CEO調節焦點對危機期間公司績效的影響：來自COVID-19大流行的證據

Abstract

受先前研究管理者特徵對公司政策和績效影響的研究所啟發，本研究討論CEO調節焦點與危機期間公司績效之間的關係，並以COVID-19大流行作為危機時期的代表。本研究借鑑高層理論（upper echelons theory）和調節焦點理論（regulatory focus theory），探討具有比預防焦點（prevention focus）更強促進焦點（promotion focus）的CEO是否對公司在COVID-19危機期間的表現有負面影響。我們使用2019年至2023年美國S&P 1500公司的數據，進行了股東信件內容分析來衡量CEO的促進焦點主導性。此外，我們分別以Tobin’s q、每季股票報酬率和營運績效來衡量公司績效。研究結果支持了我們的假設，顯示出具有比預防焦點更強促進焦點的CEO所領導的公司在危機期間績效較差。這可能是因為強促進焦點的CEO傾向於冒險行為，而這在保守策略更受青睞的危機時期，可能對公司造成損害。額外分析還指出，強促進焦點的CEO在COVID-19大流行期間更容易因為公司績效不佳遭遇非自願離職。本研究進一步擴展了高層理論的相關研究，增進了有關CEO調節焦點如何影響危機時期公司績效的理解。

Motivated by prior research that examines the effect of managerial characteristics on firm policies and performance, this study investigates the relationship between CEO regulatory focus and firm performance in times of crisis, using the COVID-19 pandemic as an example of a crisis period. Based on upper echelons theory and regulatory focus theory, we explore whether CEOs with a stronger promotion focus relative to a prevention focus negatively affect firm performance during the COVID-19 pandemic. We use data from U.S. S&P 1500 companies from 2019 to 2023 and conduct a content analysis of shareholder letters to measure the CEOs' promotion focus predominance. Additionally, firm performance is measured using Tobin’s q, quarterly stock returns, and operating performance. The results support our hypothesis, showing that firms led by CEOs with a stronger promotion focus relative to a prevention focus perform worse in times of crisis. This may be because CEOs with strong promotion focus tend to engage in risk-taking behavior, which can be detrimental to the company during turbulent periods when conservative strategies are more favored. Additional analysis also indicates that CEOs with a stronger promotion focus relative to a prevention focus have a greater likelihood of being replaced by the company during the pandemic because of poor firm performance. This study further extends upper echelons theory, enhancing the understanding of how CEO regulatory focus affects firm performance in times of crisis.