Whose voice speaks? A multilevel model of CEO sense giving through communication
Year: 2026
Type: article
Abstract: Communication is a critical means through which CEOs engage in sense-giving to shape how external stakeholders interpret firm actions. Yet prior research has emphasized individual voice and sense -giving by CEOs in such communication mediums over the impact of structural factors that also have an important influence. In this research we address the gap by proposing a multilevel model of sense-giving through communication where the individual voice and sense-giving of CEOs is nested within firm-level communication norms, which are themselves nested within industry-level communication norms. Within this multilevel framework, effective leadership and communication is theorized as the capacity to conform or depart from firm and industry norms as needed and exercise discretion, revealing a nuanced way of understanding sense-giving as a managerial capability. We provide support for our multi-level framework via a variance-partitioning analysis of four communication attributes derived from conference calls—namely tone, forward-looking content, concreteness, and external focus. Next, we examine contextual factors (e.g., negative earnings surprises, low analyst coverage) that predict deviations from firm and industry norms, thereby yielding insights into when CEOs emphasize their own voice and agency when engaging in sense-giving. The paper contributes (i) by proposing a novel model of CEO sense giving through communication which recognizes firm and industry communication norms as important structural elements (ii) by specifying sense-giving as a managerial capability rooted in the use of discretion and deviation from norms, and (iii) by linking multilevel mechanisms in communication to stakeholder receptivity.
Authors: Shyam Kumar, Sen Li, Xinying Qu, Rui Fan
Language: English
Subfield: Accounting
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W7212034271