CEO values and corporate performance: A text mining and LLM-based approach

Oleksy Paweł (), Reccius Matthias () and Czupryna Marcin ()
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Oleksy Paweł: Krakow University of Economics, ul. Rakowicka 27, 31-510 Kraków, Poland
Reccius Matthias: Ruhr University Bochum, Universitätsstraße 150, 44801 Bochum, Germany
Czupryna Marcin: Krakow University of Economics, ul. Rakowicka 27, 31-510 Kraków, Poland

Economics and Business Review, 2025, vol. 11, issue 3, 65-90

Abstract: This study explores the relationship between CEO values and corporate performance across five standard dimensions of companies’ activity: liquidity, profitability, solvency, operating efficiency, and valuation. Utilising two complementary approaches—dictionary-based text mining and a ChatGPTbased approach to analyse over 4300 CEO interviews, we identified the CEO Schwartz value profiles and compared them with corporate outcomes. The findings indicate that that CEOs with a stronger emphasis on the Achievement value tend to be associated with higher corporate profitability. In turn, CEOs with a strong orientation toward Security are associated with higher corporate liquidity and long-term value creation. In addition, CEOs emphasising Self-direction or Stimulation are observed in firms with higher cash reserves and relatively lower operating efficiency. The results suggest that CEOs’ values may lead to different strategies and, as a consequence, differences in companies’ financial results. The findings contribute to a better understanding of the sources of these differences.

Keywords: CEO; personal values; corporate performance; text mining; ChatGPT (search for similar items in EconPapers)
JEL-codes: D91 G30 L25 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:ecobur:v:11:y:2025:i:3:p:65-90:n:1005

DOI: 10.18559/ebr.2025.3.2172

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