“Of Course I Canâ€: The Effect of CEO Overconfidence on Entrepreneurially Oriented Firms

Andreas Engelen, Christoph Neumann and Christian Schwens

Entrepreneurship Theory and Practice, 2015, vol. 39, issue 5, 1137-1160

Abstract: Guided by the upper echelons theory, this research examines the relationship between chief executive officer (CEO) overconfidence and a firm's entrepreneurial orientation (EO). The study theoretically establishes and empirically validates an increasing effect of CEO overconfidence on EO, although at a decreasing rate. Empirical results are based on a multisource secondary data set for high–tech S&P 500 firms from 2005 to 2007. Findings further indicate that the proposed relationship between CEO overconfidence and EO is moderated by market dynamism. A theoretically established moderating effect of market concentration could not be validated empirically.

Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:sae:entthe:v:39:y:2015:i:5:p:1137-1160

DOI: 10.1111/etap.12099

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