Dynamics of CEO Disclosure Style

• 成果类型: Article
• 署名作者: Bochkay, Khrystyna; Chychyla, Roman; Nanda, Dhananjay (DJ)
• 署名单位: University of Miami
• 刊物名称: ACCOUNTING REVIEW
• ISSN/ISSBN: 0001-4826
• DOI: 10.2308/accr-52281
• 发表日期: 2019
• 页码: 103-140
• 关键词: CONFERENCE CALLS; career concerns; information-content; Textual analysis; FIRMS; turnover; Managers; tone; TENURE

摘要

We examine changes in CEOs' disclosure styles in quarterly earnings conference calls over their tenure. Our longitudinal analysis of newly hired CEOs shows that CEOs' forward-looking disclosures and their disclosures' relative optimism decline in their tenure. Further, externally hired and inexperienced CEOs are more future-oriented, and younger CEOs exhibit greater optimism in their disclosures. We also find that non-CEO executives' disclosure styles remain time-invariant over their CEOs' tenure. Our evidence is consistent with uncertainty reduction about managers' ability over their tenure (1) reducing the demand for and the supply of forward-looking disclosures, and (2) attenuating managerial career concerns leading to the decline in disclosure optimism.