Do Managers' Nonnative Accents Influence Investment Decisions?
通过四项实验，研究投资者如何调和CEO职位与非母语口音带来的矛盾刻板印象，发现投资者会推断非母语口音CEO具有勤奋等优秀品质，从而正面影响投资印象，尤其在坏消息时更明显。
ABSTRACT Reactions to earnings calls are sensitive to subtle features of managers' speech, but little is known about the effect of nonnative accents in this setting. Nonnative-accented CEOs may avoid holding calls in English for fear of investors' negative stereotypes. However, theory indicates that stereotypes from the CEO position and nonnative accents conflict, and that the process of reconciling conflicting stereotypes requires effortful processing. We use a series of four experiments to test each link of the causal chain that we hypothesize based on this theory. We demonstrate that motivated investors reconcile conflicting stereotypes by inferring exceptional qualities, such as hard work and determination, that positively affect their impressions of nonnative-accented CEOs and, hence, of the company as an investment. We also show that, because bad news stimulates effortful processing, investors receiving bad (versus good) news are more likely to form a positive image of nonnative-accented CEOs and their companies. Data Availability: Contact the authors.