Analyst Reaction to War-Related Language: Source Domains and the Role of Market Structure and Market Share.

This article investigates the impact of metaphorical framing in corporate communication, focusing on how the use of war-related metaphors in acquisition announcements influences financial analysts' reactions. Drawing on conceptual metaphor theory and the risk-as-feelings perspective, the study finds that metaphors from the competition family—especially war metaphors evoking aggression and danger—tend to provoke more negative analyst responses. These adverse effects are amplified in contexts where aggressive competition is unexpected, such as in highly concentrated markets or when the acquiring firm holds a large market share. The research highlights the importance of considering metaphor families, source domains, and market context in strategic communication, and it rules out alternative explanations such as perceived impulsivity or irrationality of managers. Robust quantitative analyses of 999 U.S. acquisition conference calls support these conclusions, offering nuanced insights for scholars and practitioners on the contingent effects of metaphorical language in financial disclosures.