Abstract
The selection of a new CEO is a decisive event for the future direction of a company and might set it up for success or failure. When selecting a CEO, candidates will be investigated based on multiple criteria such as outsider status and education to achieve the best fit for the company. However, little research has investigated why candidates with specific personality traits such as narcissism get selected. This study investigates the relationship between firm-level, predecessor CEO-level, and market-level factors as antecedents to the selection of a narcissistic CEO. We analyze a sample of 317 CEO successions of 237 companies listed in the S&P500 index between 2007 and 2017. Our results indicate a positive relationship between firm growth, firm size, and predecessor CEO narcissism levels, as well as a weak, negative relationship between predecessor CEO tenure and the narcissism level of the successor CEO. Our findings address the so far little researched domain of antecedents to CEO narcissism and emphasize the effects of firm-level and predecessor CEO-level factors as antecedents to the selection of a narcissistic CEO and consider market turbulence as a moderating effect of these relationships. We also provide practical implications for firm executives and directors.
Published Version
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