Star CEOs: influence on competitor CEOs' risk-taking

IF 4.1 3区管理学 Q2 BUSINESS

Management Decision Pub Date : 2024-02-21 DOI:10.1108/md-11-2022-1606

Sam Yul Cho, Yohan Choi

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引用次数: 0

Abstract

Purpose

Research has focused primarily on the antecedents that influence the risk taking of CEOs themselves. This study examines how an important event experienced by a CEO at a direct rival firm influences a CEO's risk-taking. It also examines how prior firm performance relative to aspirations moderates the relationship.

Design/methodology/approach

In order to test the hypothesis, the authors perform an a difference-in-differences methodology.

Findings

Using a difference-in-differences methodology, we find that when a CEO wins a prestigious CEO award, competitor CEOs increase their firm risk-taking in the post-award period. The proclivity becomes stronger when their prior firm performance relative to aspirations is better. These findings suggest that a CEO winning a prominent CEO award influences competitor CEOs' risk-taking.

Originality/value

This study contributes to the literature on managerial risk-taking by highlighting that a star CEO winning a prominent award may serve as a striving aspiration and induce competitor CEOs to take risks, and that two different types of aspirations – striving and competitive aspirations – interact to influence the competitor CEOs' risk-taking.

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明星首席执行官：对竞争对手首席执行官冒险行为的影响

目的研究主要集中于影响首席执行官自身风险承担的前因。本研究探讨了直接竞争对手公司的首席执行官所经历的重要事件如何影响首席执行官的风险承担。研究结果利用差分法，我们发现当一位首席执行官赢得一项著名的首席执行官奖时，竞争对手的首席执行官会在获奖后增加其公司的风险承担。当他们之前的公司业绩相对于期望值更好时，这种倾向性会变得更强。原创性/价值这项研究强调了明星首席执行官获得著名奖项可能会成为一种奋斗愿望，并诱导竞争者首席执行官承担风险，而且两种不同类型的愿望--奋斗愿望和竞争愿望--相互作用，影响竞争者首席执行官的风险承担，从而为有关管理风险承担的文献做出了贡献。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Management Decision Multiple-

CiteScore

8.20

自引率

8.70%

发文量

126

期刊介绍： ■In-depth studies of major issues ■Operations management ■Financial management ■Motivation ■Entrepreneurship ■Problem solving and proactivity ■Serious management argument ■Strategy and policy issues ■Tactics for turning around company crises Management Decision, considered by many to be the best publication in its field, consistently offers thoughtful and provocative insights into current management practice. As such, its high calibre contributions from leading management philosophers and practitioners make it an invaluable resource in the aggressive and demanding trading climate of the Twenty-First Century.