Courting the Sharks: The Influence of CEO Narcissistic Admiration and Rivalry on New Venture Funding
基于社会心理学，将CEO自恋分为崇拜与竞争两种类型，发现崇拜型通过提升投资者情绪促进融资，竞争型则相反，为理解自恋CEO如何影响新创企业融资提供了新视角。
We draw from the social psychology literature to introduce an alternative conceptualization of executive narcissism—narcissistic admiration and rivalry. In the context of chief executive officers (CEOs) pitching to investors, we theorize how narcissistic CEOs may use distinct behavioral strategies to pursue status, thereby shaping investor sentiment and ultimately affecting investors’ funding decisions. Using Shark Tank data, we find evidence that narcissistic admiration and rivalry are associated with opposing patterns in new venture funding, as shaped by investor sentiment. Specifically, CEO narcissistic admiration is positively associated with new venture funding by increasing investor sentiment, whereas CEO narcissistic rivalry is negatively associated with new venture funding by decreasing investor sentiment. These results highlight the need to separate narcissistic admiration and rivalry in executive narcissism research and illustrate the underlying mechanisms through which executive narcissism shapes organizational outcomes. Overall, this study provides new insights into two pathways of executive narcissism and offers evidence consistent with the idea that executive narcissism matters in entrepreneurial contexts. Supplemental Material: The online appendices are available at https://doi.org/10.1287/orsc.2022.17024 .