Annals of Management and Organization Research
Vol. 7 No. 3 (2026): February

CEO Narcissism and Firm Performance: The Strategic Role of ESG Performance

Candy, Candy (Unknown)
Wong, Elaine (Unknown)
Krisyadi, Robby (Unknown)



Article Info

Publish Date
16 Feb 2026

Abstract

Purpose: This study investigates how CEO narcissism influences firm performance and examines whether Environmental, Social, and Governance (ESG) performance mediates this relationship. Research Methodology: A quantitative approach was used to analyze data from 75 purposively selected firms listed on the Indonesian Stock Exchange (IDX) for the period 2019-2023. Regression methods were applied to test direct and indirect relationships with financial performance indicators such as ROA and ROE. ESG performance is used as a mediating variable. Results: The study finds that CEO narcissism negatively affects ROA but positively influences ROE. ESG performance significantly impacts both ROA and ROE. The mediation analysis shows that ESG performance partially mediates the relationship between CEO narcissism and ROA but does not significantly mediate the relationship with ROE. Conclusions: CEO narcissism affects firm performance directly and indirectly through ESG performance, emphasizing ESG as a strategic pathway for executive characteristics to shape financial outcomes. Limitations: CEO narcissism was measured using photographs, which may introduce bias. This study is limited to Indonesian firms, which reduces generalizability. Contributions: This study contributes to corporate governance, leadership studies, and sustainability management by highlighting the influence of CEO traits on ESG-driven performance. This study extends the Upper Echelons Theory by incorporating ESG dimensions into the CEO-firm performance relationship.

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Journal Info

Abbrev

amor

Publisher

Subject

Economics, Econometrics & Finance

Description

The Annals of Management and Organization Research (AMOR) is an international, peer-reviewed, and scholarly journal that publishes high-quality research articles covering qualitative and quantitative research discussing interesting and contemporary topics on all areas of management and organization ...