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<p>The New Space Economy (NSE) has shifted from a state-led domain to a dynamic, multi-industry commercial arena, attracting more than $271&#xa0;billion in private investment since 2015. As private investment and downstream applications expand, space discourse has spread well beyond aerospace firms and into the language of corporate leaders across sectors. We examine how space-related rhetoric in 47,982 quarterly earnings calls (2021–2025) is associated with firm valuation, distinguishing by executive role (CEO versus CFO) and communication context (prepared remarks versus spontaneous Q&amp;A). We find that CEO use of space-exclusive technical language in spontaneous Q&amp;A is positively associated with firm valuation, whereas the same language in prepared remarks and CFO space rhetoric is not similarly rewarded. However, CFO entrepreneurial orientation (EO) is positively associated with firm valuation, which suggests that the finance function can credibly endorse growth postures even when space rhetoric is ineffectual. Finally, we find that markets broadly penalize negativity and, for CEOs, positivity as well, consistent with a credibility logic that favors emotionally restrained frontier talk. We conceptually synthesize these patterns as linguistic territories that specify who can speak credibly about space, when, and in what style.</p>

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Who can talk space—and When? Executive role, call context, and the valuation of space rhetoric

  • 期刊论文

  • 发表日期：

    2026年8月4日

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  • Rita Biswas,
  • Katrina M. Brownell,
  • Lee Spitzley,
  • William Wales

摘要

The New Space Economy (NSE) has shifted from a state-led domain to a dynamic, multi-industry commercial arena, attracting more than $271 billion in private investment since 2015. As private investment and downstream applications expand, space discourse has spread well beyond aerospace firms and into the language of corporate leaders across sectors. We examine how space-related rhetoric in 47,982 quarterly earnings calls (2021–2025) is associated with firm valuation, distinguishing by executive role (CEO versus CFO) and communication context (prepared remarks versus spontaneous Q&A). We find that CEO use of space-exclusive technical language in spontaneous Q&A is positively associated with firm valuation, whereas the same language in prepared remarks and CFO space rhetoric is not similarly rewarded. However, CFO entrepreneurial orientation (EO) is positively associated with firm valuation, which suggests that the finance function can credibly endorse growth postures even when space rhetoric is ineffectual. Finally, we find that markets broadly penalize negativity and, for CEOs, positivity as well, consistent with a credibility logic that favors emotionally restrained frontier talk. We conceptually synthesize these patterns as linguistic territories that specify who can speak credibly about space, when, and in what style.