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The interaction between evaluators is underestimated in legitimacy literature. This study aims to examine the impact of CEO celebrity on initial public offerings (IPOs) underpricing in Strategic Emerging Industries (SEIs). Based on legitimacy and limited attention effect, this study introduces a new antecedent to the asset pricing literature under a particular sample.

This paper illustrates how CEO celebrity promotes IPO underpricing by enhancing the legitimacy and then explores how the CEO characteristics can moderate this relationship. Using 1,128 IPO companies in China SEIs from 2010 to 2019, cross-section data is used to build a multiple linear regression model to test the hypotheses.

The result indicates that CEO celebrity is positively related to IPO underpricing. Founder CEO and CEO duality amplify the relationship. Further analysis shows that the relationship between CEO celebrity and IPO underpricing is more pronounced in firms with high Baidu search and low market sentiment.

This study provides insights into how CEO celebrity as notable internal information shapes the formation of investors' preliminary impressions of firms. The evidence consists of legitimacy and limited attention perspective by showing how investors favor, follow and hype the stocks with celebrity CEOs. The results extend the knowledge about how CEO characteristics influence information frictions in asset pricing during IPO.

This study aims to elucidate the causal relationship between corporate greenwashing and celebrity leaders.

This study considers winning the National Model Worker Award as an external shock for producing celebrity leaders and conducts a difference-in-difference (DID) estimation with listed companies from 2009 to 2022 in the Chinese context.

The findings indicate an increase in greenwashing of companies with celebrity leaders in the post-award period. Stakeholder pressure can moderate the effect of celebrity leaders on corporate greenwashing.

This study enriches the research on the antecedents of greenwashing and the impacts of celebrity leaders. The findings advance the understanding of the real effect of celebrity leaders on environmental, social and governance (ESG) efforts and provide new insights into how celebrities respond to legitimacy pressures.

The purpose of this study was threefold: to trace the extent to which digital transformation strategies are being implemented in organizations; to statistically measure, validate, predict and examine how digital leaders perceive a synthesized digital transformation model (DTM); and to explore whether leaders with different demographic characteristics perceive the DTM similarly.

The study authors surveyed 778 leaders/managers from the United Arab Emirates (UAE) to assess the synthetized DTM consisting of four dimensions and nine perception constructs that represent how leaders manage employees in a digital environment. The survey questions were adapted from the 2014 Westerman leading digital book published in Harvard business press.

The general findings revealed that UAE organizations that were already in the digital transformation stage before COVID-19 reacted and responded extremely quickly to speed up the implementation of their respective digital transformation strategies. We concluded that our proposed and synthetized DTM is valid and predictable, and can be adapted to trace the stages of digital transformation by leaders. A positive relationship was found between the DTM’s four dimensions and their related constructs as perceived by the leaders, regardless of differences in their demographic characteristics.

The synthesized digital transformation model is unique in that the authors believe there is no other research that purports to synthesize, validate and correlate using the digital transformation campus dimensions and its related constructs, reflecting leaders' perceptions toward adopting this campus. As well, this is the first UAE study to explore and compare the perspectives of leaders on their digital practices after COVID-19 in a country that has an established IT infrastructure.

This study aims to examine if and how an activity-based work environment affects employee workspace satisfaction – an attitude linked to important employee outcomes. By comparing perceptions before and after implementation, the research draws attention to factors that may help explain the impact of an activity-based work environment. Specifically, prior attitudes toward activity-based work environments and gender are tested.

The present study uses a longitudinal design to explore how implementing an activity-based work environment impacts employees’ workspace satisfaction (e.g. privacy, air quality, lighting, temperature, etc.). A sample of 100 employees in a government organization implementing an activity-based working environment was investigated using a longitudinal design, with employees being surveyed thrice – once before and twice after implementation.

The results indicate that when workspace satisfaction is impacted by implementing an activity-based work environment, this effect seems primarily based on employees’ prior attitude toward such work environments. In addition, employee gender emerges as a potentially important factor in workspace satisfaction, though not exclusive to the activity-based work environment.

Using a longitudinal approach – which allows for observing potential changes over time – and robust statistical methods, this study supports the importance of employees’ initial attitude toward an activity-based work environment concerning workspace satisfaction. This finding has practical implications for organizations and advances the understanding of why an activity-based work environment may positively affect workspace satisfaction for some employees while negatively affecting others.

This study examines whether and how the age-inverse relationship between the chief executive officer (CEO) and the top management team (TMT) affects corporate misconduct in China’s construction industry. Drawing on social identity theory, we propose that the age-inverse relationship in CEO–TMT may diminish their social identity and further decrease the likelihood of corporate misconduct in construction firms.

Using a longitudinal dataset of firms in China’s construction industry covering the years 2003 through 2021, this study adopted a logit regression model with fixed effects.

The results show that the age-inverse relationship in CEO–TMT is negatively related to corporate misconduct. Further investigations suggest that performance feedback moderates the relationship between the age-inverse relationship in CEO–TMT and corporate misconduct. Firms with an age-inverse relationship between CEOs and TMTs are more likely to engage in fraudulent behavior when performance is above aspirations and less likely to commit fraud when performance is below aspirations.

The sample of this study is limited to China’s construction firms. Drawing on social identity theory, this study explores the relationship between the age-inverse relationship and corporate misconduct in China’s construction industry, which enriches the antecedents of corporate misconduct and contributes to CEO–TMT interface research within construction firms.

This study provides a guideline for construction firms on how to regulate and reduce misconduct. It will offer insights into human resource arrangements within the management of construction firms in an aging context.

Considering that few studies explore fraudulent behavior of construction companies at the upper echelon level, this study focuses on a novel and new antecedent (i.e. age-inverse relationship in CEO–TMT) and its boundary conditions. The findings extend the research on corporate misconduct and strategic leadership in the construction industry.

Entrepreneurial self-efficacy (ESE) has a dark side largely ignored in the field of entrepreneurship education. Research in educational psychology indicates that self-efficacy is prone to misjudgment, with novice learners often displaying overconfidence. Furthermore, this misjudgment is gendered; studies suggest that men are more likely to display overconfidence and less likely to correct erroneous self-assessments. However, realistic self-assessments are essential for effective learning strategies, pivotal for performance in the ambiguous entrepreneurial context. Therefore, this study explores whether entrepreneurship education helps mitigate overconfidence, and if this impact varies by gender.

Common in educational psychology, but new in the field of entrepreneurship education, a calibration design captures discrepancies between perceived and actual performance. Data from before and after an introductory undergraduate entrepreneurship course (N = 103) inform descriptive analyses, statistical comparison tests and calibration plots.

As expected, nearly all novice students showed significant overconfidence. Curiously, gender difference was only significant at the end of the course, as overconfidence had decreased among female students and increased among male students.

The paper advocates a more nuanced stance toward ESE, and introduces ESE accuracy as a more fitting measure of entrepreneurial overconfidence. The findings flag the common use of self-perception as a proxy for actual competence, and evoke new research avenues on (gender differences in) learning motivations of aspiring entrepreneurs. Finally, the study shares guidance for entrepreneurship educators on fostering a “healthier” level of self-efficacy for better entrepreneurial learning.

This research aims to investigate whether, in a principal–agent relationship, personal characteristics of the agent (seniority, locus of control (LOC), self-efficacy (SE), risk appetite (RA)) have an impact on their performance, on costs for the principal and on organizational justice (distributive justice (DJ) especially) in a sample of insurance brokers.

The adopted structural equation modeling (SEM) analysis highlights the different role that personal characteristics play in affecting or moderating the agent’s performance. Moreover, the mediation analysis highlights the role played by gender and tenure in moderating the relationship between personal characteristics and work outcomes.

The findings of this study suggest that an agency relationship is not based only on rational choices made by the principal and agent in their own self-interest, but also by other idiosyncratic factors that influence the outcome of the relationship.

In order to better understand the agent’s behaviour, agency relationship investigation should consider other psychological variables in addition to the traditionally considered risk orientation, uncertainty and information asymmetry.

This study gives specific insights into preventing undesired behaviours, e.g. organizational withdrawal, opportunism, high staff/employee turnover, as advocated by current literature.

By systemically investigating and analysing personal characteristics of the agent such as LOC, agent’s SE and RA, this study provides an original contribution to the knowledge on the determinants of costs and effectiveness in the agency relationship.

This study examines the relationship between entrepreneurial alertness, long-term and short-term focus and sustainable entrepreneurship in the context of young family firms. Additionally, we investigate how family management and long-term/short-term focus moderate the relationship between entrepreneurial alertness and sustainable entrepreneurship. Our findings contribute to a deeper understanding of the factors influencing sustainable entrepreneurship in family firms.

This quantitative study investigated 707 young family firms in Portugal. Structural equation modeling (SEM) was employed to analyze the data and test the proposed hypotheses.

The results indicate a positive relationship between young family firms’ entrepreneurial alertness and sustainable entrepreneurship. Also relevant is that long-term focus is positively related to sustainable entrepreneurship, while short-term focus shows a negative relationship, challenging the temporal ambidexterity of new ventures. Conversely, two moderating effects were found: family management weakens and short-term focus strengthens the relationship between entrepreneurial alertness and sustainable entrepreneurship.

As far as we know, this study is the first one to explore the link between the entrepreneurial alertness of young family firms and sustainable entrepreneurship. It is also the first study to explore the contradictory impacts of both long-term focus and short-term focus on sustainable entrepreneurship.

This paper aims to investigate the effect of CEO social media celebrity status on credit ratings and to determine whether potential threats on the CEO celebrity status negatively moderate the above association.

The authors collected tweets for 874 CEOs from 513 unique S&P 1500 firms. A panel data analysis was conducted on a panel with 4,235 observations from 2009 to 2020. We then tested the hypothesis with the ordinal logit model.

The empirical findings confirmed that CEO social media celebrity status is positively associated with corporate credit rating outcomes. Our path analyses revealed that CEOs with higher social media celebrity status have less incentive to conduct risk-taking behaviors and thus benefit credit ratings. When the rating agencies perceive potential threats to CEO celebrity status, including CEO myopia and CEO overconfidence, the association between CEO social media celebrity status and credit rating is weakened.

This study provides an in-depth understanding of CEO social media perception on credit ratings for firms' managers and capital market participants. Findings can help managers and firms improve their strategies for leveraging social media to release credit constraints. The debt market participants could adopt the CEO social media celebrity status and its concerned threats to setting debt contracts with an adequate price.

This is likely to be the first study that examines the effect of CEO social media celebrity status on credit ratings. The findings of this study also reveal that social media certificated celebrity CEOs tend to be capable of enhancing firm revenue and have lower risk-taking incentives, unlike mass media certificated celebrity CEOs.

This study aims to examine, on the one hand, the effect of mergers and acquisitions (M&A) on the evolution of the risk profile of insurance companies and, on the other hand, determine the impact of chief executive officer (CEO) power as well as its determinants on the evolution of the risk profile of the acquiring insurance company.

The analysis is based on 131 transactions between 2010 and 2022 involving European Union-based acquirers. To assess the impact of M&A on the acquiring insurance company’s risk profile (RP), the authors compare changes in the acquirer’s RP to control insurance companies. This study uses linear regression with two-stage least squares instrumental variables to examine the effect of CEO power on changes in merger-related risk.

The results indicate that M&A significantly increase the RP of the acquiring insurance company. Furthermore, CEO power, as measured by its four proxies (structural, ownership, experience and prestige), is positively correlated with an increase in the RP of the acquiring insurance company. These findings suggest that powerful CEOs tend to take on more risk during M&A transactions in the insurance sector.

The study’s findings can inform managerial decision-making around mergers and executive incentives. Regulators can use the insights to develop early warning systems and policies to promote financial stability. Insurance firms can enhance their own risk management by assessing the potential M&A impact and designing robust risk governance frameworks. Investors can better evaluate the risk implications of M&A and CEO influence when assessing insurance companies.

To the best of the author’s knowledge, this study is the first empirical investigation to introduce diverse executive power metrics to analyze the link between executive power and risk-taking in the European insurance sector, with a specific emphasis on the impact on M&A as critical investment choices.