CEO Hubris and Firm Performance: Exploring the Moderating Roles of CEO Power and Board Vigilance

被引：87

作者：

Park, Jong-Hun ^{[1
]}

Kim, Changsu ^{[1
]}

Chang, Young Kyun ^{[1
]}

Lee, Dong-Hyun ^{[1
]}

Sung, Yun-Dal ^{[1
]}

机构：

[1] Sogang Univ, Sogang Business Sch, 35 Baekbeom Ro, Seoul 04107, South Korea

来源：

JOURNAL OF BUSINESS ETHICS | 2018年 / 147卷 / 04期

关键词：

CEO hubris; CEO power; Board vigilance; Korea; NARCISSISTIC PERSONALITY-INVENTORY; CORPORATE GOVERNANCE; TOP MANAGEMENT; OWNERSHIP STRUCTURE; CONSTRUCT-VALIDITY; SUCCESSION; DYNAMICS; ACQUISITIONS; DIRECTORS; KOREA;

D O I：

10.1007/s10551-015-2997-2

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study focuses on CEO hubris and its detrimental effect on corporate financial performance along with an examination of critical corporate governance contingencies (CEO power and board vigilance) that may moderate the negative effect. From 654 observations of 164 Korean firms over the years 2001-2008, we found that CEO power exacerbated the negative effect of CEO hubris on corporate financial performance, whereas board vigilance mitigated it. This study provides empirical evidence that entrenchment problems arising from CEO hubris would be exacerbated as CEOs become more powerful, but weakened as board of directors become more vigilant. Theoretical contributions and practical implications will be discussed.

引用

页码：919 / 933

页数：15

共 50 条

[41] CEO power and firm opacity
Koo, KwangJoo
Kim, Jonghwan
APPLIED ECONOMICS LETTERS, 2019, 26 (10) : 791 - 794
[42] The effect of CEO entrepreneurial orientation on firm strategic change: The moderating roles of managerial discretion
Wang, Linlin
Jiang, Wan
Ma, Xifang
JOURNAL OF ENGINEERING AND TECHNOLOGY MANAGEMENT, 2021, 59
[43] Board meeting, promoter CEO and firm performance: Evidence from India
Sahoo, Minati
Srivastava, Kailash B. L.
Gupta, Neeraj
Mittal, Sachin Kumar
Bakhshi, Priti
Agarwal, Tarun
COGENT ECONOMICS & FINANCE, 2023, 11 (01):
[44] Board Composition, CEO Duality and Firm Performance: Malaysian Plantation Sector
San, Ong Tze
Yau, Lee Soon
PERTANIKA JOURNAL OF SOCIAL SCIENCE AND HUMANITIES, 2013, 21 : 85 - 97
[45] CEO power and innovative knowledge assets: the joint moderating effect of firm size and firm age
Liu, Yexin
Huang, Maoyuan
Wu, Weiwei
Yang, Ying
DISCOVER SUSTAINABILITY, 2025, 6 (01):
[46] Board composition and CEO power
Baldenius, Tim
Melumad, Nahum
Meng, Xiaojing
JOURNAL OF FINANCIAL ECONOMICS, 2014, 112 (01) : 53 - 68
[47] Top Management Team Intrapersonal Functional Diversity and Adaptive Firm Performance: The Moderating Roles of the CEO-TMT Power Gap and Severity of Threat
Ma, Changlong
Ge, Yuhui
Wang, Jingwei
FRONTIERS IN PSYCHOLOGY, 2021, 12
[48] CEO board membership: implications for firm value
Li, Michelle
Roberts, Helen
PACIFIC ACCOUNTING REVIEW, 2018, 30 (03) : 352 - 370
[49] CEO Hubris and Firm Pollution: State and Market Contingencies in a Transitional Economy
Zhang, Lu
Ren, Shenggang
Chen, Xiaohong
Li, Dayuan
Yin, Duanjinyu
JOURNAL OF BUSINESS ETHICS, 2020, 161 (02) : 459 - 478
[50] CEO Hubris and Firm Pollution: State and Market Contingencies in a Transitional Economy
Lu Zhang
Shenggang Ren
Xiaohong Chen
Dayuan Li
Duanjinyu Yin
Journal of Business Ethics, 2020, 161 : 459 - 478

← 1 2 3 4 5 →