Narcissism at the Helm: The Environmental Consequences of Grandiose and Vulnerable Narcissism of CEOS
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Published
29-04-2026
Paula Villalba-Ríos
Julio Vecino-Gravel
Carmen Barroso-Castro
Mar Villegas-Periñán
https://orcid.org/0000-0002-7488-6110
Julio Vecino-Gravel
Carmen Barroso-Castro
Mar Villegas-Periñán
Abstract
Nowadays, nothing is more critical for business than dealing with environmental degradation. Drawing upon the Upper Echelon Theory, this study delves into the nuanced influence of CEO narcissism on corporate environmental performance. Unlike previous research that treats narcissism as a single construct, this work distinguishes between its two primary dimensions: grandiose and vulnerable narcissism. Based on a sample of 214 observations of Spanish firms over the period 2015-2020, the research findings reveal a divergent impact. On the one hand, the results show stronger corporate environmental performance when CEOs predominantly exhibit traits of grandiose narcissism, likely driven by a desire for visibility and social recognition. On the other hand, corporate environmental performance is significantly weaker when CEOs manifest traits of vulnerable narcissism, characterised by low extroversion. In addition, we analysed the moderating role of CEO duality in the above relationships. The results indicate that when the CEO also chairs the board of directors, the negative effects of vulnerable narcissism on environmental performance of firms are more pronounced. These findings provide valuable insights for boards of directors regarding the selection of a new CEO, the design of governance mechanisms and the strategic importance of CEOs psychological traits aimed at ensuring corporate environmental sustainability.
How to Cite
Villalba-Ríos, P., Vecino-Gravel, J., Barroso-Castro, C., & Villegas-Periñán, M. (2026). Narcissism at the Helm: The Environmental Consequences of Grandiose and Vulnerable Narcissism of CEOS. Cuadernos De Gestión, 1–16. https://doi.org/10.5295/cdg.252433cb
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Keywords
CEO narcissism, Corporate governance, Corporate environmental performance, Environmental sustainability, Upper Echelon Theory
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Bachrach, D. G., Guedes, M. J., Harms, P. D., & Patel, P. C. (2022). CEO narcissism, top management team transactive memory systems, and firm performance: An upper echelons perspective on CEO admiration and rivalry narcissism. European Journal of Work and Organizational Psychology, 31(1), 61-76.
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Choi, Y.; Phan, W.M.J. (2022). Narcissistic Leaders: The good, the bad, and recommendations. Organizational Dynamics, 51, 3.
Cragun, O. R., Olsen, K. J., & Wright, P. M. (2020). Making CEO narcissism research great: A review and meta-analysis of CEO nar-cissism. Journal of Management, 46(6), 908-936.
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de Villiers, C., Naiker, V., & van Staden, C. J. (2011). The effect of board characteristics on firm environmental performance. Journal of Management, 37(6), 1636-1663.
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Finkelstein, S., & D’Aveni, R. A. (1994). CEO duality as a double sword: How boards of directors’ balance entrenchment avoidance and unity of command. Academy of Management Journal, 37(5), 1079-1108.
Finkelstein, S., Hambrick, D. C. & Cannella, B. (2009). Strategic leadership. Oxford University Press.
Finkelstein, S., Whitehead, J., & Campbell, A. (2009). Think again: Why good leaders make bad decisions. Business Strategy Re-view, 20(2), 62-66.
Foster, J. D., & Campbell, W. K. (2007). Are there such things as “narcissists” in social psychology? A taxometric analysis of the narcissistic personality inventory. Personality and Individual Differences, 43(6), 1321-1332.
Freeman, E. R. 1984. (1984). Strategic management: A stakeholder approach. Cambridge University Press.
Galbreath, J. (2019). Drivers of green innovations: The impact of export intensity, women leaders, and absorptive capacity. Journal of Business Ethics, 158(1), 47-61.
García-Meca, E., Ramón-Llorens, M. C., & Martínez-Ferrero, J. (2021). Are narcissistic CEOs more tax aggressive? The moderating role of internal audit committees. Journal of Business Research, 129, 223-235.
Gerstner, W. C., König, A., Enders, A., & Hambrick, D. C. (2013). CEO narcissism, audience engagement, and organizational adop-tion of technological discontinuities. Administrative Science Quarterly, 58(2), 257-291.
Godfrey, P. C. (2005). The relationship between corporate philanthropy and shareholder wealth: A risk management perspective. Academy of Management Review, 30(4), 777-798.
Hair, J. F., Black, Jr, W. C., Babin, B. J., & Anderson, R. E. (2019). Multivariate data analysis. Pearson New International Edition.
Hambrick, D. C. (2007). Upper echelons theory: An update. Academy of Management Review, 32(2), 334-343.
Hambrick, D. C., & Finkelstein, S. (1987). Managerial discretion: A bridge between polar views of organizational out-comes. Research in Organizational Behavior, 9, 369-406.
Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Man-agement Review, 9(2), 193-206.
Hart, W., Adams, J., Burton, K. A., & Tortoriello, G. K. (2017). Narcissism and self-presentation: Profiling grandiose and vulnerable narcissists’ self-presentation tactic use. Personality and Individual Differences, 104, 48-57.
Herrmann, P., & Nadkarni, S. (2014). Managing strategic change: The duality of CEO personality. Strategic Management Journal, 35(9), 1318-1342.
Hogan, R., & Kaiser, R. B. (2005). What we know about Leadership. Review of General Psychology, 9(2), 169-180.
Jauk, E., & Kanske, P. (2021). Can neuroscience help to understand narcissism? A systematic review of an emerging field. Personal-ity Neuroscience, 4(e3), 1-29.
Judge, T. A., LePine, J. A., & Rich, B. L. (2006). Loving yourself abundantly: Relationship of the narcissistic personality to self- and other perceptions of workplace deviance, leadership, and task and contextual performance. Journal of Applied Psychology, 91(4), 762-776.
Judge, T. A., Piccolo, R. F., & Kosalka, T. (2009). The bright and dark sides of leader traits: A review and theoretical extension of the leader trait paradigm. The Leadership Quarterly, 20(6), 855-875.
Junge, S.; Graf-Vlachy, L. Hagen, H. & Schlichte, F. (2025). Narcissism at the CEO-TMT interface: Measuring Executive Narcissism and Testing its Effects on TMT Composition. Journal of Management, 51, 5
Khan, A., Muttakin, M. B., & Siddiqui, J. (2013). Corporate governance and corporate social responsibility disclosures: Evidence from an emerging economy. Journal of Business Ethics, 114, 207-223.
Khan, T. M., Gang, B., Fareed, Z., & Yasmeen, R. (2020). The impact of CEO tenure on corporate social and environmental perfor-mance: An emerging country’s analysis. Environmental Science and Pollution Research, 27(16), 19314-19326.
Khanchel, I., Lassoued, N., & Khiari, C. (2024). Watch me invest: Does CEO narcissism affect green innovation? CEO personality traits and eco-innovation. Business Ethics, the Environment & Responsibility, 33(3), 486-504.
Kim, K. H., Al-Shammari, H. A., Kim, B., & Lee, S. H. (2009). CEO duality leadership and corporate diversification behavior. Journal of Business Research, 62(11), 1173-1180.
Knights, A. (2014). CEO grandiose and vulnerable narcissism and firm performance: A systematic review, theoretical model and empirical test. Binghamton University.
Krause, R., Semadeni, M., & Cannella, A. A. (2014). CEO duality: A review and research agenda. Journal of Management, 40(1), 256-286.
Krizan, Z., & Herlache, A. D. (2018). The narcissism spectrum model: A synthetic view of narcissistic personality. Personality and Social Psychology Review, 22(1), 3-31.
Kutner, M. H., Nachtsheim, C. J., Neter, J., & Li, W. (2005). Introduction to the design of experimental and observational studies. Applied Linear Statistical Models, 663-664.
Lassoued, N., & Khanchel, I. (2023). Voluntary CSR disclosure and CEO narcissism: The moderating role of CEO duality and board gender diversity. Review of Managerial Science, 17(3), 1075-1123.
Lee, J. Y., Ha, Y. J., Wei, Y., & Sarala, R. M. (2023). CEO narcissism and global performance variance in multinational enterprises: The roles of foreign direct investment risk-taking and business group affiliation. British Journal of Management, 34(1), 512-535.
Lewis, B. W., Walls, J. L., & Dowell, G. W. S. (2014). Difference in degrees: CEO characteristics and firm environmental disclosure. Strategic Management Journal, 35(5), 712-722.
Li, J., & Tang, Y. (2010). CEO hubris and firm risk taking in China: The moderating role of managerial discretion. Academy of Man-agement Journal, 53(1), 45-68.
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