CEO Narcissism and Credit Ratings
研究了CEO自恋程度如何影响公司信用评级，发现自恋CEO与更差的评级相关，且这种效应在财务约束强、行业竞争激烈或机构持股集中时减弱。
Abstract Prior research has investigated how narcissistic executives affect firm policies and outcomes and how these executives influence colleagues and followers. However, almost no research exists concerning the impact of narcissistic executives on external agents. We examine the case of credit ratings—where analysts are required to assess management competence and where undue management influence is a concern—to determine whether narcissistic CEOs exert an effect on their firm’s rating. Using the size of the CEO’s personal signature to measure narcissism, we find that CEO narcissism is associated with worse credit ratings. This effect is attenuated when firms face greater financial constraints, higher industry competition, and more concentrated institutional ownership. Our study contributes to the growing body of literature on CEO narcissism and suggests that these manipulative individuals are unable to exert an obvious upward influence on credit rating agencies.