“Of course I can”: : The effect of CEO overconfidence on entrepreneurially oriented firms

• Autores: Andreas Engelen, Christoph Naumann, Christian Schwens
• Localización: Entrepreneurship: Theory & Practice, ISSN-e 1540-6520, Vol. 39, Nº. 5, 2015, págs. 1137-1160
• Idioma: inglés
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• Resumen

  • Guided by the upper echelons theory, this research examines the relationship between chief executive officer (CEO) overconfidence and a firm's entrepreneurial orientation (EO). The study theoretically establishes and empirically validates an increasing effect of CEO overconfidence on EO, although at a decreasing rate. Empirical results are based on a multisource secondary data set for high-tech S&P 500 firms from 2005 to 2007. Findings further indicate that the proposed relationship between CEO overconfidence and EO is moderated by market dynamism. A theoretically established moderating effect of market concentration could not be validated empirically.