호텔산업에서최고경영자의자기과신이기업성과에미치는영향: 신뢰 문화의 조절 효과

Abstract

According to the Upper-Echelon theory, CEO overconfidence is considered one of the important factors in the firm’s performance, given that the characteristics of CEO affect a firm"s strategic direction. However, there have been few studies on the effect of CEO overconfidence on firm performance in the hotel industry, and few studies have considered the moderating factor affecting the CEO overconfidence-firm performance relationship. Therefore, this study attempts to investigate the relationship between the CEO overconfidence and firm performance in the hotel industry and the moderating effect of a culture of trust in the organization. As a result, this study found a significant and negative effect of CEO overconfidence on firm performance and a statistically significant positive moderating effect of a culture of trust on the relationship between the CEO overconfidence and firm performance. In other words, a culture of trust mitigates the negative impact of the CEO overconfidence on the firm performance in the hotel industry. This suggests that a culture of trust may reduce various costs and risks arising from CEO overconfidence, thereby attenuating the harmful effect of CEO overconfidence on firm performance.