Optimism in annual reports
Impression management tries to explain managers’ self-serving behaviour of disclosure in an opportunistic attitude. In contrast to this study, previous literature has mainly focused on impression management with different top and bottom performance companies in a single period and in Anglophone countries. This chapter analyses the historical narrative information disclosed by a Spanish brewery over the period 1928–1992 with the objective to study longitudinally if the tone of the corporate reports is related to profitability. The results, essentially in line with impression management, show that the tone is consistently positive, irrespective of profitability.