THE DOWNSIDE OF CFO FUNCTION-BASED LANGUAGE INCONGRUITY

• 成果类型: Article
• 署名作者: Um, Cyril Taewoong; Guo, Shiau-Ling; Lumineau, Fabrice; Shi, Wei; Song, Ruixiang
• 署名单位: Purdue University System; Purdue University; National Chengchi University; University of Hong Kong; University of Miami; Louisiana State University System; Louisiana State University
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/amj.2019.0943
• 发表日期: 2022
• 页码: 1984-2013
• 关键词: FIRM INDUSTRY SPECIALIZATION; ROLE CONGRUITY THEORY; corporate-finance; RELATIONAL GOVERNANCE; CONTRACT STRUCTURE; Gender inequality; identity theory; DEBT CONTRACTS; AGENTIC WOMEN; AGENCY COSTS

摘要

The prior literature on role congruity theory has revolved around demographic-based expectations, emphasizing role incongruity derived from a mismatch between prescriptive expectations of distinct roles. In this study, we depart from this traditional focus on between-role incongruity and explore an alternative source of role incongruity by examining how language can trigger the within-role incongruity of function-based expectations. Through an analysis of conference call transcripts and contracts for 7,649 deals during 2003???2018, we show that the incongruity of function-based expectations manifested through the language of the CFO leads banks to employ more debt contract covenants. This takes place because such incongruity increases banks??? perceived hazards. In addition, by investigating the moderating effects of corresponding CEO language and media sentiment, we show how the social context and sentiment toward the firm weaken this incongruity effect. We discuss the theoretical implications of our study for future research on the sources of role incongruity and the antecedents of contract design.