Performance financeira das firmas lideradas por CEOs narcisistas: o antes e depois da cadeira do poder

• Autor(a) principal: Garcia, Inajá Allane Santos
• Data de Publicação: 2021
• Tipo de documento: Tese
• Idioma: por
• Título da fonte: Biblioteca Digital de Teses e Dissertações da UFPB
• Texto Completo: https://repositorio.ufpb.br/jspui/handle/123456789/22529
• topic: CEO power; narcisismo; performance; tomada de decisão; teoria dos escalões superiores; narcissism; decision making; theory of the upper echelons; CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS

The theory of upper echelons of Hambrick and Mason (1984) argues that the characteristics of top executives have the ability to influence strategic decisions and, consequently, organizational results. Based on this theory, the present research aims to analyze the financial performance of firms before and after CEOs with narcissistic personality traits assume power. For this, 4,440 observations were initially analyzed, referring to data from 444 publicly traded companies listed on B3 and data from the respective CEOs in the years 2011 to 2020. The performance of the firms was represented through the return on assets (ROA). As proxies for measuring the CEO's narcissistic personality traits, three variables were used, CEO_Assi, CEO_Disc and CEO_Foto. The CEO_Assi variable was calculated based on the size of the CEOs' signature, the CEO_Disc variable was calculated based on the first-person personal pronouns that CEOs pronounced in their responses to the companies' earnings presentations, and the CEO_Foto variable was calculated according to prominence of the picture of CEOs in company reports. Regarding the analysis under the influence of the dimensions of CEO power in the relationship between the high narcissism of CEOs and the performance of firms, three dimensions were used, based on Finkelstein (1992): structural power, power of ownership and power specialist. The main estimation method used was multiple regression with diff-in-diff estimators to capture the effect of the degree of narcissistic personality on the financial performance of companies. The main results point to the existence of significant differences in the financial performance of firms after the entry of CEOs with high narcissistic personality traits, thus indicating that such personality traits may be the cause of certain effects on company performance, which can be positive and/or negative, depending on the narcissistic characteristics taken into account. When analyzing the dimensions of CEO power, it was observed that structural and ownership power can increase the influence of CEOs with high narcissistic personality traits on the financial performance of firms. Such a study contributes to investors, revealing that high personality traits such as narcissism can be a warning sign for possible changes in the performance of companies and consequently in their returns, which can be positive or negative.