资源描述：
《when more is not enough，executive greed and its influence on shareholder wealth》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。
1、535444JOMXXX10.1177/0149206314535444JournalofManagementHaynesetal./ExecutiveGreedandShareholderWealthresearch-article2014JournalofManagementVol.XXNo.X,MonthXXXX1–30DOI:10.1177/0149206314535444©TheAuthor(s)2014Reprintsandpermissions:sagepub.com/journalsPermissio
2、ns.navWhenMoreIsNotEnough:ExecutiveGreedandItsInfluenceonShareholderWealthKatalinTakacsHaynesUniversityofDelawareJoannaTochmanCampbellUniversityofArkansasMichaelA.HittTexasA&MUniversityTheconceptofgreedisoneoftheoldestsocialconstructs;however,greedasamanagerial
3、attributethataffectsfirmoutcomeshasyettoattractscholarlyattentioninmanagement.Inthisstudy,weexaminetherelationshipofCEOgreedtoshareholderwealth.Afteranchoringgreedtofamiliarconstructsinorganizationalliterature,wetestourhypothesesonasampleofover300publiclytraded
4、firmsfrommultipleindustries.Aspredicted,greedhasanegativerelation-shipwithshareholderreturn,butthisrelationshipismoderatedbythepresenceofapowerful,independentboard,managerialdiscretion,andCEOtenure.Thecontributionsofthisstudy,whichincluderefiningourunderstandin
5、gofself-interestandopportunism,developingthegreedconstruct,andillustratingitsimpactonshareholderwealth,areintendedtoopenanewlineofinquiryinthemanagementliterature.Keywords:greed;CEO;firmperformance;boardofdirectors;managerialdiscretionAllforourselves,andnothing
6、forotherpeople,seems,ineveryageoftheworld,tohavebeenthevilemaximofthemastersofmankind.—AdamSmith(1776/1937:448)Aninfectiousgreedseemedtogripmuchofourbusinesscommunity.—AlanGreenspan(2002)Acknowledgments:Wethankthetwoanonymousreviewersandeditorfortheircommentsan
7、dguidanceduringthereviewprocess.Theirguidancehelpedustoenhancethevalue-addedcontributionofourwork.Correspondingauthor:KatalinTakacsHaynes,UniversityofDelaware,AlfredLernerCollegeofBusinessandEconomics,214AlfredLernerHall,Newark,DE19716,USA.E-mail:ktakacsh@udel.
8、edu1Downloadedfromjom.sagepub.comatPENNSYLVANIASTATEUNIVonSeptember16,20162JournalofManagement/MonthXXXXTheconceptofgreed,definedasthepursuitofexcessiveorextraordinarymateri
