Me, myself and I: CEO narcissism and selective hedging

被引：17

作者：

Bajo, Emanuele ^{[1
]}

Jankensgard, Hakan ^{[2
,3
]}

Marinelli, Nicoletta ^{[4
]}

机构：

[1] Univ Bologna, Dept Econ, Bologna, Italy

[2] Lund Univ, Dept Business Adm, Lund, Sweden

[3] Lund Univ, Knut Wicksell Ctr Financial Studies, Lund, Sweden

[4] Univ Macerata, Dept Econ & Law, Via Crescimbeni 14, I-62100 Macerata, Italy

来源：

EUROPEAN FINANCIAL MANAGEMENT | 2022年 / 28卷 / 03期

关键词：

derivatives; narcissism; risk management; selective hedging; CORPORATE SPECULATION; OVERCONFIDENCE; OIL;

D O I：

10.1111/eufm.12328

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In this paper, we test the hypothesis that CEO narcissism influences firms' hedging behaviour. Our empirical evidence, based on hand-collected data on derivative positions in the U.S. oil and gas industry, suggests that firms with a narcissistic CEO hedge more selectively. Furthermore, we find that these firms reduce selective hedging comparatively more following a sharp price collapse that sent the industry into a state of distress. This result is in line with the 'narcissistic paradox': While scoring high on self-esteem and grandiosity in the normal case, such individuals are also inherently fragile and liable to crumble when faced with adversity.

引用

页码：809 / 833

页数：25

共 42 条

[21] RISK MANAGEMENT - COORDINATING CORPORATE-INVESTMENT AND FINANCING POLICIES [J].