CEO自恋、研发投资与企业价值
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摘要
基于高阶梯队和资源依赖理论,以2009-2016年A股上市公司为研究对象,实证检验了CEO自恋对研发投资及企业价值的影响。结果表明:CEO自恋对企业价值有显著正向影响;研发投资在CEO自恋与企业价值间关系中发挥中介作用,CEO自恋可以通过研发投资对企业价值产生正向影响;相对于非国有企业,国有企业CEO自恋对研发投资及企业价值具有更为显著的正向作用。研究结论不仅丰富与拓展了CEO自恋相关理论,而且对我国企业价值提升及公司高管选择具有重要的实践意义。
Based on the upper echelons theory and resource dependence theory,this paper empirically investigates the impact of CEO narcissism on R&D investment and the enterprise value,using the sample of listed firms in China during the period from 2009 to 2016.Different from the negative consequences of CEO narcissism,the results of this study show that CEO narcissism has a significant positive impact on enterprise value;R&D investment plays a mediating role in the relationship between CEO narcissism and enterprise value--CEO narcissism can have a positive impact on enterprise value through R&D investment;from the perspective of nature of ownership,the narcissism of CEO of state-owned enterprises is more significant for R&D investment and enterprise value than non-state-owned enterprises The paper not only enrich and expand the theory of CEO narcissism,but also has important practical reference for the improvement of enterprise value and the choice of company executives.
Based on the upper echelons theory and resource dependence theory,this paper empirically investigates the impact of CEO narcissism on R&D investment and the enterprise value,using the sample of listed firms in China during the period from 2009 to 2016.Different from the negative consequences of CEO narcissism,the results of this study show that CEO narcissism has a significant positive impact on enterprise value;R&D investment plays a mediating role in the relationship between CEO narcissism and enterprise value--CEO narcissism can have a positive impact on enterprise value through R&D investment;from the perspective of nature of ownership,the narcissism of CEO of state-owned enterprises is more significant for R&D investment and enterprise value than non-state-owned enterprises The paper not only enrich and expand the theory of CEO narcissism,but also has important practical reference for the improvement of enterprise value and the choice of company executives.
引文
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[17]何宁,谷渊博.自恋与决策的研究现状及展望[J].心理科学进展,2012,20(7):1089-1097.
[18]BUYL T,BOONE C,WADE J B.CEO narcissism,risktaking,and resilience:an empirical analysis in U.S.commercial banks[J].Journal of Management,2017,45(4):1372-1400.
[19]RASKIN R,TERRY H.A principal-components analysis of the narcissistic personality inventory and further evidence of its construct validity[J].Journal of Personality and Social Psychology,1988,54(5):890-902.
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[22]KASHMIRI S,NICOL C D,AORA S.Me,myself,and I:influence of CEO narcissism on firms'innovation strategy and the likelihood of product-harm crises[J].Journal of the Academy of Marketing Science.2017,45(3):1-24.
[23]杜勇,鄢波,陈建英.研发投入对高新技术企业经营绩效的影响研究[J].科技进步与对策,2014,31(2):87-92.
[24]熊婷,程博,潘飞.CEO权力、产品市场竞争与公司研发投入[J].山西财经大学学报,2016,38(5):56-68.
[25]王楠,苏杰,黄静.CEO权力异质性视角下政府资助对创业板企业研发投入的影响研究[J].管理学报,2017,14(8):1199-1207.
[26]俞峰,钟昌标.企业政治资源真的存在诅咒效应吗---基于中国科技部创新企业数据的经验证据[J].南开经济研究,2017(2):41-54.
[27]李政,陆寅宏.国有企业真的缺乏创新能力吗---基于上市公司所有权性质与创新绩效的实证分析与比较[J].经济理论与经济管理,2014(2):27-38.
[28]李显君,王巍,刘文超,王京伦.中国上市汽车公司所有权属性、创新投入与企业绩效的关联研究[J].管理评论,2018,30(2):71-82.
[29]CHOI S B,LEE S H,WILLIAMS C.Ownership and firm innovation in a transition economy:evidence from China[J].Research Policy,2011,40(3):441-452.
[30]唐跃军,左晶晶.所有权性质、大股东治理与公司创新[J].金融研究,2014(6):177-192.
[31]EMMONS,ROBERT A.Factor analysis and construct validity of the narcissistic personality inventory[J].Journal of Personality Assessment,1984,48(3):291-300.
[32]温忠麟.张雷,侯杰泰,刘红云.中介效应检验程序及其应用[J].心理学报,2004(5):614-620.
[2]虞义华,赵奇锋,鞠晓生.发明家高管与企业创新[J].中国工业经济,2018(3):136-154.
[3]廖建桥,邵康华,田婷.自恋型领导的形成、作用及管理对策[J].管理评论,2016,28(6):131-139.
[4]CHATTERJEE,ARIJIT,DONALD C,et al.It's all about me:narcissistic chief executive officers and their effects on company strategy and performance[J].Administrative Science Quarterly,2007,52(3):351-386.
[5]OLSEN K J,STEKELBERG J.CEO narcissism and corporate tax sheltering[J].The Journal of the American Taxation Association,2015,38(1):1-22.
[6]DAVID H Z,GUOLI C.Narcissism,director selection,and risk-taking spending[J].Strategic Management Journal,2015,36(13):2075-2098.
[7]HAMBRICK D C,TIMOTHY J Q.Toward more accurate contextualization of the CEO effect on firm performance[J].Strategic Management Journal,2014,35(4):473-491.
[8]CAMPBELL W,KEITH B,HOFFMAN J,et al.Narcissism in organizational contexts[J].Human Resource Management Review,2011,21(4):268-284.
[9]PETRENKO O V,AIME F,RIDGE J,et al.Corporate social responsibility or CEO narcissism?CSR motivations and organizational performance[J].Strategic Management Journal,2016,37(2):262-279.
[10]NAVIS,CHAD O,VOLKAN O.The right people in the wrong places:the paradox of entrepreneurial entry and successful opportunity realization[J].Academy of Management Review,2016,41(1):109-29.
[11]BRUNELL,AMY B,WILLIAM A,et al.Leader emergence:the case of the narcissistic leader[J].Personality and Social Psychology Bulletin,2008,34(12):1663-1676.
[12]CAMPBELL W,KEITH B,ADAM S,et al.Narcissism,confidence,and risk attitude[J].Journal of Behavioral Decision Making,2004,17(4):297-311.
[13]文东华,童卫华,彭希.CEO自恋,所有权性质和组织后果---来自中国上市公司的证据[J].经济管理,2015(8):65-75.
[14]WALES,WILLIAM J,PANKAJ C,et al.Lumpkin.in pursuit of greatness:CEO narcissism,entrepreneurial orientation,and firm performance variance[J].Journal of Management Studies,2013,50(6):1041-1069.
[15]ENGELEN A,CHRISTOPH N,SUSANNE S.Should entrepreneurially oriented firms have narcissistic CEOs[J].Journal of Management,2016,42(3):698-721.
[16]REINA C S,ZHEN Z,SUZANNE J P.CEOgrandiose narcissism and firm performance:the role of organizational identification[J].The Leadership Quarterly,2014,25(5):958-71.
[17]何宁,谷渊博.自恋与决策的研究现状及展望[J].心理科学进展,2012,20(7):1089-1097.
[18]BUYL T,BOONE C,WADE J B.CEO narcissism,risktaking,and resilience:an empirical analysis in U.S.commercial banks[J].Journal of Management,2017,45(4):1372-1400.
[19]RASKIN R,TERRY H.A principal-components analysis of the narcissistic personality inventory and further evidence of its construct validity[J].Journal of Personality and Social Psychology,1988,54(5):890-902.
[20]MACENCZAK L A,CAMPBELL S,HENLEY A B,et al.Direct and interactive effects of narcissism and power on overconfidence[J].Personality and Individual Differences,2016,91:113-122.
[21]MILLER,JOSHUA D,BRIAN J,et al.Grandiose and vulnerable narcissism:a nomological network analysis[J].Journal of personality,2011,79(5):1013-1042.
[22]KASHMIRI S,NICOL C D,AORA S.Me,myself,and I:influence of CEO narcissism on firms'innovation strategy and the likelihood of product-harm crises[J].Journal of the Academy of Marketing Science.2017,45(3):1-24.
[23]杜勇,鄢波,陈建英.研发投入对高新技术企业经营绩效的影响研究[J].科技进步与对策,2014,31(2):87-92.
[24]熊婷,程博,潘飞.CEO权力、产品市场竞争与公司研发投入[J].山西财经大学学报,2016,38(5):56-68.
[25]王楠,苏杰,黄静.CEO权力异质性视角下政府资助对创业板企业研发投入的影响研究[J].管理学报,2017,14(8):1199-1207.
[26]俞峰,钟昌标.企业政治资源真的存在诅咒效应吗---基于中国科技部创新企业数据的经验证据[J].南开经济研究,2017(2):41-54.
[27]李政,陆寅宏.国有企业真的缺乏创新能力吗---基于上市公司所有权性质与创新绩效的实证分析与比较[J].经济理论与经济管理,2014(2):27-38.
[28]李显君,王巍,刘文超,王京伦.中国上市汽车公司所有权属性、创新投入与企业绩效的关联研究[J].管理评论,2018,30(2):71-82.
[29]CHOI S B,LEE S H,WILLIAMS C.Ownership and firm innovation in a transition economy:evidence from China[J].Research Policy,2011,40(3):441-452.
[30]唐跃军,左晶晶.所有权性质、大股东治理与公司创新[J].金融研究,2014(6):177-192.
[31]EMMONS,ROBERT A.Factor analysis and construct validity of the narcissistic personality inventory[J].Journal of Personality Assessment,1984,48(3):291-300.
[32]温忠麟.张雷,侯杰泰,刘红云.中介效应检验程序及其应用[J].心理学报,2004(5):614-620.