Research summary: We develop and test a set of hypotheses on investors' reactions to a specific form of impression management, public presentations of overall strategy by Chief Executive Officers (CEOs). Contrary to expectations from a “cheap talk” perspective, we suggest that such strategy...

Corporate communications are central to corporate reputation. Stock prices are driven more by perceptions than fundamental values (Fombrun, 1990, 1996) and corporate communication practices are key in shaping investors’ perceptions. While intangible assets of firms are studied widely in the...