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CEO overconfidence and firm performance: A meta-analytic review and future research agenda

Published online by Cambridge University Press:  09 November 2023

Chao Miao Open the ORCID record for Chao Miao [Opens in a new window] ,
Joseph E. Coombs ,
Shanshan Qian  and
In-Sue Oh
Chao Miao*
Affiliation:
Department of Management, Franklin P. Perdue School of Business, Salisbury University, Salisbury, MD, USA
Joseph E. Coombs
Affiliation:
Department of Management and Entrepreneurship, School of Business, Virginia Commonwealth University, Richmond, VA, USA
Shanshan Qian
Affiliation:
Department of Management, College of Business and Economics, Towson University, Towson, MD, USA
In-Sue Oh
Affiliation:
Department of Management, Fox School of Business, Temple University, Philadelphia, PA, USA
*
Corresponding author: Chao Miao; Email: cxmiao@salisbury.edu
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Abstract

We provide a meta-analytic examination of the CEO overconfidence–firm performance relationship. Our results support a positive relationship between these focal variables. Drawing from trait activation theory and national cultural differences literatures, we find that cross-cultural effects moderate the focal relationship. More specifically, we find that the CEO overconfidence–firm performance relationship is stronger in high assertive, low institutional collectivistic, low in-group collectivistic, high future-oriented, high gender egalitarian, high performance-oriented, low power distance, and low uncertainty avoidance cultures. Consistent with the resource orchestration literature, we also find that entrepreneurial orientation mediates the focal relationship between CEO overconfidence and firm performance. Taken together, our results present a more nuanced picture of the CEO trait–firm performance relationship. In the future, researchers may consider examining additional CEO traits as well as additional contextual factors including internal, as well as environmental, factors.

Keywords

CEO overconfidencefirm performanceentrepreneurial orientationcross-culturemeta-analysis
Type
Research Article
Information
Journal of Management & Organization , First View , pp. 1 - 23
Copyright
© The Author(s), 2023. Published by Cambridge University Press in association with the Australian and New Zealand Academy of Management

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Footnotes

Note:

Chao Miao is the first author and corresponding author.

†

Joseph E. Coombs and Shanshan Qian are second authors and they equally contributed to this paper.

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