Abstract
This research extends upper echelons theory by exploring the impact of CEO personality factors, specifically regulatory focus, within various contexts. Findings reveal that CEO regulatory focus can influence firm strategic change, but only in consideration of specific contexts. Firm performance prior to a new CEO taking office, new CEO status, ongoing CEO tenure, and institutional stock ownership all have a moderating effect on the relationship between CEO regulatory focus and firm strategic change. We test our hypotheses using a panel dataset of 531 public firms. These results provide insight for CEOs, boards of directors, and other stakeholders who are impacted by CEO decision making.
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