How Institutional Context Affects Narcissistic CEOs’ CSR Activities
研究发现，自恋CEO会依据所在国家的制度环境（自由市场经济或协调市场经济）选择不同的企业社会责任行为，在自由市场经济中更倾向慈善捐赠，在协调市场经济中更倾向战略性CSR。
Narcissistic CEOs have been found to invest in corporate social responsibility (CSR) in prior research, but the empirical results are not straightforward. To address this, we bring in the institutional context as a moderator. We build on neo-institutional theory to argue that the institutional context shapes what audiences value and find legitimate in terms of CSR behaviors: Corporate philanthropy, a form of tactical CSR, is appreciated in liberal market economies (LMEs) but less so in coordinated market economies (CMEs), whereas strategic CSR, which requires a long-term horizon and substantial resource investments, is considered legitimate in CMEs but less so in LMEs. We theorize that narcissistic CEOs will try to pursue excellence (among their peers) in CSR activities that align with the norms and expectations in their institutional context in order to gain praise and avoid disapproval from their audiences and to bolster their moral superiority. Hence, we expect that the institutional context will moderate the relationship between CEO narcissism and CSR behavior such that in LMEs narcissistic CEOs will engage more in philanthropy than their peers but not in strategic CSR, whereas in CMEs they will invest more in strategic CSR but not in philanthropy. We test our predictions using panel data (2002-2023) from 148 large firms and 493 CEOs operating in 18 countries. Our pattern of findings supports our theory. By developing and testing a theoretical mechanism that connects macro-level institutional context with micro-level firm and CEO behavior, we contribute to both strategic leadership and CSR literature.