本研究探討CEO通才程度與財務報導揭露語調之關聯。本文以1993年至2007年美國上市公司為研究樣本，依Custódio et al.（2013）之方法衡量CEO通才程度，並以年報中財務報導揭露語調作為主要應變數進行實證分析。研究結果顯示，CEO通才程度與財務報導揭露語調呈顯著負向關係，表示相較於專才型CEO，通才型CEO在財務報導中較少使用正面語調，較傾向採取審慎之資訊揭露策略。進一步分析發現，當CEO權力較低或企業盈餘波動度較高時，此一負向關係更為明顯。穩健性測試結果亦顯示，在採用替代性語調衡量方式後，主要結果仍維持一致。整體而言，本研究補充CEO職涯背景與財務報導揭露語調之相關文獻，並提供理解管理者特質如何反映於企業資訊揭露行為之實證證據。

This study investigates the empirical association between Chief Executive Officer (CEO) managerial generalism and the narrative tone of corporate financial disclosures. Utilizing a comprehensive sample of U.S. publicly traded firms from 1993 to 2007, we operationalize CEO generalism through the General Ability Index (GAI) constructed via principal component analysis. The empirical results demonstrate a statistically significant negative relationship between CEO generalism and the optimistic tone of annual financial disclosures, suggesting that generalist CEOs adopt a more prudent and less optimistic disclosure strategy compared to their specialist counterparts. Cross-sectional analyses further reveal that this negative association is significantly more pronounced in environments characterized by low CEO structural power or heightened corporate earnings volatility. Robustness evaluations utilizing alternative textual tone metrics corroborate our primary empirical insights. Collectively, these findings enrich the upper echelons literature by documenting how diversified managerial career paths map onto corporate strategic disclosure configurations.

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