Pay me with fame, not mammon: CEO narcissism, compensation, and media coverage

Tom Aabo, Mikkel Lilholt Jacobsen and Kasper Stendys

Finance Research Letters, 2022, vol. 46, issue PB

Abstract: We show that narcissistic CEOs are willing to sacrifice compensation for media coverage. The results of our study imply that firms with high media coverage exploit the narcissistic CEO’s desire for attention and acclaim by granting such a CEO a smaller monetary compensation. Our findings are important in understanding the interplay between CEO narcissism, CEO compensation, and the firm’s media coverage. Our results are statistically significant, robust, and economically meaningful.

Keywords: Behavioral corporate finance; CEO narcissism; CEO compensation; Media coverage (search for similar items in EconPapers)
JEL-codes: G32 G34 G40 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:46:y:2022:i:pb:s1544612321004712

DOI: 10.1016/j.frl.2021.102495

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