Deciphering CEO disclosure tone inconsistency: a behavioural exploration

IF 1.9 Q2 BUSINESS, FINANCE
Azam Pouryousof, Farzaneh Nassirzadeh, Davood Askarany
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引用次数: 0

Abstract

Purpose

This research employs a behavioural approach to investigate the determinants of CEO disclosure tone inconsistency. By examining CEO characteristics and psychological attributes, the study aims to unravel the complexities underlying tone variations in Management Discussion and Analysis (MD&A) reports. Through this exploration, the research seeks to contribute to understanding ethical considerations in corporate communications and provide insights into the nuanced interplay between personal, job-related and psychological factors influencing CEO disclosure tone.

Design/methodology/approach

The study utilises a dataset comprising 1,411 MD&A reports from 143 companies listed on the Tehran Stock Exchange between 2012 and 2021. Multiple regression analyses with year- and industry-fixed effects are employed to examine the relationships between CEO gender, tenure, duality, ability and psychological attributes such as narcissism, myopia, overconfidence and tone inconsistency. Data analysis involves MAXQDA software for analysing MD&A reports and Rahavard Novin software for document analysis, supplemented by audited financial statements.

Findings

The findings reveal significant relationships between CEO characteristics, psychological attributes and tone inconsistency. Female CEOs exhibit reduced tone inconsistency, contrasting with previous research trends. CEO tenure correlates negatively with tone inconsistency, whereas CEO ability shows a positive correlation, indicating a nuanced relationship with performance. However, CEO duality does not exhibit a significant association. Psychological attributes such as narcissism and myopia are positively associated with tone inconsistency, while no substantial connection is found with managerial overconfidence.

Originality/value

This research contributes to the inaugural exploration of CEO disclosure tone inconsistency through a behavioural lens, advancing measurement precision in the field. By delving into CEO characteristics and psychological attributes, the study offers unique insights into the roots of tone inconsistency. Applying comprehensive lexicon and phraseology enriches the methodological approach, fostering dialogue among diverse stakeholders and adding distinct perspectives to the discourse on ethical issues in business. Through its meticulous examination of behavioural underpinnings, this study becomes a catalyst for reflection, dialogue and progress in corporate communications and ethical considerations.

解读首席执行官披露语气不一致:行为探索
研究目的 本研究采用行为学方法调查首席执行官披露语气不一致的决定因素。通过考察首席执行官的特征和心理属性,本研究旨在揭示《管理层讨论与分析》(MD&A)报告中语气差异背后的复杂性。通过这一探索,本研究试图帮助人们理解企业沟通中的道德考量,并深入了解影响首席执行官披露语气的个人、工作相关和心理因素之间的微妙相互作用。研究采用带有年份和行业固定效应的多元回归分析,考察首席执行官的性别、任期、双重性、能力和心理属性(如自恋、近视、过度自信和语气不一致)之间的关系。数据分析使用 MAXQDA 软件分析 MD&A 报告,使用 Rahavard Novin 软件进行文档分析,并辅以经审计的财务报表。女性首席执行官的语气不一致程度较低,这与之前的研究趋势形成了鲜明对比。首席执行官的任期与语气不一致呈负相关,而首席执行官的能力与语气不一致呈正相关,这表明语气不一致与绩效之间存在微妙的关系。然而,首席执行官的双重性并没有表现出明显的关联。自恋和近视等心理特质与语气不一致呈正相关,而与管理者过度自信则没有实质性联系。通过深入研究首席执行官的特征和心理属性,本研究对语气不一致的根源提供了独特的见解。综合词汇和用语的应用丰富了研究方法,促进了不同利益相关者之间的对话,为商业道德问题的讨论增添了独特的视角。本研究通过对行为基础的细致研究,促进了企业传播和道德考量方面的反思、对话和进步。
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
Review of Behavioral Finance
Review of Behavioral Finance BUSINESS, FINANCE-
CiteScore
4.70
自引率
5.00%
发文量
44
期刊介绍: Review of Behavioral Finance publishes high quality original peer-reviewed articles in the area of behavioural finance. The RBF focus is on Behavioural Finance but with a very broad lens looking at how the behavioural attributes of the decision makers influence the financial structure of a company, investors’ portfolios, and the functioning of financial markets. High quality empirical, experimental and/or theoretical research articles as well as well executed literature review articles are considered for publication in the journal.
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