报告题目： Executives’ Intertemporal Choice Preferences and Firm Performance: A Textual Analysis Approach

报告时间： 2025年6月10日（周二）14:30

报告地点：旭日楼416

报告人： 郑敏

报告人简介：

郑敏，复旦大学管理学院会计系博士生，曾赴耶鲁大学管理学院进行联合培养。研究领域包括人工智能等新兴技术对公司行为的影响、管理层个人特质、企业竞争战略等。博士期间，于International Review of Financial Analysis、《会计研究》等期刊发表4篇研究论文，另有数篇工作论文正在UTD24期刊的R&R阶段。

报告简介：

In this study, we investigate how firms’ operational performance is affected by top managers’ intertemporal choice preferences (ITCP) reflected through the use of future-time-reference (FTR) languages. Linguistic theory suggests that FTR languages, i.e., the languages that mark the timing of future events, reveal the speaker’s tendency to perceive future events as less imminent. As a result, the speaker may behave myopically at the expense of long-term performance. Consistent with this argument, we expect that managers speaking stronger FTR languages during conference calls are more likely to underinvest in long-term-oriented product development, quality improvement, supply chain management, inventory management, and customer relationship management processes. This in turn leads to negative consequences on future operational efficiency, future ROA, and stock market reactions. Our empirical results confirm these predictions. We also find that these effects are more pronounced for CEOs than for CFOs. More interestingly, these effects also hold for COOs. We further document that managers speaking more FTR languages tend to engage in myopic operational activities, thereby negatively impacting firms’ future operational performance. Our results remain qualitatively the same when we track the same manager across different firms, use alternative measurement windows to calculate future operational efficiency and future ROA, and control for various managerial characteristics. Overall, our study offers a deeper understanding of how top managers’ ITCP may shape their operational decisions, thus uncovering a new cognitive factor that explains differences in firms’ operational performance.