Abstract
Purpose. The purpose of this qualitative study was to explore how chief financial officers (CFOs) employ storytelling as a strategic communication tool to engage stakeholders,
enhance trust, and convey complex financial information. Financial storytelling has
emerged as a crucial leadership competency, influencing decision making and
organizational transparency. This study aimed to identify key storytelling elements used
by CFOs and assess their impact on stakeholder perceptions and financial performance.
Theoretical Framework. This study was grounded in communication accommodation theory, ethical communication theory, and transformational leadership theory, which
explain how financial narratives shape stakeholder engagement, trust, and influence.
Communication accommodation theory emphasizes adapting messages to audience
literacy, ethical communication theory highlights transparency, and transformational
leadership theory underscores storytelling’s role in strategic alignment. From these
frameworks, eight core themes emerge: message clarity, audience adaptation, ethical
transparency, trust-building, strategic alignment, emotional appeal, leadership influence,
and stakeholder engagement.
Methodology. This research employed a rigorous qualitative multiple-case study approach, offering a deep dive into the strategic storytelling practices of CFOs in the
entertainment industry. Data were gathered through interviews with 20 CFOs, capturing
firsthand insights into communication strategies. A three-level thematic analysis was
conducted to uncover recurring storytelling patterns and the tangible impact of narrative-driven financial communication on stakeholder engagement and trust-building.
Findings. The findings indicated that financial storytelling is integral to simplifying complex data, fostering trust, and shaping stakeholder perceptions. CFOs use tailored
narratives, emotional appeal, and strategic messaging to enhance communication
effectiveness. The study also highlighted how storytelling varies based on audience
type—investors, employees, and board members—requiring different approaches to
maintain credibility and engagement. Key themes emerging from the data included
authenticity, transparency, and the role of leadership personality in financial storytelling.
Conclusion and Implications. Financial storytelling is a powerful tool for CFOs to bridge the gap between data and decision making. Authentic and transformational
leadership practices are shaping financial narratives, fostering trust, and enhancing
stakeholder engagement. Organizations should incorporate storytelling training into CFO
development programs and refine financial communication strategies to align with
stakeholder expectations. Effective financial storytelling can improve investor confidence
and enhance organizational resilience during financial uncertainties.