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We find that changes in managerial tone predict firm corporate investment activities. Tone changes within the Management Discussion and Analysis section of the 10-K are positively related to subsequent capital investments and M&A activity. We find the predictive content of tone changes to be present at the firm and industry-levels, and when accounting for alternative sources of incremental information associated with firm investment activities. Our findings broaden the scope of information encapsulated by changes in financial statement tone.

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Dismissal (or involuntary exit) of the chief executive officer (CEO) is a significant milestone with substantial implications for organizations and their members. The growing occurrence of CEO dismissals, and increased academic interest in this area, motivates our comprehensive multidisciplinary synthesis of the extant literature. Our analysis is organized around understanding the antecedents and outcomes of CEO dismissal, and the relevant moderators that play a contingent role in the nomological network. Based on our synthesis of the extant cross-disciplinary literature, we offer a multilevel organizing framework articulating the current state of research on CEO dismissal. In doing so, we catalog and analyze the concepts, theories, and constructs prevalent in the CEO dismissal literature. We also offer an in-depth discussion for the field going forward and identify a constructive agenda for future research on CEO dismissal.