Does CEOs Need a Pretext When Claiming His Interests?——The Defending Role of Media Reputation

Abstract

Abstract: The paper explores whether media reputation will be taken as a pretext when a CEO is to claim his interests based on the theory of social status and Chinese traditional culture characterized by “making money morally” and “justifying perfectly”. We derive the following conclusions through empirical analysis by way of bootstrap methods. Firstly,it is proved that the higher media reputation about a firm is,the more possible its CEO is to claim his interests,which in turn will boost firm performance. Secondly,the influence of media reputation on CEO's interests claim varies among different ownership. Compared to state-owned firms,CEO is more prone to claim his interests on the pretext of high media reputation in non-state-owned firms. The present study first investigates CEO's interests claim empirically and then constructes a quantitative method to measure CEO's interests claim based on stochastic frontier model,which provides a new insight for future research and management activities.

Key words: Media Reputation, CEO's Interests Claim, Social Status, Firm Ownership, Firm Performance

摘要： 本文从“取财有道”“名正言顺”的传统文化视角和社会身份理论出发探讨媒体声誉作为CEO利益诉求“名头”的合理性,以2008~2014年A股上市公司为样本,运用bootstrap方法实证检验表明:媒体声誉越高的企业,其CEO越有可能实施利益诉求行为,进而会促进企业绩效的提升;媒体声誉对CEO利益诉求的影响程度会因企业所有制而不同,非国有企业CEO更有可能凭借高媒体声誉进行利益诉求。本文研究首次从实证角度考察CEO利益诉求行为,并提出了基于随机前沿的CEO利益诉求量化方法,为后续研究和管理实践提供了新洞见。

关键词: 媒体声誉, CEO利益诉求, 社会身份, 企业所有制, 企业绩效

CLC Number:

JI Yang, ZHOU Erhua. Does CEOs Need a Pretext When Claiming His Interests?——The Defending Role of Media Reputation[J]. , 2017, 33(10): 71-80.

纪炀, 周二华. CEO利益诉求需要借口吗？——媒体声誉的正名作用[J]. 财经论丛, 2017, 33(10): 71-80.

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