Title: 'Of course I can': CEO narcissism, slack resources, and international market distance

Authors: Wen-Ting Lin; Chi-Feng Wang; David Ahlstrom

Addresses: Institute of International Business, National Cheng Kung University, Tainan, Taiwan ' Department of International Business, National Kaohsiung University of Science & Technology, Kaohsiung, Taiwan ' Lee Shau Kee School of Business, Hong Kong Metropolitan University, Hong Kong

Abstract: This study examines the relationship between chief executive officer narcissism and firm location choice with respect to international market distance, through the lens of institutional theory. Two needs of narcissistic chief executive officers are examined that can significantly impact these choices, that is, the search for acclamation and the need for power. In addition, this paper considers the moderating effect of organisational slack on the relationship between chief executive officer narcissism and international market distance using 2076 firm-year observations in Taiwan. The results show that narcissistic chief executive officers tended to opt for markets with higher informal institutional distance (cultural distance) when internationalising their firms, though interestingly, these leaders sought out international destinations with lower formal institutional distances. Further, the relationship between chief executive officer narcissism and international market distance factors is strengthened if the firm has a high level of unabsorbed slack resources. These findings contribute to the work on international strategy and institutional theory by highlighting how firm leader's psychology - particularly personality traits - can impact key strategic choices such as foreign investment location strategies.

Keywords: CEO narcissism; institutional theory; isomorphism; formal institutional distance; informal institutional distance.

DOI: 10.1504/EJIM.2026.155337

European Journal of International Management, 2026 Vol.29 No.4, pp.585 - 609

Received: 25 May 2024
Accepted: 08 Jul 2025
Published online: 30 Jul 2026 *

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