This study investigates whether cues of organizational virtue (conscientiousness, courage, empathy, integrity, warmth, and zeal) sent by top managers can create market value in the context of post-earnings announcement conference calls and earnings uncertainty. We contend that executive cues of organizational virtue embedded within earnings conference calls can mitigate shareholders' reactions to earnings surprises and use textual analysis to test for the effect of organizational virtue cues on market performance in a longitudinal sample of 1920 firm-quarter observations. The results suggest that cues of conscientiousness, courage, and zeal are capable of adding back firm value after the posting of earnings surprises, while empathy worsens the market's reaction to earnings surprises. Integrity and warmth were not found to have an effect.

中文翻译：

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组织美德和市场绩效的执行线索：在盈利不确定时期创造价值

本研究调查高层管理人员发送的组织美德线索（尽责、勇气、同理心、正直、热情和热情）是否可以在收益公布后电话会议和收益不确定性的背景下创造市场价值。我们认为，收益电话会议中嵌入的组织美德的执行线索可以减轻股东对收益意外的反应，并在 1920 年公司季度观察的纵向样本中使用文本分析来测试组织美德线索对市场绩效的影响。结果表明，责任心、勇气和热情的线索能够在公布收益意外后增加公司价值，而同理心会恶化市场对收益意外的反应。没有发现正直和温暖有影响。