Believing one's own press: the causes and consequences of CEO celebrity

Hayward, Mark D.; Rindova, Violina P.; Pollock, Timothy G.

doi:10.1002/smj.405

Cited by 437 publications

(438 citation statements)

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“…Constituents such as journalists tend to seek out information about the distinctiveness and consistency of CEO actions to explain firm success (Zuckerman and Feldman, 1984). Hayward, Rindova, and Pollock (2004) called this 'CEO celebrity.' They argued that a celebrity CEO feels more control over the firm.…”

Section: Theory Development a Coo/president As A Partner To A Ceomentioning

confidence: 99%

“…They argued that a celebrity CEO feels more control over the firm. More importantly, stakeholders may want to have greater access to the resources and opportunities that a celebrity CEO can provide and thus will increase the CEO's actual control over the firm (Hayward et al, 2004). As a co-leader, the COO/president can share the celebrity and benefit from firm success.…”

Section: Theory Development a Coo/president As A Partner To A Ceomentioning

confidence: 99%

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The presence of a separate COO/president and its impact on strategic change and CEO dismissal

Zhang

2006

Strategic Management Journal

190

171

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The literature on corporate elites has paid significant attention to the leadership structure at the very top of organizations (for example, the consolidation vs. separation of the chief executive officer (CEO) and board chair positions-for a review, see Daily and Dalton, 1997). This is because corporate elites in different governance positions may have different interests, which means that the leadership structure at the top can influence organizational outcomes (Jensen and Zajac, 2004). Recently, there is an emerging research stream that specifically focuses on an important structure at the top: the presence of a chief operating officer (COO)/president who is separate from a CEO, and examines the performance consequences (accounting performance and stock market reactions) of this structure and the tenure outcomes of the Keywords: presence of a separate COO/president; CEO dismissal; strategic change *Correspondence to: Yan Zhang, Jesse H. Jones Graduate School of Management, Rice University, 6100 Main Street, Houston, TX 77005, U.S.A. E-mail: yanzh@rice.edu COO/president (e.g., Cannella and Shen, 2001;Davidson, Nemec, and Worrell, 2001;Hambrick and Cannella, 2004;Heenan and Bennis, 1999;Levinson, 1993;Shen and Cannella, 2003).There can be two separate roles of a COO/president: one representing an heir apparent in training for the CEO position and the other representing a co-leader delegated with internal operating authority. From a co-leader perspective, Hambrick and Cannella (2004: 959) argued that 'the decision to have a COO represents a major structural choice: it explicitly divides between two people a set of toplevel roles that are typically fulfilled by one person; it draws a structural distinction between strategy formulation and implementation; it adds an organizational layer; and it adds a highly-paid executive position to the organization's costs.' From a succession (heir apparent) perspective, Vancil (1987) found that many firms identified an heir apparent in the COO and/or president position in advance of the actual succession event and used this position to groom the next CEO. Findings of

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Section: Theory Development a Coo/president As A Partner To A Ceomentioning

confidence: 99%

Section: Theory Development a Coo/president As A Partner To A Ceomentioning

confidence: 99%

The presence of a separate COO/president and its impact on strategic change and CEO dismissal

Zhang

2006

Strategic Management Journal

190

171

View full text Add to dashboard Cite

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“…If workers perform at the given standard, tested and found satisfactory their compensation must be adjusted and paid accordingly. Hayward et al (2004) & Jared D. Harris, (2008. Compensation system, directly linking employer"s compensation to employees" performance, is forecasted as the leading source of increased productivity (Lazear, 1999;Baker, Jensen, & Murphy, 1988).…”

Section: International Journal Of Human Resource Studiesmentioning

confidence: 99%

Quality of Work Life: A Significant Dimension of Non-Financial Compensation or Managers’ Tool to Generate Reciprocity

Shahzad

R²,

Farrukh

et al. 2018

IJHRS

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With an aim to test reciprocity between non-financial elements of compensation and productivity outcomes, in the presence of perception about organizational support theory, Data had been collected at primary level by a questionnaire, from a sample of 525 banking professionals from big ten Pakistani banks, and same had been analyzed by smartPLS. Results showed that all relationships among study variables are highly responsive to the perception about organizational support. Quality of work life creates reciprocity with employee performance but their magnitudes get affected where practioners need to pay specific attention on employee perception about organizational support.

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“…The SHV ideology, as presented here, intends to go beyond the traditionally used formulations of the Agency Theory as it employs the bourdieusian field notion (Bourdieu, 1989) to better explain beliefs, values, rituals and myths made legitimate by stakeholders of SHV organizational field, thus integrating the reorientation of American management discourse from the late 20 th century to the emergence of the 21 st century CEO Celebrity phenomenon (Wade et al, 2006;Hayward et al, 2004;Sinha et al, 2012).…”

Section: "When Management Is About Doing As Well As Saying It Is Necementioning

confidence: 99%

“…Additionally, directly related to those, we will examine the legitimacy of beliefs and values disseminated by this ideology, as well as to the honor of organizational restructuring (Froud et al, 2006) and the emergence of the CEO Celebrity (Wade et al, 2006;Hayward et al, 2004;Sinha et al, 2012) as a means to create SHV.…”

Section: Bibliographical Researchmentioning

confidence: 99%

The organizational restructuring performative act under shareholder value management ideology

Saltorato¹,

Benatti²

2017

RBGN

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Purpose -This paper's objective is to present the dynamics involving an organizational restructuring process conducted in a Brazilian subsidiary of a centenary American industrial corporation which claimed to be seeking, by means of this process, to increase the value of the company's shares, but, which results reveal the distance between the promises and outcomes of this process, unveiling the symbolic-performative nature of such a process.Methodology -The chosen research method was the case study. The data collection involved the participant observation of a company manager (2010)(2011)(2012)(2013)(2014)(2015); the conduction of non-structured interviews to the company's managers, directors and CFO (2013)(2014)(2015); documental research to the company's internal and public sources (2010)(2011)(2012)(2013)(2014)(2015); and bibliographical research to scientific papers, business press, market analysts and specialized media (2010)(2011)(2012)(2013)(2014)(2015).Results -The narratives of success found in the company's reports portray the restructuring myth as a continuous strategy, through which the company reinforces its efforts in delivering good results to shareholders. And, despite the outcomes of the case study not supporting these narratives, its performative nature legitimize the company's commitment to the SHV management ideology towards stakeholders of the capital market, even in face of the adoption of antishareholders' postures, such as anti-takeovers measures, the merging of the CEO and Chairman positions, its CEO perks, etc.Contributions -Paradoxically, although the researched company operates under the cold logic of finances, and under pressure to create shareholder value, it revealed to be subject to the dynamics in which the search for symbolic legitimacy plays a decisive role in maintaining its position within the hierarchy of the socially constructed field of the Management in face of other stakeholders present in the field, reinvigorating the precepts of Bourdieu's Field Theory and the NeoInstitutional Theory.

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Believing one's own press: the causes and consequences of CEO celebrity

Cited by 437 publications

References 100 publications

The presence of a separate COO/president and its impact on strategic change and CEO dismissal

The presence of a separate COO/president and its impact on strategic change and CEO dismissal

Quality of Work Life: A Significant Dimension of Non-Financial Compensation or Managers’ Tool to Generate Reciprocity

The organizational restructuring performative act under shareholder value management ideology

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