CEO narcissism, brand acquisition and disposal, and stock returns
研究发现自恋的CEO更倾向于收购品牌而非处置，且更可能收购高知名度品牌、处置低知名度品牌；自恋通过导致目标品牌资产高估，间接降低收购方异常回报、提高出售方异常回报。
Abstract Chief executive officer (CEO) narcissism is an ingrained personality trait referring to the degree to which an individual CEO has an inflated level of self-admiration and seeks to gain attention and social praise by pursuing vanity-driven strategic objectives. We find evidence that narcissistic CEOs are less likely to dispose of brands but more likely to acquire brands than their less narcissistic counterparts. Further, narcissistic CEOs are more likely than their counterparts to lead their companies to acquire high-awareness brands and more likely to dispose of low-awareness brands. We also propose a moderated mediation model in which CEO narcissism increases target brand asset overvaluation, and through this mediator, CEO narcissism has a negative indirect impact on the acquirer’s abnormal returns but a positive indirect impact on the seller’s abnormal returns associated with the brand transactions. Brand awareness and perceived quality weaken the relationship between target brand asset overvaluation and abnormal returns.