A Matter of Appearances: How Corporate Leaders Manage the Impressions of Financial Analysts about the Conduct of Their Boards
研究发现，相对负面的股票分析师评价会促使企业领导者增加董事会独立性的外在表现，而非实际增强董事会对管理层的控制，同时CEO会通过口头印象管理来影响分析师后续评价。
Our theory and findings suggest that relatively negative stock analyst appraisals prompt corporate leaders to increase externally visible dimensions of board independence without actually increasing board control of management. We also consider how relatively negative analyst appraisals may prompt impression management in CEO communications with analysts, whereby CEOs attest to their boards' tendency to monitor and control management on behalf of shareholders. We also find that increases in formal board independence, in combination with verbal impression management directed toward analysts, result in more favorable subsequent analyst appraisals of firms, despite a lack of effect on actual board control.