Do Rivals Matter? An Examination of a Competitor CEO’s Award-Winning Event and Corporate Financial Misconduct

Abstract

This study broadens financial misconduct literature by highlighting the ripple effect of a competitor chief executive officer’s (CEO’s) award-winning event. We posit that after witnessing a competitor CEO winning an award, focal CEOs are likely to experience the threat posed by upward social comparison, thereby increasing the probability of fraudulent behaviors. Utilizing a matched sample of publicly listed enterprises in China from 2005 to 2022, the results indicate that focal CEOs have a greater likelihood of corporate financial misconduct after the award year for rivals. In particular, the main effect is strengthened by the below-aspirations performance, the firm age difference between focal and competitor firms, and the focal CEO’s narcissism. Our study contributes to financial misconduct literature by revealing a peer-induced trigger—competitor CEO awards—and identifying the boundary conditions for potential detrimental outcomes for focal firms.

Keywords

CEO award competitors financial misconduct spillover upward comparison

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