Abstract
Integrative research into Corporate Annual Report (CAR) disclosures is undertaken by simultaneously examining financial performance, Letters to Shareholders (LTS) and photographs of a large Canadian grocery retailer (Loblaw Companies Limited). The Company’s use of impression management is assessed by examining disclosures across three years, two leaders and in periods of profit and loss. We find evidence of impression management in LTS, photographs of executive leaders, CAR cover photographs, and the framing of financial performance. Overall, voluntary disclosures provide incremental information that supports and supplements mandatory disclosures. We conclude that impression management in voluntary disclosures helps to legitimate the change in leadership at Loblaw.
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