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CEO Narcissism and Credit Ratings

Author

Listed:
  • Zehan Hou

    (University of Bath)

  • Richard Fairchild

    (University of Bath)

  • Pietro Perotti

    (University of Bath)

Abstract

Prior research has investigated how narcissistic executives affect firm policies and outcomes and how these executives influence colleagues and followers. However, almost no research exists concerning the impact of narcissistic executives on external agents. We examine the case of credit ratings—where analysts are required to assess management competence and where undue management influence is a concern—to determine whether narcissistic CEOs exert an effect on their firm’s rating. Using the size of the CEO’s personal signature to measure narcissism, we find that CEO narcissism is associated with worse credit ratings. This effect is attenuated when firms face greater financial constraints, higher industry competition, and more concentrated institutional ownership. Our study contributes to the growing body of literature on CEO narcissism and suggests that these manipulative individuals are unable to exert an obvious upward influence on credit rating agencies.

Suggested Citation

  • Zehan Hou & Richard Fairchild & Pietro Perotti, 2025. "CEO Narcissism and Credit Ratings," Journal of Business Ethics, Springer, vol. 197(1), pages 39-72, February.
    • Handle: RePEc:kap:jbuset:v:197:y:2025:i:1:d:10.1007_s10551-024-05691-2
    DOI: 10.1007/s10551-024-05691-2
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    More about this item

    Keywords

    Narcissism; CEO; Credit ratings;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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