本研究探討 CEO 在危機期間的調節焦點（regulatory focus）語言，如何與企業的組織韌性反應軌跡產生對應關係。研究以調節焦點理論（Regulatory Focus Theory）為基礎，將 CEO 語言視為高階主管認知框架（executive cognitive framing）的可觀察線索，而非企業績效的因果驅動因素。

本研究以 COVID-19 疫情期間之 S&P 500 企業法說會逐字稿為資料來源，並以績效衝擊（shock drop）與復原程度（recovery level）操作化組織韌性，進一步依兩者的聯合配置將企業分類為四種韌性反應軌跡。研究結果顯示，調節焦點語言與單一韌性指標之間不存在穩定的線性關係。相較之下，促進導向（promotion-focused）語言在不同軌跡之間呈現系統性差異，顯示企業在各種反應路徑中存在異質的「機會／成長」導向框架。防禦導向（prevention-focused）語言在基準模型下相對穩定，與危機溝通普遍伴隨「警覺／風險控管」的共同底色一致。然而，在進一步採用產業調整（industry-adjusted）的穩健性檢驗後，防禦導向語言呈現幅度不大但具統計可檢出的差異，顯示當韌性被界定為「扣除產業共同波動後的相對績效」時，這類語言線索可能更容易被辨識。

整體而言，本研究支持一種「依配置而定」（configuration-dependent）的詮釋：CEO 語言所反映的認知框架與韌性反應軌跡之間存在系統性對應，但不意味因果效果，亦不暗示任何導向具有規範性上的優劣。

This study examines how CEOs’ regulatory focus language during crisis aligns with organizational resilience response trajectories. Grounded in Regulatory Focus Theory, CEO language is treated as an observable cue of executive cognitive framing rather than a causal driver of firm performance.

Using S&P 500 earnings-call transcripts during the COVID-19 pandemic, resilience is operationalized by performance shock (shock drop) and recovery (recovery level), and firms are classified into four trajectories based on their joint configuration. Results show no stable linear relationship between regulatory focus language and individual resilience indicators. Instead, promotion-focused language differs systematically across trajectories, indicating heterogeneous opportunity-oriented framing across distinct response paths. Prevention-focused language is comparatively stable in the baseline specification, consistent with a shared vigilance-oriented backdrop of crisis communication. However, an industry-adjusted robustness check reveals modest but statistically detectable variation in prevention focus, suggesting that such cues become more observable when resilience is conceptualized as relative performance net of industry co-movement. Overall, the findings support a configuration-dependent interpretation without implying causal effects or normative superiority.

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