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Behavioural insights into CEO disclosure tone during COVID-19: an analysis of stock exchange companies

Author

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  • Davood Askarany
  • Azam Pouryousof
  • Mahdi Saghafi

Abstract

PurposeThis study investigates the impact of the COVID-19 pandemic on the tone of annual reports, focusing on the personal and behavioural attributes of Chief Executive Officers (CEOs).Design/methodology/approachWe analysed 360 companies listed on the Tehran Stock Exchange from 2016 to 2021, distinguishing between pre-COVID (2016–2018) and post-COVID (2019–2021) periods. Multivariate regression techniques with year and industry-fixed effects were employed.FindingsThe results reveal a significant negative impact of COVID-19 on managers’ disclosure tone. CEO tenure and ability exacerbate this impact, while CEO myopia, narcissism, and overconfidence mitigate it. CEO gender and duality do not significantly moderate the effect of COVID-19 on abnormal tone.Originality/valueThis pioneering research is the first to examine the impact of COVID-19 on managers’ abnormal tone through a behavioural lens, offering insights into the interplay of CEO attributes and disclosure practices during a global crisis.

Suggested Citation

  • Davood Askarany & Azam Pouryousof & Mahdi Saghafi, 2025. "Behavioural insights into CEO disclosure tone during COVID-19: an analysis of stock exchange companies," Review of Behavioral Finance, Emerald Group Publishing Limited, vol. 17(4), pages 585-603, May.
    • Handle: RePEc:eme:rbfpps:rbf-08-2024-0225
    DOI: 10.1108/RBF-08-2024-0225
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