In Charisma We Trust: The Effects of CEO Charismatic Visions on Securities Analysts

• 成果类型: Review
• 署名作者: Fanelli, Angelo; Misangyi, Vilmos F.; Tosi, Henry L.
• 署名单位: Hautes Etudes Commerciales (HEC) Paris; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; State University System of Florida; University of Florida; Bocconi University
• 刊物名称: ORGANIZATION SCIENCE
• ISSN/ISSBN: 1047-7039
• DOI: 10.1287/orsc.1080.0407
• 发表日期: 2009
• 页码: 1011-1033
• 关键词: CEO charisma; SECURITIES ANALYSTS; stock market as a social construction; discourse analysis

摘要

Using a thematic text analysis of the initial letters to shareholders following a CEO succession event, we analyze whether CEO charismatic visions portrayed in this organizational discourse influence securities analysts' recommendations and forecasts. The results suggest that such projections of CEO charismatic visions are associated with the favorability of individual analyst recommendations and the uniformity of recommendations across analysts, but they also appear to be positively related to errors in individual analysts' forecasting of future firm performance.