CEO自恋、所有权性质和组织后果——来自中国上市公司的证据

CEO Narcissism,Ownership Nature and Organizational Outcomes:Evidence from Chinese Stock Market

本文以沪深两市A股394家上市公司的472位CEO为样本,从战略和业绩表现两个角度研究了CEO自恋程度对公司的影响,以及在不同所有权性质下这种影响的差异。本文发现,CEO自恋会显著提升公司战略和业绩的不平稳性,但这种影响只出现在非国有企业中,在国有企业中却几近"消失"。对非国有企业的进一步分析发现,公司治理对CEO自恋倾向没有显著的抑制作用,也没有明显证据表明,CEO自恋总体上会促进或阻碍经济效率。本文的发现丰富了战略与组织管理文献的内容。同时,可对企业自身管理决策及其投资者的投资决策提供参考。

In modern society, the role of manager team is becoming more and more important. Some traits of managers ,the structure of manager team for instance, have a great impact on the company＇s business philosophy, management style and strategy, hence company performance. As the core of the whole manager team, CEOs make important decisions for the company, which attracts them more attention. Previous studies about manager characteris- tic are mostly focused on educational background, political back ground and gender difference, there is little research focusing on manager＇s disposition and psychological traits such as narcissism. Although narcissism was introduced as a mental disease in the psychological literature firstly, nowadays many scholars view it as a common personality tendency among people. At present, there is no clear definition of narcis- sism. Generally, the narcissists are extremely self-centered. They speak out their own accomplishments much posi- tively and definitely and pursue the attentions and admiration from others consistently. Also, they keep running for the power, honor and success and they always have strong senses of superiority. Currently, research on CEO narcissism is in its nascent stage. Some research show that CEO narcissism will re- sult in organizational consequences. Chatterjee and Hambrick （2007） find that narcissistic CEOs favor bold strate- gic actions such as the number and size of acquisitions which will draw attention to the CEO and his/her compa- ny. O＇Reilly et al. （2014） find that narcissistic CEOs can earn higher compensation. Amernie and Craig （2010） find that narcissistic CEOs try to boost their positive social image by overstating firm performance. Olsen et al. （2014） find that narcissistic CEOs will increase the reported earnings by real earning management. However, there is much difference in social culture and economy system between China and western developed countries. The conclusions drawn from the data of the western developed markets may not apply in Chinese mar- kets. In China, do narcissistic CEOs have critical organizational outcomes？ Are those outcomes different between or- ganizations with different ownership nature？ Does corporate governance have effect on those outcomes？ Do narcissis- tic CEOs play a good or bad role in organizations＇ development？ We need explore deeply on these questions. Taking as the target 472 CEOs in 394 China＇s listed companies between 1999 and 2012 ,we have explored both the impact of CEO narcissism on organization strategy and performance, and the role ownership nature plays on that impact. By our study, we have discovered that CEO＇s narcissism is positively related to the instability of organization strategy and performance. However, this relationship exists only in non-SOEs, while disappearing in SOEs. Further a- nalysis on non-SOEs shows that corporate governance does not limit the organizational outcomes of CEO narcissism and CEO narcissism generally neither promotes nor cumbers the organizations＇ economic efficiency. Out findings en- riches strategic management and organizational literature. They provide suggestion for the companies＇ managerial de- cision and investing decision of the companies＇ investors. This study makes several contributions as follows： First, It is the first empirical paper examining narcissism＇s organizational consequences in Chinese stock market. Second, for the first time, it examines how the ownership na- ture impact on the organization consequences caused by narcissist CEOs. We find CEO of narcissistic tendencies has a significant impact on unsteadiness of corporate strategy and performance only in non-SOEs, and not In SOEs. This means national ownership play a significant role limiting CEO personality reflected in companies＇ strategy and ac- tions, which enriches the literature on CEO narcissism. Third, based on the four dimensions of narcissism proposed by Emmons （1987） ,we measure the degree of CEO narcissism for Chinese enterprises by a composite index combi- ning three unobtrusive indicators, which can more fully reflect the overall characteristics of narcissistic personali- ty. Our measurement of narcissistic CEO can be used in future relevan studies.