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題名 CEO 自戀與資本投資決策
CEO Narcissism and Capital Investment Decisions作者 蘇容萩
Su, Jung-Chiu貢獻者 周冠男
Chou, Kuan-Nan
蘇容萩
Su, Jung-Chiu關鍵詞 經理人自戀
ESG 報告書
照片尺寸
風險性投資
營運績效
CEO narcissism
ESG report
Photo size
Risky investment
Performance日期 2022 上傳時間 1-Jul-2022 16:06:56 (UTC+8) 摘要 經理人自戀對企業之影響隨Tesla執行長Elon Musk對Twitter的併購案成為一大話題，故本研究觀察S&P 500成分股中經理人自戀特質對於資本支出、研發支出、併購支出三類決策之影響，以驗證投資人對於經理人自戀行為將導致企業失敗之猜忌。由於過去文獻多透過年報中經理人照片大小作為自戀衡量基準，惟美國法規尚未要求資本額達一定程度之企業必須發布ESG報告書，故本文納入ESG報告書中經理人照片大小作為自戀衡量之依據，且以兩種方式進行經理人自戀程度衡量，此乃本文主要貢獻。方法一：僅觀察ESG報告書或年報中經理人照片大小；方法二：觀察經理人現金薪酬、非現金薪酬高於第二高薪高管之程度，以及ESG報告書或年報中經理人照片大小。結果顯示自戀經理人並不傾向過度投資，且偏好於得以彰顯自我的併購活動，以及較差的營運績效，此結論與過去文獻中自戀經理人將過度投資於研發及併購活動之結論不同。本文認為：(1)風險性投資具替代效果，預算限制下自戀經理人將更偏好於得以增加曝光之併購活動。(2)隨治理機制及外部監管力道健全化，已一定程度地控制自戀下的過度投資，故自戀乃可抑制之特質。(3)自戀經理人若頻繁發起現金收購案，投資人需留意其營運績效之表現。
With the takeover of Twitter, the discussion of Elon Musk is narcissistic and would lead to his downfall has sprung, so we examine the listed companies in the S&P 500 and observe the relation between CEO narcissism and capital investment decisions, including CAPEX, R&D, and M&A activities, to make a confirmation of people’s guessing. The main contribution of this paper is the measurement of CEO narcissism which we found might be a proper way to dig into the photo size of CEOs in the ESG reports than the annual reports because of the voluntary disclosure feature, thus we give priority to the ESG reports if possible. This paper utilizes two kinds of methods for measuring CEO narcissism: method one only considers CEOs’ photos in the ESG reports or the annual reports, and method two further takes cash and non-cash compensation into account. The results suggested that narcissistic CEOs would tend to invest in M&A activities and lead to worse performance, whereas there is no evidence of overinvestment, however, it is not consistent with prior research that narcissistic CEOs would overinvest in both R&D and M&A activities, and several statements could shed light on the matter. Firstly, there would be a tradeoff between risky investment, and narcissistic CEOs prefer M&A which satisfies the need for admiration. Secondly, under a sound governance system which devoting to diminishing the information asymmetry, it is less likely for narcissistic CEOs to misbehave, and narcissism is a controllable characteristic. Finally, people should especially look out for the performance if narcissistic CEOs initiate M&A by cash payment frequently. In a nutshell, the need for admiration would dominate the capital investment decisions in firms with narcissistic CEOs, however, it is controllable.參考文獻 Ahern, K.R., and Sosyura, D. (2014). Who Writes the News? Corporate Press Releases during Merger Negotiations. The Journal of Finance 69 (1), 241-291.Aktas, N., de Bodt, E., Bollaert, H., and Roll, R. (2016). CEO Narcissism and the Takeover Process: From Private Initiation to Deal Completion. Journal of Financial and Quantitative Analysis, 51(1), 113-137.Al-Shammari, M., Rasheed, A., and Al-Shammari, H. A. (2019). CEO Narcissism and Corporate Social Responsibility: Does CEO Narcissism Affect CSR Focus? Journal of Business Research, 104, 106-117.Barro, R.J. (1990). The Stock Market and Investment. The Review of Financial Studies, 3, 115-131.Baum, C.F., Caglayan, M., and Talavera, O. (2013). The Effects of Future Capital Investment And R&D Expenditures on Firms’ Liquidity. Review of International Economics, 21(3), 459-474.Boyd, B. (1995). CEO Duality and Firm Performance: A Contingency Model. Strategic Management Journal, 16, 301-312.Capalbo, F., Frino, A., Lim, M. Y., Mollica, V., and Palumbo, R. (2018). The Impact of CEO Narcissism on Earnings Management. Abacus, 54(2), 210-226.Carey, A. L., Brucks, M. S., Küfner, A. C. P., Holtzman, N. S., große Deters, F., Back, M. D., Donnellan, M. B., Pennebaker, J. W., and Mehl, M. R. (2015). Narcissism And the Use of Personal Pronouns Revisited. Journal of Personality and Social Psychology, 109(3), 1-15.Chatterjee, A., and Hambrick, D. C. (2011). Executive Personality, Capability Cues, And Risk-Taking: How Narcissistic CEOs React to Their Successes and Stumbles. Administrative Science Quarterly, 56(2), 202–237.Chatterjee, A., and Hambrick, D.C. (2007). It’s All About Me: Narcissistic CEOs and Their Effects on Company Strategy and Performance. Administrative Science Quarterly, 52(3), 351-386.Chatterjee, A., and Pollock, T.G. (2017). Master of puppets: How Narcissistic CEOs Construct Their Professional Worlds. Academy of Management Review 42(4), 703–725.Cragun, O. R., Olsen, K. J., and Wright, P. M. (2020). Making CEO Narcissism Research Great: A Review and Meta-Analysis of CEO Narcissism. Journal of Management, 46(6), 908-936.Cycyota, C. S., and Harrison, D. A. (2006). What (Not) to Expect When Surveying Executives: A Meta-Analysis of Top Manager Response Rates and Techniques Over Time. Organizational Research Methods, 9(2), 133–160.Dabbebi, A., Lassoued, N., and Khanchel, I. (2022). Peering Through the Smokescreen: ESG Disclosure and CEO Personality. Managerial and Decision Economics, 43(2).Daily, C. A., McDougall, P. P., Covin, J. G., and Dalton, D. R. (2002). Governance And Strategic Leadership in Entrepreneurial Firms. Journal of Management, 28(3), 387-412.Eisenhardt KM, Bourgeois LJI. (1988). Politics Of Strategic Decision Making in High-Velocity Environments: Toward a Midrange Theory. Academy of Management Journal 31(4), 737-770.Emmons, R. A. (1984). Factor analysis and construct validity of the Narcissistic Personality Inventory. Journal of Personality Assessment, 48, 291-300.Emmons, R.A. (1987). Narcissism Theory and Measurement. Journal of Personality and Social Psychology, 52, 11-17.Finkelstein, S., and Boyd, B. K. (1998). How Much Does the CEO Matter? The Role of Managerial Discretion in The Setting of CEO Compensation. Academy of Management Journal, 41(2), 179–199.García Lara, J.M., García Osma, B. and Penalva, F. (2016). Accounting Conservatism and Firm Investment Efficiency. Journal of Accounting and Economics, 61(1), 221-238.Gerstner, W.-C., König, A., Enders, A., and Hambrick, D. C. (2013). CEO Narcissism, Audience Engagement, and Organizational Adoption of Technological Discontinuities. Administrative Science Quarterly, 58, 257–291.Golden, B. R., & Zajac, E. J. (2001). When Will Boards Influence Strategy? Inclination × Power = Strategic Change. Strategic Management Journal, 22, 1087–1111.Goncalo, J. A., & Kim, S. H. (2010). Distributive Justice Beliefs and Group Idea Generation: Does A Belief in Equity Facilitate Productivity? Journal of Experimental Social Psychology, 46(5), 836–840.Ham, C., Seybert, N., and Wang, S. (2018). Narcissism Is a Bad Sign: CEO Signature Size, Investment, and Performance. Review of Accounting Studies, 23, 234-264.Hambrick, D. (2007). Upper echelons theory: An update. The Academy of Management Review, 32(2), 334–343.Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The Organization as a Reflection of Its Top Managers. Academy of Management Review, 9(2), 193–206.Hart, O. and Moore, J. (1995). Debt and Seniority: An Analysis of the Role of Hard Claims in Constraining Management. American Economic Review, 85, 567-585.Hitt, M.A., Hoskisson, R.E., and Ireland, R.D. (1990). Mergers and Acquisitions and Managerial Commitment to Innovation in M-form Firms. Strategic Management Journal, 11, 29-47.Jensen, M.C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, And Takeovers. American Economic Review,76, 323-329.Kadapakkam, P.R., Kumar, P.C. and Riddick, L.A. (1998). The Impact of Cash Flows and Firm Size on Investment: The International Evidence. Journal of Banking and Finance 22(3), 293–320.Kashmiri, S., Nicol, C.D., and Arora, S. (2017). Me, Myself, And I: Influence of CEO Narcissism on Firms’ Innovation Strategy and The Likelihood of Product-Harm Crises. Journal of the Academy of Marketing Science, 45, 633-656.Kim, M. K. (2008). The Study on Identify Components of CEO Image That Influence in Brand`s Value. Journal of Fashion Business, 12(1), 129-146.Miller, J.D., Price, J., Gentile, B., Lynam, D.R., and Campbell, W.K. (2012). Grandiose And Vulnerable Narcissism from The Perspective of The Interpersonal Circumplex. Personality and Individual Differences, 53(4), 507-512.Miller, K. D., and Bromiley, P. (1990). Strategic Risk and Corporate Performance: An Analysis of Alternative Risk Measures. Academy of Management Journal, 33, 756–779.Myers, S.C. (1977). Determinants of Corporate Borrowing. Journal of Financial Economics, 5, 147-175.Nevicka, B., De Hoogh, A. H. B., Van Vianen, A. E. M., Beersma, B., and McIlwain, D. (2011). All I Need Is a Stage to Shine: Narcissist’s Leader Emergence and Performance. The Leadership Quarterly, 22(5), 910-925.Olsen, K. J., Dworkis, K. K., and Young, S. M. (2014). CEO Narcissism and Accounting: A Picture of Profits. Journal of Management Accounting Research, 26(2), 243–267.O`Reilly, C. A. III, Doerr, B., Caldwell, D. F., and Chatman, J. A. (2014). Narcissistic CEOs and Executive Compensation. The Leadership Quarterly, 25(2), 218–231.Papadakis, V.M., and Barwise, P. (2002). How Much do CEOs and Top Managers Matter in Strategic Decision-Making? British Journal of Management, 13, 89-95.Pincus, A.L., and Lukowitsky, M.R. (2010). Pathological Narcissism and Narcissistic Personality Disorder. Annual Review of Clinical Psychology, 6, 421-446.Raskin, R. and Terry, H. (1988). A Principal-Components Analysis of the Narcissistic Personality Inventory and Further Evidence of Its Construct Validity. Journal of Personality and Social Psychology, 54, 890-902.Raskin, R., and Hall, C. S. (1979). A Narcissistic Personality Inventory. Psychological Reports, 45, 590.Richardson, S. (2006) Over-Investment of Free Cash Flow. Review of Accounting Studies, 11, 159-189.Rijsenbilt, A., and Commandeur, H. (2013). Narcissus Enters the Courtroom: CEO Narcissism and Fraud. J Bus Ethics, 117, 413–429.Rosenthal, S. A., and Pittinsky, T. L. (2006). Narcissistic leadership. The Leadership Quarterly, 17(6), 617–633.Sanders, W.G., and Hambrick, D.C. (2007). Swinging For the Fences: The Effects of CEO Stock Options on Company Risk-Taking and Performance. Academy of Management Journal, 50(5), 1055-1078.She, Z., Li, Q., London, M., Yang, B., and Yang, B. (2020). Effects of CEO Narcissism on Decision-Making Comprehensiveness and Speed. Journal of Managerial Psychology, 35(1), 42-55.Shepherd, N.G., and Rudd, J.M. (2014). The Influence of Context on the Strategic Decision-Making Process: A Review of the Literature. International Journal of Management Reviews, 16(3), 340-364.Walder, R. (1925). The Psychoses: Their Mechanisms and Accessibility to Influence. International Journal of Psychoanalysis, 6, 259-281.Wales, W. J., Patel, P. C., and Lumpkin, G. T. (2013). In Pursuit of Greatness: CEO Narcissism, Entrepreneurial Orientation, and Firm Performance Variance. Journal of Management Studies, 50(6), 1041–1069.Wink, P. (1991). Two faces of narcissism. Journal of Personality and Social Psychology, 61(4), 590-597.Wowak, A. J., and Hambrick, D. C. (2010). A Model of Person-Pay Interaction: How Executives Vary in Their Responses to Compensation Arrangements. Strategic Management Journal, 31, 803–821. 描述 碩士
國立政治大學
財務管理學系
109357012資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109357012 資料類型 thesis dc.contributor.advisor 周冠男 zh_TW dc.contributor.advisor Chou, Kuan-Nan en_US dc.contributor.author (Authors) 蘇容萩 zh_TW dc.contributor.author (Authors) Su, Jung-Chiu en_US dc.creator (作者) 蘇容萩 zh_TW dc.creator (作者) Su, Jung-Chiu en_US dc.date (日期) 2022 en_US dc.date.accessioned 1-Jul-2022 16:06:56 (UTC+8) - dc.date.available 1-Jul-2022 16:06:56 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2022 16:06:56 (UTC+8) - dc.identifier (Other Identifiers) G0109357012 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/140587 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理學系 zh_TW dc.description (描述) 109357012 zh_TW dc.description.abstract (摘要) 經理人自戀對企業之影響隨Tesla執行長Elon Musk對Twitter的併購案成為一大話題，故本研究觀察S&P 500成分股中經理人自戀特質對於資本支出、研發支出、併購支出三類決策之影響，以驗證投資人對於經理人自戀行為將導致企業失敗之猜忌。由於過去文獻多透過年報中經理人照片大小作為自戀衡量基準，惟美國法規尚未要求資本額達一定程度之企業必須發布ESG報告書，故本文納入ESG報告書中經理人照片大小作為自戀衡量之依據，且以兩種方式進行經理人自戀程度衡量，此乃本文主要貢獻。方法一：僅觀察ESG報告書或年報中經理人照片大小；方法二：觀察經理人現金薪酬、非現金薪酬高於第二高薪高管之程度，以及ESG報告書或年報中經理人照片大小。結果顯示自戀經理人並不傾向過度投資，且偏好於得以彰顯自我的併購活動，以及較差的營運績效，此結論與過去文獻中自戀經理人將過度投資於研發及併購活動之結論不同。本文認為：(1)風險性投資具替代效果，預算限制下自戀經理人將更偏好於得以增加曝光之併購活動。(2)隨治理機制及外部監管力道健全化，已一定程度地控制自戀下的過度投資，故自戀乃可抑制之特質。(3)自戀經理人若頻繁發起現金收購案，投資人需留意其營運績效之表現。 zh_TW dc.description.abstract (摘要) With the takeover of Twitter, the discussion of Elon Musk is narcissistic and would lead to his downfall has sprung, so we examine the listed companies in the S&P 500 and observe the relation between CEO narcissism and capital investment decisions, including CAPEX, R&D, and M&A activities, to make a confirmation of people’s guessing. The main contribution of this paper is the measurement of CEO narcissism which we found might be a proper way to dig into the photo size of CEOs in the ESG reports than the annual reports because of the voluntary disclosure feature, thus we give priority to the ESG reports if possible. This paper utilizes two kinds of methods for measuring CEO narcissism: method one only considers CEOs’ photos in the ESG reports or the annual reports, and method two further takes cash and non-cash compensation into account. The results suggested that narcissistic CEOs would tend to invest in M&A activities and lead to worse performance, whereas there is no evidence of overinvestment, however, it is not consistent with prior research that narcissistic CEOs would overinvest in both R&D and M&A activities, and several statements could shed light on the matter. Firstly, there would be a tradeoff between risky investment, and narcissistic CEOs prefer M&A which satisfies the need for admiration. Secondly, under a sound governance system which devoting to diminishing the information asymmetry, it is less likely for narcissistic CEOs to misbehave, and narcissism is a controllable characteristic. Finally, people should especially look out for the performance if narcissistic CEOs initiate M&A by cash payment frequently. In a nutshell, the need for admiration would dominate the capital investment decisions in firms with narcissistic CEOs, however, it is controllable. en_US dc.description.tableofcontents 1. INTRODUCTION 72. LITERATURE REVIEW AND HYPOTHESIS DEVELOPMENT 92.1. CEO NARCISSISM 92.2. CEO NARCISSISM ON STRATEGIC DECISIONS 112.3. CEO NARCISSISM AND CAPITAL INVESTMENT DECISIONS 112.4. CEO NARCISSISM AND PERFORMANCE 133. DATA AND METHODOLOGY 133.1. SAMPLE SELECTION AND DATA 133.2. CEO NARCISSISM MEASUREMENTS 134. EMPIRICAL RESULTS 175. CONCLUSION 286. REFERENCES 297. APPENDIX 33 zh_TW dc.format.extent 814662 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109357012 en_US dc.subject (關鍵詞) 經理人自戀 zh_TW dc.subject (關鍵詞) ESG 報告書 zh_TW dc.subject (關鍵詞) 照片尺寸 zh_TW dc.subject (關鍵詞) 風險性投資 zh_TW dc.subject (關鍵詞) 營運績效 zh_TW dc.subject (關鍵詞) CEO narcissism en_US dc.subject (關鍵詞) ESG report en_US dc.subject (關鍵詞) Photo size en_US dc.subject (關鍵詞) Risky investment en_US dc.subject (關鍵詞) Performance en_US dc.title (題名) CEO 自戀與資本投資決策 zh_TW dc.title (題名) CEO Narcissism and Capital Investment Decisions en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Ahern, K.R., and Sosyura, D. (2014). Who Writes the News? Corporate Press Releases during Merger Negotiations. The Journal of Finance 69 (1), 241-291.Aktas, N., de Bodt, E., Bollaert, H., and Roll, R. (2016). CEO Narcissism and the Takeover Process: From Private Initiation to Deal Completion. Journal of Financial and Quantitative Analysis, 51(1), 113-137.Al-Shammari, M., Rasheed, A., and Al-Shammari, H. A. (2019). CEO Narcissism and Corporate Social Responsibility: Does CEO Narcissism Affect CSR Focus? Journal of Business Research, 104, 106-117.Barro, R.J. (1990). The Stock Market and Investment. The Review of Financial Studies, 3, 115-131.Baum, C.F., Caglayan, M., and Talavera, O. (2013). The Effects of Future Capital Investment And R&D Expenditures on Firms’ Liquidity. Review of International Economics, 21(3), 459-474.Boyd, B. (1995). CEO Duality and Firm Performance: A Contingency Model. Strategic Management Journal, 16, 301-312.Capalbo, F., Frino, A., Lim, M. Y., Mollica, V., and Palumbo, R. (2018). The Impact of CEO Narcissism on Earnings Management. Abacus, 54(2), 210-226.Carey, A. L., Brucks, M. S., Küfner, A. C. P., Holtzman, N. S., große Deters, F., Back, M. D., Donnellan, M. B., Pennebaker, J. W., and Mehl, M. R. (2015). Narcissism And the Use of Personal Pronouns Revisited. Journal of Personality and Social Psychology, 109(3), 1-15.Chatterjee, A., and Hambrick, D. C. (2011). Executive Personality, Capability Cues, And Risk-Taking: How Narcissistic CEOs React to Their Successes and Stumbles. Administrative Science Quarterly, 56(2), 202–237.Chatterjee, A., and Hambrick, D.C. (2007). It’s All About Me: Narcissistic CEOs and Their Effects on Company Strategy and Performance. Administrative Science Quarterly, 52(3), 351-386.Chatterjee, A., and Pollock, T.G. (2017). Master of puppets: How Narcissistic CEOs Construct Their Professional Worlds. Academy of Management Review 42(4), 703–725.Cragun, O. R., Olsen, K. J., and Wright, P. M. (2020). Making CEO Narcissism Research Great: A Review and Meta-Analysis of CEO Narcissism. Journal of Management, 46(6), 908-936.Cycyota, C. S., and Harrison, D. A. (2006). What (Not) to Expect When Surveying Executives: A Meta-Analysis of Top Manager Response Rates and Techniques Over Time. Organizational Research Methods, 9(2), 133–160.Dabbebi, A., Lassoued, N., and Khanchel, I. (2022). Peering Through the Smokescreen: ESG Disclosure and CEO Personality. Managerial and Decision Economics, 43(2).Daily, C. A., McDougall, P. P., Covin, J. G., and Dalton, D. R. (2002). Governance And Strategic Leadership in Entrepreneurial Firms. Journal of Management, 28(3), 387-412.Eisenhardt KM, Bourgeois LJI. (1988). Politics Of Strategic Decision Making in High-Velocity Environments: Toward a Midrange Theory. Academy of Management Journal 31(4), 737-770.Emmons, R. A. (1984). Factor analysis and construct validity of the Narcissistic Personality Inventory. Journal of Personality Assessment, 48, 291-300.Emmons, R.A. (1987). Narcissism Theory and Measurement. Journal of Personality and Social Psychology, 52, 11-17.Finkelstein, S., and Boyd, B. K. (1998). How Much Does the CEO Matter? The Role of Managerial Discretion in The Setting of CEO Compensation. Academy of Management Journal, 41(2), 179–199.García Lara, J.M., García Osma, B. and Penalva, F. (2016). Accounting Conservatism and Firm Investment Efficiency. Journal of Accounting and Economics, 61(1), 221-238.Gerstner, W.-C., König, A., Enders, A., and Hambrick, D. C. (2013). CEO Narcissism, Audience Engagement, and Organizational Adoption of Technological Discontinuities. Administrative Science Quarterly, 58, 257–291.Golden, B. R., & Zajac, E. J. (2001). When Will Boards Influence Strategy? Inclination × Power = Strategic Change. Strategic Management Journal, 22, 1087–1111.Goncalo, J. A., & Kim, S. H. (2010). Distributive Justice Beliefs and Group Idea Generation: Does A Belief in Equity Facilitate Productivity? Journal of Experimental Social Psychology, 46(5), 836–840.Ham, C., Seybert, N., and Wang, S. (2018). Narcissism Is a Bad Sign: CEO Signature Size, Investment, and Performance. Review of Accounting Studies, 23, 234-264.Hambrick, D. (2007). Upper echelons theory: An update. The Academy of Management Review, 32(2), 334–343.Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The Organization as a Reflection of Its Top Managers. Academy of Management Review, 9(2), 193–206.Hart, O. and Moore, J. (1995). Debt and Seniority: An Analysis of the Role of Hard Claims in Constraining Management. American Economic Review, 85, 567-585.Hitt, M.A., Hoskisson, R.E., and Ireland, R.D. (1990). Mergers and Acquisitions and Managerial Commitment to Innovation in M-form Firms. Strategic Management Journal, 11, 29-47.Jensen, M.C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, And Takeovers. American Economic Review,76, 323-329.Kadapakkam, P.R., Kumar, P.C. and Riddick, L.A. (1998). The Impact of Cash Flows and Firm Size on Investment: The International Evidence. 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