The Equilibrium Assignment of Narcissistic CEOs to Firms
作者： Eric de Bodt , Helen Bollaert , Pascal Grandin , Richard Roll
DOI: 10.2139/SSRN.2566708
关键词: Compensation (psychology) 、 Mean reversion 、 Risk aversion 、 Shareholder 、 Business 、 Corporate governance 、 Social psychology 、 Microeconomics 、 Narcissism
摘要: Firms may rationally select CEOs whose level of narcissism is compatible with their circumstances. We model the firm-CEO matching process in which narcissistic are matched to firms characterized by shareholders’ risk aversion. This leads us predict that (i) contemporaneous (future) CEO increasing (decreasing) compensation package; (ii) decreasing shareholder aversion and (iii) mean reversion. test our predictions on a 10-year sample S&P 500 CEOs, using time-varying measure narcissism. Our empirical results provide preliminary support for all predictions.
eurofidai.org 参考文章(56)
Michael Maccoby, Narcissistic Leaders Leadership Perspectives. ,vol. 82, pp. 31- 39 ,(2017) , 10.4324/9781315250601-4
Michael Maccoby, Narcissistic Leaders: Who Succeeds and Who Fails ,(2007)
F R Manfred, Kets de Vries, Leaders, Fools and Impostors: Essays on the Psychology of Leadership ,(1993)
Robert S. Horton, Parenting as a Cause of Narcissism The Handbook of Narcissism and Narcissistic Personality Disorder: Theoretical Approaches, Empirical Findings, and Treatments. pp. 181- 190 ,(2012) , 10.1002/9781118093108.CH16
Michael Sattinger, Assignment Models of the Distribution of Earnings Journal of Economic Literature. ,vol. 31, pp. 831- 880 ,(1993)
Robert C. Merton, Theory of rational option pricing ,(2011)
Joshua D. Foster, James C. Brennan, Narcissism, the Agency Model, and Approach‐Avoidance Motivation The Handbook of Narcissism and Narcissistic Personality Disorder: Theoretical Approaches, Empirical Findings, and Treatments. pp. 89- 100 ,(2012) , 10.1002/9781118093108.CH8
Alex Edmans, Xavier Gabaix, Executive Compensation: A Modern Primer Social Science Research Network. ,(2016) , 10.2139/SSRN.2576707
Arijit Chatterjee, Donald C. Hambrick, It's All about Me: Narcissistic Chief Executive Officers and Their Effects on Company Strategy and Performance Administrative Science Quarterly. ,vol. 52, pp. 351- 386 ,(2007) , 10.2189/ASQU.52.3.351
Coen N. Teulings, The Wage Distribution in a Model of the Assignment of Skills to Jobs Journal of Political Economy. ,vol. 103, pp. 280- 315 ,(1995) , 10.1086/261984