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      Study of CEO Narcissism and Corporate R&D Investment

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          Abstract

          Narcissism is a deep-rooted personality trait that is particularly common in corporate leaders, and narcissistic leaders have a noticeable influence on the R&D investment behavior of enterprises. This paper empirically examines the effect of CEO narcissism on R&D investment and the moderating effects of financing constraints, and the nature of corporate ownership based on the Upper Echelons Theory, using the CEO signature size as a measure of CEO narcissism for the 2007–2020 Chinese A-share listed companies. The results show that CEO narcissism has a significant negative effect on R&D investment; corporate financing constraints play a negative moderating role between CEO narcissism and R&D investment, and the negative effect of CEO narcissism on corporate R&D investment is more significant in non-state-owned firms than in state-owned firms. The study’s findings enrich and expand the theory related to CEO narcissism and have important practical implications for R&D investment decisions and the choice of corporate executives in China.

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          Most cited references62

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          UPPER ECHELONS THEORY: AN UPDATE.

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            Upper Echelons: The Organization as a Reflection of Its Top Managers.

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              A narcissistic personality inventory.

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                Author and article information

                Contributors
                Journal
                Front Psychol
                Front Psychol
                Front. Psychol.
                Frontiers in Psychology
                Frontiers Media S.A.
                1664-1078
                13 May 2022
                2022
                : 13
                Affiliations
                School of Accounting, Jilin University of Finance and Economics , Changchun, China
                Author notes

                Edited by: Matteo Cristofaro, University of Rome Tor Vergata, Italy

                Reviewed by: Gaurav Gupta, Fore School of Management, India; Aiza Shabbir, Superior College Lahore, Pakistan; Caiyun Liu, Guangdong University of Finance, China; Jin Li, Nanjing Normal University, China

                *Correspondence: Yinghan Mu, 1650233583@ 123456qq.com

                This article was submitted to Organizational Psychology, a section of the journal Frontiers in Psychology

                Article
                10.3389/fpsyg.2022.888618
                9135968
                11eb3bb6-4c2b-4bd8-8872-3661cd9df7cb
                Copyright © 2022 Wang, Li and Mu.

                This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction in other forums is permitted, provided the original author(s) and the copyright owner(s) are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.

                Page count
                Figures: 1, Tables: 5, Equations: 4, References: 62, Pages: 12, Words: 9876
                Categories
                Psychology
                Original Research

                Clinical Psychology & Psychiatry
                upper echelons theory,ceo narcissism,r&d investment,financing constraints,nature of ownership

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