علی شیرزاد کبریا

Narcissism is a prominent personality trait, particularly common among corporate leaders, with a significant impact on their judgment and decision-making. This influence extends to the level of investment in research and development (R&D) within the companies they lead, potentially affecting corporate innovation. This study examines the impact of CEO narcissism on corporate innovation and the moderating effect of credit risk. Given the research constraints, a sample of 26 pharmaceutical companies listed on the Tehran Stock Exchange from 1389 to 1401 was analyzed. Data were collected from explanatory notes attached to financial statements and board reports. CEO narcissism was measured using signature size, while corporate innovation was assessed through R&D expenditure. Hypotheses were tested using panel data (with year effects controlled) and multivariate regression models. The results reveal that CEO narcissism does not affect corporate innovation. Additionally, credit risk does not moderate the relationship between CEO narcissism and corporate innovation. These findings expand the theoretical understanding of CEO narcissism and offer practical implications for R&D investment decisions and the selection of corporate managers.

Stock price synchronicity serves as a tool for measuring stock price movements and reflects the extent of firm-specific information available in the market. According to theoretical frameworks, more capable managers disseminate a greater amount of firm-specific information compared to their peers, which leads to a reduction in stock price synchronicity. In this research, the effect of management ability on the simultaneity of stock prices with the moderating role of financial constraints has been investigated. According to the limitations of the research, 83 companies admitted to the Tehran Stock Exchange during the period of 1396 to 1400 have been investigated. To measure the ability variable using the data envelopment analysis (DEA) method and to measure the simultaneity of stock prices using the market coefficient of determination method developed by Morek et al. Hesarzadeh (1388) has been localized. The results of the research show that management ability has no effect on stock price concurrency. Furthermore, financial constraints did not overshadow the relationship between managerial ability and stock price synchronicity. This study emphasizes that managerial ability alone cannot explain price changes and highlights the necessity of considering complex and diverse factors in evaluating stock price synchronicity.