The role of CEO accounts and perceived integrity in analysts’ forecasts

Daniel Skarlicki,Kin Lo,Rafael Rogo,Bruce J. Avolio, CodieAnn DeHaas

Organizational Behavior and Human Decision Processes（2023）

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Abstract

•How a CEO accounts for firm performance affects how financial analysts determine the firm’s value.•CEOs who take responsibility for firm performance receive less severe valuations when the firm performs unfavorably.•CEO account-giving matters more when a company reports unfavorable than favorable outcomes.•CEOs whose accounts demonstrate taking responsibility for poor performance are deemed higher in integrity.

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Key words

CEO causal accounts,CEO perceived integrity,Financial analysts’ forecasts,Self-serving bias,Actor-observer perspective

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