CEO narcissism and ESG misconduct

Abstract

This paper analyzes how narcissistic CEOs behave regarding irresponsible environmental, social, and governance (ESG) strategies and whether this behavior is influenced by managerial power and the uncertainty of the environment in which the firm operates. Using a sample of Spanish firms from 2015 to 2019, the study finds that narcissistic CEOs avoid engaging in irresponsible ESG practices to safeguard their reputation and receive positive recognition from stakeholders and society. The results also suggest that the effect of CEO narcissism on ESG practices is moderated by CEO power and an uncertain environment. Narcissistic CEOs with more managerial power tend to avoid engaging in unethical ESG practices. Meanwhile, CSR committees and/or independent board directors limit the unethical ESG practices of narcissistic CEOs, confirming the relevance of both governance mechanisms in constraining ESG misconduct.

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