The Contingent Effect of Patriotic Rhetoric on Firm Performance

Alexander Mohr, Christian Schumacher

Research output: Contribution to journalJournal articleResearchpeer-review


Drawing on resource-dependence logic, we frame a firm's use of patriotic rhetoric as a strategy for absorbing external resource constraints. We argue that strong nationalist sentiment positively influences the performance effect of using patriotic rhetoric, whereas a firm's involvement in overseas markets negatively influences this effect. To test our hypotheses, we capture U.S. firms' patriotic rhetoric using earnings calls and press releases for 456 firms in the S&P 500 during the period 2002−2015. We find that the effect of using patriotic rhetoric on performance is more positive under conditions of high levels of nationalist sentiment in the home country and more negative for firms that are highly involved in overseas markets.
Original languageEnglish
JournalStrategy Science
Issue number2
Pages (from-to)94-110
Number of pages17
Publication statusPublished - Jun 2019
Externally publishedYes


  • Patriotic rhetoric
  • Nationalist sentiment
  • Performance
  • Resource dependent theory

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