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What does "that" refer to in this sentence?

The stream of reports about management turmoil has heightened an impression among some potential advertisers that the platform is not as mature as Facebook or Google.

I think "that" is referring back to "an impression", not "some potential advertisers".

Am I right in analyzing the sentence?

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It refers to "an impression."

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fire1Am I right in analyzing the sentence?

No. 'that' is not a referring expression. It's a subordinator (or complementizer or conjunction, depending which school of grammatical analysis you adhere to). It introduces a content clause much the same as it does in "He said that the platform is not as mature as Facebook or Google". It tells us the "content" of the impression, so "impression" is associated with the that-clause, but it's not the referent of "that".

This is not a case of a relative clause, in which reference is a relevant concept.

CJ