The dark side effects of CEO general managerial skills on corporate overinvestment

IF 4.9 2区管理学 Q1 MANAGEMENT

Asia Pacific Journal of Management Pub Date : 2023-08-17 DOI:10.1007/s10490-023-09910-8

Man Chen, Si Liu, Feng Wang, Rui Guo

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引用次数: 0

Abstract

Effective investment is recognized as a powerful determinant of firms’ growth and long-term advantages. However, despite long and extensive research on the upper echelons, the role of top managers’ work experiences in corporate investments remains unclear. With an investigation of the effect of CEO general managerial skills gained through lifetime work experiences on corporate overinvestment, the current study also tests boundary conditions at which this effect may be magnified or attenuated. An empirical analysis of Chinese publicly listed firms reveals that CEO general managerial skills increase corporate overinvestment: Generalist CEOs (versus specialist CEOs) are more likely to promote overinvestment. Moreover, whereas board size and economic policy uncertainty attenuate the relationship between CEO general managerial skills and corporate overinvestment, firm profitability magnifies the relationship. By examining the dark side of this managerial characteristic of CEO, this study provides important implications for literature about corporate investment and upper echelons.

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CEO一般管理技能对企业过度投资的负面影响

有效投资被认为是企业成长和长期优势的强大决定因素。然而，尽管对高层进行了长期而广泛的研究，但高层管理人员的工作经验在公司投资中的作用仍不清楚。通过调查CEO通过终身工作经验获得的一般管理技能对企业过度投资的影响，本研究还测试了这种影响可能放大或减弱的边界条件。对中国上市公司的实证分析表明，CEO的综合管理技能增加了公司的过度投资：通才型CEO（与专才型CEO相比）更有可能促进过度投资。此外，董事会规模和经济政策的不确定性削弱了CEO一般管理技能与企业过度投资之间的关系，而企业盈利能力放大了这种关系。通过研究CEO管理特质的阴暗面，本研究为企业投资和高层管理的相关文献提供了重要启示。

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

Asia Pacific Journal of Management MANAGEMENT-

CiteScore

9.70

自引率

9.30%

发文量

期刊介绍： The Asia Pacific Journal of Management publishes original manuscripts on management and organizational research in the Asia Pacific region, encompassing Pacific Rim countries and mainland Asia. APJM focuses on the extent to which each manuscript addresses matters that pertain to the most fundamental question: “What determines organization success?” The major academic disciplines that we cover include entrepreneurship, human resource management, international business, organizational behavior, and strategic management. However, manuscripts that belong to other well-established disciplines such as accounting, economics, finance, marketing, and operations generally do not fall into the scope of APJM. We endeavor to be the major vehicle for exchange of ideas and research among management scholars within or interested in the broadly defined Asia Pacific region.Key features include: Rigor - maintained through strict review processes, high quality global reviewers, and Editorial Advisory and Review Boards comprising prominent researchers from many countries. Relevance - maintained by its focus on key management and organizational trends in the region. Uniqueness - being the first and most prominent management journal published in and about the fastest growing region in the world. Official affiliation - Asia Academy of ManagementFor more information, visit the AAOM website:www.baf.cuhk.edu.hk/asia-aom/ Officially cited as: Asia Pac J Manag