Influencing the Market: The Power of Firm and CEO Impression Management

Monday 13 May 2024, 12:30 pm
PhD student
J. Röttger MSc.
prof. dr. H.L. Aalbers
dr. K. Heimeriks (Warwick Business School, UK), dr. S. Khanagha (VU Amsterdam)

This dissertation investigates investors’ responses to impression management embedded in voluntary firm disclosure. An event study methodology is applied throughout all empirical chapters and three different research settings are explored: (1) acquisition announcements, (2) earnings conference calls, and (3) CEO TV interviews. Further, different dimensions of impression management are explored, such as the tone alteration in press releases and the CEO's linguistic tone and displayed emotions. The findings indicate that the success of impression management in influencing stock market investors significantly depends on the company's established communication approach, as well as the personality and gender of the CEO.

Jonas Röttger, born in Hannover, Germany, in 1990, began his professional journey as a Usability Engineer at Dräger in Germany from 2014 to 2015. He then moved to the Netherlands, where he assumed a Management Trainee role at Worldline in 2019. From 2019 to 2023, Jonas occupied a position as a Ph.D. Candidate at Radboud University. Jonas' academic journey comprises a Bachelor’s degree in business psychology at Leuphana University (2011-2014), a Master's degree in Human Factors at Berlin Institute of Technology (2015-2018), and he is currently enrolled in a Master's degree program in Clinical Psychology at PfH Göttingen (2021-2024).