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

TY - JOUR

T1 - Pay me with fame, not mammon

T2 - CEO narcissism, compensation, and media coverage

AU - Aabo, Tom

AU - Jacobsen, Mikkel Lilholt

AU - Stendys, Kasper

PY - 2022/5

Y1 - 2022/5

N2 - 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.

AB - 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.

KW - Behavioral corporate finance; CEO narcissism; CEO compensation; media coverage

U2 - 10.1016/j.frl.2021.102495

DO - 10.1016/j.frl.2021.102495

M3 - Journal article

AN - SCOPUS:85117407481

SN - 1544-6123

VL - 46

JO - Finance Research Letters

JF - Finance Research Letters

M1 - 102495

ER -