||The Company strategy change or not：Performance Feedback Effect from The Self-enhancement Perspective
||Institute of International Business
The Behavioral Theory of the Firm
The purpose of this thesis is to understand how CEO self-enhancement attitude affects company strategic change while company facing low performance. This study considered some factors affecting CEO’s self-image, such as CEO narcissism, director vigilance, Corporate Social Responsibility (CSR), and industrial environment.
This study used 263 Taiwanese listed firms on TEJ database from 2014 to 2018 as the samples. The empirical evidence indicates that CEO narcissism, director vigilance, and industrial environment have a moderating effect on the positive relationship between performance shortfalls and strategic change. High CEO narcissism, director vigilance and industrial complexity weaken this positive relationship.
This study has important theoretical contributions. First, this study integrates insights from the self-enhancement literature into the theory of performance feedback.
Second, this study extends self-enhancement perspectives from social psychology into corporate strategy, and conducts empirical research to prove the impact of self-enhancement on the relationship between performance shortfalls and strategic change. Third, existing literature on the CEO narcissism has long focused on the positive relationship between CEO narcissism and strategic change, but this study puts forward new perspective on CEO narcissism research by showing moderating role of the how CEO narcissism.
The theory of performance feedback views decision makers as problem solvers seeking to improve performance. However, it is not expected that all performance shortfalls can stimulate managers to implement strategic changes. Sometimes, managers use self-enhancement strategy, the implementation of self-enhancement strategy depends on whether low performance threatens manager's self-image and whether the manager has management discretion. Therefore, this study intends to explore the moderating effect of narcissistic CEO, director vigilance, corporate social responsibility and industrial environment on strategic change when the performance is lower than aspiration level.
MATERIALS AND METHODS
This study used 263 Taiwanese listed firms on Taiwan Economic Journal (TEJ) database from 2013 to 2018 as the samples.
Data were collected from following sources: First, this article collected CEO narcissism from company’s annual report, company's press releases, and TEJ database. Second, this article took reference on Common Wealth Magazine and Global Views Monthly to collect CSR rewarding datum, Taipei Exchange official website for corporate governance evaluation performance evaluation performance datum to gather CSR information. Data regarding industrial environments were obtained from the Taiwan Industry Economics Service database, the AREMOS database, and the TEJ database. Finally, director vigilance information including ownership and board composition also used TEJ database.
Descriptive statistics analysis, Correlation analysis and Panel data analysis are applied in this empirical research.
The empirical results showed that the positive relationship between performance shortfalls and strategic change. As for the moderating effects, this study found that High CEO narcissism, director vigilance and industrial complexity weaken the positive relationship between performance shortfalls and strategic change. However, as for the moderating effect on CSR and industrial dynamics, it’s not supported.
The purpose of this study is to explore factors that influence the relationship between performance shortfalls and strategic change. The main theory combines the performance feedback perspective of company behavior theory and self-enhancement perspective of social psychology, and explores moderating effect of the internal and external situational factors such as narcissistic personality, director vigilance, CSR and industrial environment.
This study has three theoretical contributions. First, this study integrates insights from the self-enhancement literature into the theory of performance feedback. Second, in terms of self-enhancement perspective, the past research on self-enhance perspective mainly belongs to the field of organizational behavior and human resources. To sum up, this study extends this perspective from the micro-individual level to the macro-company strategy level. Third, in terms of CEO narcissism research, most scholars pay attain to narcissistic CEO prefer high-risk activities such as strategy change, R&D and international market expansion. This study explores the moderator role of CEO narcissism. This conveys another implication which is narcissistic managers will be reluctant to change their strategies when they face low performance. This propose new viewpoint in the CEO narcissism research.
For practical implications, this study suggests that companies can restrain manager use self-enhancement strategies through informal control system such as company culture. Moreover, companies can consider using formal control system, such as rules, clear standard and incentive program to limit manager distort actual performance. Besides, companies can hire professionals when they make a decision. Finally, this study suggests that company can consider valuable CSR activities, such as adjusting production processes, scheduling and recycling resources, because those actives not only maintain environmental protection, but also reduce the operating cost and improve firm performance.
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 5
第三節 研究流程 6
第二章 文獻深討 8
第一節 公司行為與自我強化 8
第二節 自戀人格與自我強化 11
第三節 董事警覺與自我強化 15
第四節 企業社會責任與自我強化 18
第五節 產業環境與自我強化 22
第三章 研究方法 26
第一節 研究架構 26
第二節 研究對象與樣本 27
第三節 研究變項 28
第四節 分析方法與工具 34
第四章 實證結果與分析 36
第一節 研究變項敘述統計與相關分析 36
第二節 迴歸模型與假說分析 39
第五章 結論與建議 45
第一節 研究結論 45
第二節 理論貢獻 48
第三節 實務意涵 50
第四節 研究限制與後續研究建議 53
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