Zhang Lan, Liang Biming, Bi Datian, Zhou Yuan, Yu Xiaohan
School of Accounting, Jilin University of Finance and Economics, Changchun, Jilin, China.
School of Management, Jilin University, Changchun, Jilin, China.
Front Psychol. 2021 Sep 13;12:734777. doi: 10.3389/fpsyg.2021.734777. eCollection 2021.
Psychological research shows that as the main component of enterprise decision-making, CEOs are not completely rational, cognitive and psychological biases often influence their decision-making process. CEO narcissism has gradually attracted academic attention. Based on upper echelon theory and subconscious theory, this paper uses advanced artificial intelligence technology to quantify CEO narcissism as a kind of emotional intelligence. Taking A-share listed companies in China from 2010 to 2019 as research objects, this paper empirically tests the impact of CEO narcissism on debt financing and innovation performance. The results show that CEO narcissism has a significant positive impact on firm innovation performance. Debt financing plays a mediating role in the relationship between CEO narcissism and firm innovation performance. CEO narcissism can have a positive impact on firm innovation performance through debt financing. Compared with non-SOEs, SOEs' CEO narcissism has a more significant positive effect on debt financing and enterprise innovation performance. The research in this paper enriches psychology and organizational management and provides a reference for an enterprise's management decisions and for investors' investment decisions.
心理学研究表明，作为企业决策的主要构成部分，首席执行官（CEO）并非完全理性，认知和心理偏差常常会影响他们的决策过程。CEO自恋已逐渐引起学界关注。基于高层梯队理论和潜意识理论，本文运用先进的人工智能技术将CEO自恋量化为一种情商。以2010年至2019年中国A股上市公司为研究对象，本文实证检验了CEO自恋对债务融资和创新绩效的影响。结果表明，CEO自恋对企业创新绩效具有显著的正向影响。债务融资在CEO自恋与企业创新绩效的关系中起中介作用。CEO自恋能够通过债务融资对企业创新绩效产生积极影响。与非国有企业相比，国有企业CEO自恋对债务融资和企业创新绩效具有更显著的正向影响。本文的研究丰富了心理学和组织管理领域的内容，并为企业管理决策和投资者投资决策提供了参考。
