TY - JOUR
T1 - The impact of celebrity CEOs on restaurant firm performance
T2 - The moderating role of environmental dynamism
AU - Kim, Bora
AU - Lee, Seoki
N1 - Publisher Copyright:
© 2021 Elsevier Inc.
PY - 2022/2
Y1 - 2022/2
N2 - In today's media-saturated world, intense media attention propels some CEOs to stardom. This social escalation of CEOs to celebrities inherently affects their actions and strategic choices, and thus the performance of their host organizations. Despite the importance of understanding upper echelons—especially celebrity CEOs in the tourism and hospitality industry—researchers have devoted little attention to the implications of CEO celebrity. As a result, whether CEO celebrity serves as a company asset or liability remained largely unknown. Based on the upper echelons theory and CEOs’ behavioral constraints, this study uncovers and provides initial empirical evidence on how a CEO's celebrity affects firm performance, with a detailed examination of the restaurant industry. Further, we show that industry dynamism, an important external environmental factor, plays a positive moderating role such that the positive effect of CEO celebrity on firm performance becomes weaker as industry dynamism increases.
AB - In today's media-saturated world, intense media attention propels some CEOs to stardom. This social escalation of CEOs to celebrities inherently affects their actions and strategic choices, and thus the performance of their host organizations. Despite the importance of understanding upper echelons—especially celebrity CEOs in the tourism and hospitality industry—researchers have devoted little attention to the implications of CEO celebrity. As a result, whether CEO celebrity serves as a company asset or liability remained largely unknown. Based on the upper echelons theory and CEOs’ behavioral constraints, this study uncovers and provides initial empirical evidence on how a CEO's celebrity affects firm performance, with a detailed examination of the restaurant industry. Further, we show that industry dynamism, an important external environmental factor, plays a positive moderating role such that the positive effect of CEO celebrity on firm performance becomes weaker as industry dynamism increases.
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U2 - 10.1016/j.jbusres.2021.10.031
DO - 10.1016/j.jbusres.2021.10.031
M3 - Article
AN - SCOPUS:85117734462
SN - 0148-2963
VL - 139
SP - 869
EP - 880
JO - Journal of Business Research
JF - Journal of Business Research
ER -