Date of Award

Summer 8-24-2024

Document Type

Dissertation

Degree Name

Ph.D.

Organizational Unit

Daniels College of Business

First Advisor

Lorenzo Patelli

Second Advisor

Marc Guerrero

Third Advisor

Lisa Victoravich

Fourth Advisor

Nathan Waddoups

Copyright Statement / License for Reuse

All Rights Reserved
All Rights Reserved.

Keywords

CEO gender, Credibility, Earnings announcements, Nonverbal behaviors, Overconfidence, Video

Abstract

I experimentally examine how investors react to an unexpected negative earnings announcement delivered using video versus audio by an overconfident female CEO versus an overconfident male CEO. The results show that the CEO's gender does not matter in terms of the delivery medium. I predict and did not find that CEO overconfidence is lower for a financial disclosure delivered by video as opposed to audio only. Further, the hypothesis that the perception of female CEO overconfidence is higher versus male CEO overconfidence was not supported. Overall, the participants in the study did not find either the male or the female CEO to be overconfident. I investigate and find that the participants view the unexpected negative earnings news favorably. The earnings announcement contained aggressive forward-looking financial information meant to increase the salience of overconfidence, however it appears the positive perceptions of the firm’s future outlook may have diminished the impact of the explicit signals of overconfidence and bolstered the credibility of the CEOs. To expand on the theme of credibility, I conduct a supplemental analysis and find that female investors find the female CEO to be significantly more credible than the male CEO. To explain this finding, I apply social identity theory which suggests there is evidence of strong female in-group favoritism. In a separate credibility and delivery medium analysis, I find that honesty is significantly greater when the male participant views the male CEO, and the female participant views the female CEO via video. These findings emphasize the powerful nature of gender as an NVC particularly when a firm considers the medium of delivery for a financial disclosure.

Copyright Date

8-2024

Publication Statement

Copyright is held by the author. User is responsible for all copyright compliance.

Rights Holder

Sheryl Moriarty

Provenance

Received from Author

File Format

application/pdf

Language

English (eng)

Extent

109 pgs

File Size

1.3 MB

Supplementary File Description

Male CEO Video

  • File Format: application/mp4
  • Language: English (eng)
  • Extent: 32 seconds
  • File Size: 27.1 MB

Female CEO Video

  • File Format: application/mp4
  • Language: English (eng)
  • Extent: 31 seconds
  • File Size: 26.8 MB

Video Transcript (Same for both videos)

  • File Format: application/pdf
  • Language: English (eng)
  • Extent: 1 pg
  • File Size: 68.9 KB

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Available for download on Sunday, September 27, 2026



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