CEO HUBRIS AND FIRM RISK TAKING IN CHINA: THE MODERATING ROLE OF MANAGERIAL DISCRETION

• 成果类型: Article
• 署名作者: Li, Jiatao; Tang, Yi
• 署名单位: Hong Kong University of Science & Technology; Hong Kong University of Science & Technology; Hong Kong Polytechnic University
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/AMJ.2010.48036912
• 发表日期: 2010
• 页码: 45-68
• 关键词: research-and-development; corporate governance; EMPIRICAL-EXAMINATION; COMPETITOR ANALYSIS; MANAGEMENT RESEARCH; STRUCTURAL INERTIA; UPPER ECHELONS; CAUSAL MODEL; performance; overconfidence

摘要

This study linked CEO hubris to firm risk taking and examined the moderating role of managerial discretion in this relationship. Drawing on upper echelons theory and behavioral decision theory, we developed and tested hypotheses using original survey data from 2,790 CEOs of diverse manufacturing firms in China. The positive relationship between CEO hubris and firm risk taking was found to be stronger when CEO managerial discretion was stronger: when a firm faced munificent but complex markets; had less inertia and more intangible resources; had a CEO who also chaired its board; and had a CEO who was not politically appointed.