CEO过度自信、顾客满意与企业价值:中介与调节效应的研究

IF 7.5 2区管理学 Q1 BUSINESS

European Management Journal Pub Date : 2025-02-01 DOI:10.1016/j.emj.2023.11.004

Wen Hua Sharpe , Phong Minh Nguyen , Sisira Colombage

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引用次数: 0

摘要

本研究从上层梯队理论和平衡计分卡理论出发，探讨CEO过度自信、顾客满意度和企业价值之间的潜在关联。利用1994年至2019年美国上市公司的数据集，我们首先研究了CEO过度自信与客户满意度之间的关系，重点研究了研发和广告支出的中介作用，以及CEO股权薪酬的调节作用。研究发现，CEO过度自信对顾客满意度有正向影响，研发和广告对这种正向影响有部分中介作用。此外，调节路径分析表明，CEO股权薪酬增加了CEO过度自信对客户满意度的间接影响。接下来，我们检验并证明CEO过度自信调节了客户满意度对企业价值的积极影响。我们的研究结果通过强调CEO过度自信不仅对股东价值产生积极影响，而且与战略营销决策的后果(如客户满意度)有关，从而对现有文献做出了贡献。我们的研究为董事会提供了启示，他们可能需要使CEO和公司的营销支出决策保持一致。这也提高了股东对CEO过度自信的存在及其影响的认识。

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CEO overconfidence, customer satisfaction, and firm value: An investigation of mediating and moderating effects

Drawing from the upper echelons theory and the balanced scorecard theory, this study investigates potential associations between CEO overconfidence, customer satisfaction, and firm value. Using a dataset of US public firms spanning from 1994 to 2019, we first examine the relationship between CEO overconfidence and customer satisfaction, focusing on the mediating role of R&D and advertising expenditures, and the moderating role of CEO equity-based compensation. We find that CEO overconfidence positively influences customer satisfaction, and this positive impact is partially mediated by R&D and advertising. In addition, moderated path analysis indicates that CEO equity-based compensation increases the indirect effect of CEO overconfidence on customer satisfaction. We next examine and document that CEO overconfidence moderates the positive impact of customer satisfaction on firm value. Our results contribute to the extant literature by highlighting that CEO overconfidence not only positively affects shareholder value, but also links to the consequences of strategic marketing decisions, such as customer satisfaction. Our study provides implications for boards of directors, who may need to align CEO and firm marketing spending decisions. It also raises shareholders’ awareness of the presence and impact of CEO overconfidence.

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来源期刊

European Management Journal Multiple-

CiteScore

12.90

自引率

5.30%

发文量

113

审稿时长

74 days

期刊介绍： The European Management Journal (EMJ) stands as a premier scholarly publication, disseminating cutting-edge research spanning all realms of management. EMJ articles challenge conventional wisdom through rigorously informed empirical and theoretical inquiries, offering fresh insights and innovative perspectives on key management themes while remaining accessible and engaging for a wide readership. EMJ articles embody intellectual curiosity and embrace diverse methodological approaches, yielding contributions that significantly influence both management theory and practice. We actively seek interdisciplinary research that integrates distinct research traditions to illuminate contemporary challenges within the expansive domain of European business and management. We strongly encourage cross-cultural investigations addressing the unique challenges faced by European management scholarship and practice in navigating global issues and contexts.