Dynamics of CEO disclosure style

Khrystyna Bochkay, Roman Chychyla, Dhananjay Nanda

Research output: Contribution to journalArticlepeer-review

18 Scopus citations


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.

Original languageEnglish (US)
Pages (from-to)103-140
Number of pages38
JournalAccounting Review
Issue number4
StatePublished - Jan 1 2019


  • Ability uncertainty
  • Career concerns
  • CEO tenure
  • Disclosure tone
  • Earnings conference calls
  • Forward-looking information
  • Voluntary disclosure

ASJC Scopus subject areas

  • Accounting
  • Finance
  • Economics and Econometrics


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