，还可能来自管理者有意识或无意识的印象管理偏好。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Business Finance & Accounting BUSINESS, FINANCE-

CiteScore

4.40

自引率

17.20%

发文量

期刊介绍： Journal of Business Finance and Accounting exists to publish high quality research papers in accounting, corporate finance, corporate governance and their interfaces. The interfaces are relevant in many areas such as financial reporting and communication, valuation, financial performance measurement and managerial reward and control structures. A feature of JBFA is that it recognises that informational problems are pervasive in financial markets and business organisations, and that accounting plays an important role in resolving such problems. JBFA welcomes both theoretical and empirical contributions. Nonetheless, theoretical papers should yield novel testable implications, and empirical papers should be theoretically well-motivated. The Editors view accounting and finance as being closely related to economics and, as a consequence, papers submitted will often have theoretical motivations that are grounded in economics. JBFA, however, also seeks papers that complement economics-based theorising with theoretical developments originating in other social science disciplines or traditions. While many papers in JBFA use econometric or related empirical methods, the Editors also welcome contributions that use other empirical research methods. Although the scope of JBFA is broad, it is not a suitable outlet for highly abstract mathematical papers, or empirical papers with inadequate theoretical motivation. Also, papers that study asset pricing, or the operations of financial markets, should have direct implications for one or more of preparers, regulators, users of financial statements, and corporate financial decision makers, or at least should have implications for the development of future research relevant to such users.