Abstract
The purpose of this study was to determine whether there is a systematic difference in thetextual characteristics of information in the chairman’s statement of profitable and unprofitablecompanies on the JSE main board. The study replicated research by Clatworthy and Jones(2006) to determine the existence of impression management within chairman’s statements. Thedifference in reporting between profitable and unprofitable companies was analysed in relation tothree pre-determined textual characteristics using an attribution theory perspective.The primary conclusion drawn is that impression management does exist in the chairman’sstatements of companies listed on the JSE main board. Another finding of the study was that‘extremely unprofitable’ companies are less likely to employ impression management. Thefindings indicate that users of annual reports should be alert to the existence of reporting biasintroduced by management and its impact on the usefulness of management commentary in theirdecision-making.
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