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Issue:	Volume 53, Number 1 February 2010
Title:	A Matter of Appearances: How Corporate Leaders Manage the Impressions of Financial Analysts about the Conduct of Their Boards
Authors:	James D. Westphal, Melissa E. Graebner
Abstract:	We examine how and when corporate leaders manage stakeholder impressions about board behavior. Our theory and findings suggest that negative stock analyst appraisals prompt influential corporate leaders to increase externally-visible dimensions of board independence without actually increasing the board’s tendency to control management. We also consider how relatively negative analyst appraisals may prompt CEOs to engage in verbal impression management in their interpersonal communications with analysts, whereby they attest to their board’s tendency to monitor and control management on behalf of shareholders. We also find that these increases in formal board independence, in combination with verbal impression management toward analysts, result in more favorable subsequent analyst appraisals of the firm, despite a lack of effect on actual board control.

Friday, July 30, 2010