CEO Images in Magazines--19
received the second largest volume of coverage (154 stories, or 26.69%). Similar to the
newspaper study, three industries accounted for about 60% of the total coverage: consumer
cyclical, consumer non-cyclical, and technology industries. Three other industries—utility,
energy, and basic materials--received very little coverage and were virtually “absent” in
NewsWeek and U.S. News & World Report.
Results in Table 10 provide support for H7: overall presentations of CEOs in study
magazine coverage were somewhat favorable. Mean valence of the stories was about +0.30,
while headline valence was essentially neutral (-0.04). Similarly, H8 was supported (Table 11).
The valence of CEO coverage in magazines (+0.30) was significantly more favorable than the
valence of CEO coverage in newspaper stories (+0.20) in Park and Berger’s study (in press).
Comparison of CEO coverage (Table 12) during relatively different business cycles
provides support for H9. The valence of CEO coverage during a strong economic performance
cycle (1992-99) was significantly more favorable than CEO coverage during two more
recessionary economic cycles in 1990-91 and 2000-2001 (+0.35 versus +0.21). Park and Berger
(in press) found no significant differences in this comparison, but we added year 2001 to this
study—a year of more pronounced recession and Enron revelations—during which story valence
(Table 13) was at its lowest level during the study period and likely accounted for the difference.
H10 was not supported (Table 14). Valence of CEO coverage in Business Week (+0.30)
was not significantly more favorable than valence of CEO coverage in NewsWeek (+0.25) or U.S.
News & World Report (+0.38). Mean valence differences among the three magazines are not
significant.
Table 15 and Figure 3 provide comparisons of the frequency of the five dimensions of
CEO images presented in both newspaper and magazine coverage. CEO image dimensions as
Convention