{"title":"首席执行官的时间近视是否总是导致公司的短期行为?首席执行官乐观情绪和感知机会成本的关键作用","authors":"Xinchun Wang","doi":"10.1016/j.jbusres.2024.114739","DOIUrl":null,"url":null,"abstract":"<div><p>Literature suggests that chief executive officers (CEOs) often discount long-term returns more than short-term gains, resulting in firm short-termism. However, the findings from previous studies are not conclusive. Drawing on upper echelons theory, we argue that a CEO’s optimism about the firm’s future returns is a critical factor that influences the likelihood of CEO temporal myopia leading to firm short-termism. We further propose that the perceived opportunity costs of being short-term oriented can reshape the role of CEO optimism in converting temporal myopia to firm short-termism. Specifically, when a CEO’s compensation is dependent on the firm’s stock market performance, the perceived opportunity cost of being short-term focused is high, mitigating the negative impact of CEO optimism. However, when the CEO faces high environmental discretion that can help the firm maintain competitive advantage through alternative means, the perceived opportunity cost becomes lower, amplifying the adverse impact of CEO optimism.</p></div>","PeriodicalId":15123,"journal":{"name":"Journal of Business Research","volume":null,"pages":null},"PeriodicalIF":10.5000,"publicationDate":"2024-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Does CEO temporal myopia always lead to firm short-termism? The critical role of CEO optimism and perceived opportunity costs\",\"authors\":\"Xinchun Wang\",\"doi\":\"10.1016/j.jbusres.2024.114739\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>Literature suggests that chief executive officers (CEOs) often discount long-term returns more than short-term gains, resulting in firm short-termism. However, the findings from previous studies are not conclusive. Drawing on upper echelons theory, we argue that a CEO’s optimism about the firm’s future returns is a critical factor that influences the likelihood of CEO temporal myopia leading to firm short-termism. We further propose that the perceived opportunity costs of being short-term oriented can reshape the role of CEO optimism in converting temporal myopia to firm short-termism. Specifically, when a CEO’s compensation is dependent on the firm’s stock market performance, the perceived opportunity cost of being short-term focused is high, mitigating the negative impact of CEO optimism. However, when the CEO faces high environmental discretion that can help the firm maintain competitive advantage through alternative means, the perceived opportunity cost becomes lower, amplifying the adverse impact of CEO optimism.</p></div>\",\"PeriodicalId\":15123,\"journal\":{\"name\":\"Journal of Business Research\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":10.5000,\"publicationDate\":\"2024-05-24\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Business Research\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0148296324002431\",\"RegionNum\":1,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Business Research","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0148296324002431","RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
Does CEO temporal myopia always lead to firm short-termism? The critical role of CEO optimism and perceived opportunity costs
Literature suggests that chief executive officers (CEOs) often discount long-term returns more than short-term gains, resulting in firm short-termism. However, the findings from previous studies are not conclusive. Drawing on upper echelons theory, we argue that a CEO’s optimism about the firm’s future returns is a critical factor that influences the likelihood of CEO temporal myopia leading to firm short-termism. We further propose that the perceived opportunity costs of being short-term oriented can reshape the role of CEO optimism in converting temporal myopia to firm short-termism. Specifically, when a CEO’s compensation is dependent on the firm’s stock market performance, the perceived opportunity cost of being short-term focused is high, mitigating the negative impact of CEO optimism. However, when the CEO faces high environmental discretion that can help the firm maintain competitive advantage through alternative means, the perceived opportunity cost becomes lower, amplifying the adverse impact of CEO optimism.
期刊介绍:
The Journal of Business Research aims to publish research that is rigorous, relevant, and potentially impactful. It examines a wide variety of business decision contexts, processes, and activities, developing insights that are meaningful for theory, practice, and/or society at large. The research is intended to generate meaningful debates in academia and practice, that are thought provoking and have the potential to make a difference to conceptual thinking and/or practice. The Journal is published for a broad range of stakeholders, including scholars, researchers, executives, and policy makers. It aids the application of its research to practical situations and theoretical findings to the reality of the business world as well as to society. The Journal is abstracted and indexed in several databases, including Social Sciences Citation Index, ANBAR, Current Contents, Management Contents, Management Literature in Brief, PsycINFO, Information Service, RePEc, Academic Journal Guide, ABI/Inform, INSPEC, etc.