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Objective or biased? CEO overconfidence and journalists' coverage

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  • Rong Gong

Abstract

This study explores whether journalists report more positively or negatively on acquisitions by chief executive officers (CEOs) with greater overconfidence than those with less overconfident CEOs. The results show that journalists report acquisition events conducted by firms with overconfident CEOs more negatively than those without. Meanwhile, journalists' negativity in reporting acquisitions by overconfident CEOs is mitigated during periods of high market uncertainty. This result suggests that journalists are not biased upward because of the positive prospects presented by overconfident CEOs but instead act as information intermediaries to inform readers about the overoptimistic view of overconfident CEOs.

Suggested Citation

  • Rong Gong, 2024. "Objective or biased? CEO overconfidence and journalists' coverage," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(4), pages 4333-4357, December.
    • Handle: RePEc:bla:acctfi:v:64:y:2024:i:4:p:4333-4357
    DOI: 10.1111/acfi.13311
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