| Author: | Pookayaporn, Kamonchanok |
| Title: | The influence of firm strategic communication on analyst evaluations : the role of TMT heterogeneity, past performance, and industry growth |
| Advisors: | Li, Shuping (MM) |
| Degree: | D.B.A. |
| Year: | 2024 |
| Subject: | Communication in management Strategic planning Business communication Hong Kong Polytechnic University -- Dissertations |
| Department: | Faculty of Business |
| Pages: | vi, 118 pages : color illustrations |
| Language: | English |
| Abstract: | This thesis investigates the impact of firm strategic and tactical communication on analyst recommendations, using the theoretical lenses of strategic management and firm communication. It examines the moderating roles of Top Management Team (TMT) heterogeneity, firm past performance, and industry growth. The study aims to bridge gaps in the existing literature by distinguishing between strategic and tactical communication and exploring their differential effects on analyst evaluations under various boundary conditions. Utilizing a cross-sectional analysis of data from 813 U.S. listed firms from 2012 to 2022, the study integrates data from I/B/E/S, Seeking Alpha, Execucomp, and Compustat databases. This comprehensive dataset provides a robust context for examining the dynamics of firm communication and analyst reactions across different economic cycles. The findings reveal that strategic communication significantly enhances analyst recommendations in stable conditions, while tactical communication's impact becomes crucial in dynamic environments or during periods of positive performance. TMT heterogeneity, positive past performance, and industry growth each play critical roles in moderating these effects. Specifically, diverse TMTs, positive past performance, and high industry growth conditions elevate the importance of tactical communication for analysts, while strategic communication becomes less significant under these circumstances. This research contributes to strategic management literature by extending the understanding of how communication styles affect key stakeholder perceptions. It emphasizes the need for firms to adapt their strategies based on internal and external conditions and provides practical insights for managers aiming to align their communication strategies with analyst expectations, ultimately enhancing favorable analyst perceptions and recommendations. |
| Rights: | All rights reserved |
| Access: | restricted access |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| 7915.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 2.05 MB | Adobe PDF | View/Open |
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