本研究以印象管理理論為基礎，探討CEO信件在企業永續報告書中的資訊意涵，藉以了解名人CEO如何透過永續報告書中的CEO信件來塑造公司形象。名人CEO通常被認為是有能力的領導者，其行為和決策對公司的策略和形象塑造具有重要影響。具體而言，本研究以情緒分析的角度探討永續報告書中的CEO信件在樂觀性、具體性和確定性方面的語言特徵，檢視名人CEO在企業永續報告書中所傳遞之資訊意涵是否有異於一般CEO。
本研究以2001至2022年著名雜誌公布之年度CEO為名人之表徵，採用傾向評分匹配法(PSM)找出適合的名人CEO對照組，運用語文探索與字詞計算(Linguistic Inquiry and Word Count, LIWC)提取出相關語言特徵衡量永續報告書CEO信件傳遞之資訊意涵，以追蹤樣本隨機效果模型進行迴歸分析。實證結果顯示，樂觀性與名人 CEO呈弱顯著的正向關聯；具體性與確定性雖未達統計顯著水準，但其係數方向皆與研究預期一致。為考量三者之綜合效果，本研究建立一綜合語言指標，實證結果證實，相較於非名人CEO，名人CEO更傾向透過永續報告書中的CEO信件進行印象管理。

This study applies impression management theory to examine the informational implications of CEO letters in corporate sustainability reports and investigates whether celebrity CEOs convey different information compared with non-celebrity CEOs. Celebrity CEOs are generally perceived as capable leaders whose behaviors and decisions may influence corporate strategies and image. Specifically, this study examines three linguistic characteristics of CEO letters: positivity, concreteness, and certainty.
Celebrity CEOs are identified based on annual CEO rankings published by prominent magazines from 2001 to 2022. Propensity score matching (PSM) is employed to construct an appropriate control group of non-celebrity CEOs. Linguistic Inquiry and Word Count (LIWC) is then used to extract linguistic features from CEO letters, and the data are analyzed using a random-effects panel regression model.
The empirical results show a marginally significant positive association between celebrity CEOs and positivity. Although the results for concreteness and certainty do not reach statistical significance, their coefficients are consistent with the predicted directions. In addition, this study constructs a composite linguistic index combining positivity, concreteness, and certainty. The results further indicate that, compared with non-celebrity CEOs, celebrity CEOs are more likely to engage in impression management through CEO letters in corporate sustainability reports.

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