Volume 27, Issue 4 p. 1709-1718
RESEARCH ARTICLE

Chief executive officer narcissism and firm value: The mediating role of corporate social responsibility in the South Korean context

Keun-Hyo Yook

Keun-Hyo Yook

School of Business Administration, Pusan University of Foreign Studies, Busan, South Korea

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Su-Yol Lee

Corresponding Author

Su-Yol Lee

College of Business Administration, Chonnam National University, Gwangju Metropolitan City, South Korea

Correspondence

Su-Yol Lee, College of Business Administration, Chonnam National University, Yongbong-ro 77, Buk-gu, Gwangju Metropolitan City, South Korea.

Email: leesuyol@jnu.ac.kr

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First published: 15 February 2020
Citations: 15

Funding information: Chonnam National University Graduate School of Business, Grant/Award Number: 2019

Abstract

This study analyzes whether narcissism in chief executive officers (CEOs) affects firm value through the promotion of corporate social responsibility (CSR) initiatives. Employing the upper-echelons perspective, we present a research framework for the relationship between CEO narcissism and firm performance with CSR as the mediation variable. The results of the regression analysis of 265 firm-year South Korean samples from 2010 to 2016 indicate that CEO narcissism promotes CSR initiatives and CSR enhances firm value in the capital market. However, the results do not provide evidence that CSR mediates the link between CEO narcissism and desirable organizational outcomes. The findings of this study build a better theoretical and practical understanding of the antecedents and consequences of CSR from the CEO's psychological personality perspective.

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