Research summary: We develop and test a set of hypotheses on investors' reactions to a specific form of impression management, public presentations of overall strategy by Chief Executive Officers (CEOs). Contrary to expectations from a “cheap talk” perspective, we suggest that such strategy...

This paper takes the long view on the development of strategy as a profession, from the 1950s to today. We identify strategy as a structurally precarious profession, subject to cyclical demand and shifts in organizational power. This precariousness has increased with the secular shift towards...

This paper analyses market reactions to public strategic plan announcements by NYSE and NASDAQ companies. Contrary to the low expectations set by 'cheap talk' and 'soft talk' perspectives, we find that a substantial minority of such strategic plans elicit significant cumulative abnormal returns,...

This chapter considers the impact of companies' external communications about strategy on their reputations. Such strategy communications can take many forms, including material in companies' own annual reports and the media, and the impact may be felt in various ways, including consumer loyalty...