Antecedents and Consequences of CEO Celebrity in the Restaurant Industry PDF
By:Bora Kim
Published on 2020 by
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CEO celebrity is defined as the extent to which a CEO elicits positive emotional responses from a broad public audience. In today's media-saturated world, CEOs receive intense media attention and some become star CEOs. This social evaluation of CEO celebrity inherently affects CEO actions and strategic choices and thus organizational performance. Despite the importance of understanding upper echelons--especially celebrity CEOs in the hospitality industry--researchers have devoted little attention to how celebrity CEOs are made and what implications CEO celebrity has on restaurant organizations. As a result, whether CEO celebrity serves as an asset or liability to a company remained largely unknown. However, it is critical to understand how CEO celebrity affects managerial decisions and organizational outcome so that shareholders and boards can consult and govern accordingly. Thus, this dissertation unpacks 1) how CEO celebrity is formed and 2) how it affects CEO actions and organizational outcome. It also provides the initial empirical evidence on how restaurant CEOs gain celebrity and how they affect managerial risk-taking actions and subsequent firm performance. Study 1 reveals that the media's attribution of corporate outcomes, especially market-based performance (i.e., Tobin's Q), to their CEOs positively affects CEO celebrity. This relationship is positively moderated by the level of CEO prior celebrity in accordance with the logic of the Socrates effect. In Study 2, the results indicate a negative association between CEO celebrity and risk-taking. However, this relationship is positively moderated by CEO origin such that when CEOs are hired from outside the firm, celebrity CEOs are more likely to take more risks. In addition, the results find that as the degree of franchising in a restaurant firm increases, a CEO with celebrity takes more risks. Lastly, the analyses of Study 3 show that CEO celebrity positively affects the subsequent market performance, which is contrary to previous studies. pointing to a new direction compared to previous studies. Industry dynamism, an important external environmental factor, plays a positive moderating role such that the positive effect of CEO celebrity on subsequent firm performance becomes weaker as industry dynamism increases. The current dissertation contributes to a wide array of literature including hospitality, upper echelon, celebrity and risk-taking literature. First, this dissertation provides the initial empirical evidence on CEO celebrity in the hospitality literature by offering a relatively comprehensive examination from antecedents to consequences of restaurant CEO celebrity along with critical moderators of CEO-, organization-, and macro-level factors. In addition, this dissertation investigates restaurant-specific factors as moderators and incorporates hospitality-specific media into the operationalization of key variables such as CEO celebrity and risk-taking and moderators to further enrich hospitality literature. Second, this study lends support to and adds to the upper echelon literature by highlighting the importance of CEO characteristics to the organization. Third, CEO celebrity literature benefits from this study in several ways. For example, it provides evidence on the benefit of CEO celebrity which points to a new direction in CEO celebrity literature where mainly negative consequences of CEO celebrity were previously found. This study also informs the literature by showing that prior celebrity can be a CEO's and a firm's enduring social asset and that environmental dynamism serves as a contingent factor. Lastly, the study findings inform risk-taking literature by showing CEO celebrity's negative main effect on managerial risk-taking and franchising's positive moderating role. The findings of the dissertation also provide practical implications for the restaurant industry. First, restaurant boards of directors can consult the study findings that celebrity CEOs are negatively associated with risk-taking. Therefore, boards can keep in mind that outsider CEOs and franchising can encourage managerial risk-taking and may want to adjust a CEO's compensation scheme with celebrity. It is advisable that boards provide a corporate environment where celebrity CEOs' strategies are monitored and altered according to dynamic restaurant industry conditions. Second, shareholders who seek high-risk and high-return portfolios can refer to the findings of the study and may consider firms with high degrees of franchising and/or outsider CEOs. Third, restaurant CEOs should be aware that strategic inflexibility can dampen the benefit of CEO celebrity in the restaurant industry and that their prior celebrity has a lasting effect on their future celebrity. Therefore, restaurant CEOs are advised to be cautious of increased attention and be aware of the high scrutiny of celebrity.
This Book was ranked at 5 by Google Books for keyword Restaurant Industry.
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