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

被引：83
|
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.
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页码：919 / 933
页数：15
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