Motive scores (needs for Achievement, Affiliation, and Power) of the chief executive officers of the nation's 50 largest industrial firms were determined using content analysis of letters to stockholders contained in the firms' annual reports. The scoring method was a modification of the standard TAT scoring procedure. Results showed chat chief executive officers' high need Achievement was correlated with relative growth in sales, while high need Power was correlated with relative growth in profits. Effects of need Achievement and need Power also were examined for return on equity and return on sales. Implications are discussed.
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