Investigating the Role of Financing by Narcissistic CEOs in the Investment Efficiency of Companies Listed on the Tehran Stock Exchange

Document Type : Original Article

Authors
Mohammad Janalizadeh
majid ashrafi
Maryam Bokharaeian Khorasani
Gemadverdi Gorganli Doji
Department of Accounting, Aliabad Katool Branch, Islamic Azad University, Aliabad Katool, Iran.
10.30495/jik.2024.23256
Abstract
The present study aims to investigate the role of financing by narcissistic CEOs in the investment efficiency of companies listed on the Tehran Stock Exchange. The statistical population of the study was all companies listed on the Tehran Stock Exchange between 1391 and 1398, of which 143 companies were examined as a statistical sample of the study. The results of the analysis of research hypotheses using combined regression and logistic regression showed that the narcissism of the CEO does not have a significant effect on the company's over-investment. The narcissism of the CEO does not have a significant effect on the company's under-investment. The narcissism of the CEO has a negative and significant effect on the investment efficiency of the company. Financing by narcissistic CEOs does not have a significant effect on the company's over-investment. Financing by narcissistic CEOs does not have a significant effect on the company's under-investment. Financing by narcissistic CEOs has a negative and significant effect on the investment efficiency of the company.
Keywords
Financing
Investment Efficiency
CEO Narcissism
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