Are stakeholders listening? An examination of CEO podcast appearances

53 Pages Posted: 11 May 2022

See all articles by Nathan T. Marshall

Nathan T. Marshall

University of Colorado at Boulder - Department of Accounting

Jackie Wegner

University of Colorado at Boulder, Leeds School of Business, Department of Accounting, Students

Sarah L. C. Zechman

University of Colorado at Boulder - Leeds School of Business

Date Written: May 9, 2022

Abstract

Extant research suggests CEOs prefer communication channels that reach more stakeholders in a timely fashion. In recent times, however, a growing number of CEOs are appearing on podcasts, which are arguably less timely and reach smaller audiences. We examine why CEOs allocate their time, a scarce and valuable resource, to podcasts and whether these appearances have implications for market participants. CEO podcast appearances are associated with firms that have a greater consumer focus and corporate social responsibility activities, and CEOs with stronger reputation incentives. These podcast interviews also appear to complement the firms’ information environments, as appearances are more likely around earnings announcements, media releases, and regulatory filings. CEO podcast appearances increase attention to the firm and the CEO. Furthermore, despite the unlikely presence of material nonpublic information in podcasts, CEO appearances spur increased trading, particularly by retail investors.

Keywords: Podcasts, CEO, Investor Attention

Suggested Citation

Marshall, Nathan T. and Wegner, Jackie and Zechman, Sarah L. C., Are stakeholders listening? An examination of CEO podcast appearances (May 9, 2022). Available at SSRN: https://ssrn.com/abstract=4104922 or http://dx.doi.org/10.2139/ssrn.4104922

Nathan T. Marshall (Contact Author)

University of Colorado at Boulder - Department of Accounting ( email )

419 UCB
Boulder, CO 80309-0419
United States

Jackie Wegner

University of Colorado at Boulder, Leeds School of Business, Department of Accounting, Students ( email )

419 UCB
Boulder, CO 80309-0419
United States

Sarah L. C. Zechman

University of Colorado at Boulder - Leeds School of Business ( email )

Boulder, CO 80309-0419
United States

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