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Actions speak louder than words — except, maybe, on earnings calls. Investors may be more likely to place financial stake in a company if they learn about that company’s future plans through the written word and not increasingly common audio or visual formats, like quarterly video calls in which CEOs discuss company performance with shareholders, according to a new 51³Ô¹ÏºÚÁÏ study.

Female CEOs were held in higher regard when they reacted to shareholder activism—attempts by shareholders, often hedge funds, to wield their influence as partial owners to bring about change in a corporation—using cooperative approaches. Similarly, the study found that male CEOs were regarded more highly when they used dominant or assertive stances, and less highly when they were communal.

Researchers have found that female CEOs are targeted by activist shareholders more frequently than their male counterparts and are more likely to cooperate with activist requests. While there has been a lot of speculation about the reasons for these findings, little evidence has been brought to bear on the issue.