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حسابداری و مالی::
فرضیه مدیریت تصویرپردازی ذهنی
before the issue (impression management hypothesis).
The impression management hypothesis suggests that managers use per suasive language to "hype" the expectations of irrational investors, in order to inflate the stock price.
The impression management hypothesis is therefore consistent with both (1) the empirical fnding that SEOs coincide with stock overpricing and (2) the empirical fnding that SEOs are primarily motivated by a pressing need for new capital.
Consistent with the impression management hypothesis, Lang and Lundholm (2000) fnd that frms attempt to hype stock by increasing the level of information disclosure prior to an equity issue.
While there seems to be ample support for the impression management hypothesis that managers engage in opportunistic communication choices to some degree (Merkl-Davies & Brennan, 2007), the current literature lacks a system atic consideration of how managers use rhetoric, persuasive language, and symbolic management within pre-equity-offering narrative disclosures.
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