We examine whether and to what extent personal communication of corporate information by individual managers is affected by personal preferences for impression management. Using earnings conference calls as a setting to observe individual managers’ personal communication and controlling for firm-specific and manager-specific factors, we document that the communication style of managers selling corporate stock shortly after the call is significantly more optimistic than the communication of non-selling managers participating in the same call. The effect is more pronounced in the less scripted and more flexible question and answer section. Taken together, our findings suggest that differences in individuals’ personal communication style are not only caused by individual managers’ personality or career backgrounds, but may also emerge from managers’ conscious or unconscious preferences for impression management.
|Publication status||Unpublished - 2019|