Just Talk? Strategic Plan Announcements and Market Reactions

Yakis-Douglas, Basak and Whittington, Richard (2011) Just Talk? Strategic Plan Announcements and Market Reactions. In: Academy of Management Annual Conference, Texas, USA. (Unpublished)

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Abstract

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, either in a positive or a negative direction. We also find that new chief executives are likely to increase the effects of positively-evaluated strategic plans. We
propose that research on strategic planning and performance should discriminate more between the quality of plans rather than whether companies have plans or not. We also suggest avenues for research on the discourse of these strategic plan announcements and on the adoption of strategic plan announcements, from institutionalist and strategy theory perspectives.

Item Type: Conference or Workshop Item (Paper)
Keywords: Strategy communications; corporate reputation; event study
Subject(s): Strategy; Entrepreneurship & Global business
Centre: Faculty of Strategy, Entrepreneurship and International Business
Date Deposited: 06 Mar 2012 21:03
Last Modified: 23 Oct 2015 14:07
URI: http://eureka.sbs.ox.ac.uk/id/eprint/2695

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