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Strategic entrepreneurial behaviors and firm performance: the moderating role of narcissism and Machiavellianism
Journal of Small Business and Enterprise Development. 2024. Vol. 31. No. 1. P. 191–225.
Purpose
This study examines the relationship between strategic entrepreneurial behaviors (SEBs) and the performance of small and medium-sized enterprises (SMEs) in an emerging market context. The authors expand upon prior work in this area by building and testing a model that assesses the moderating effect of CEOs’ narcissism and Machiavellianism on the relationship between SEBs and SME performance.
Design/methodology/approach
To test the authors’ theoretical model, the authors use the results of a larger data collection project in Russia to create a national random sample of 372 Russian SMEs that were approached between August and November 2019.
Findings
The authors found support for the positive relationship between SEBs and SME performance. Additionally, the authors found that CEO narcissism and Machiavellianism strengthen the relationship between SEBs and firm performance.
Originality/value
This study is an important step toward enriching the understanding of the role of CEO personality traits in shaping the efficiency of entrepreneurial behavior at the firm level. Extending previous research, the authors show that SEBs have a positive effect on firm performance in an emerging market context. Additionally, the authors contribute insight about how personality characteristics of CEOs, specifically narcissism and Machiavellianism, influence the relationship between entrepreneurial behavior and firm performance. Finally, the authors’ research contributes to the development of strategic leadership theory: the results offer insight to scholars regarding the potentially beneficial attributes of otherwise “dark” leaders.
Makarov I. A., Россия в глобальной политике 2026 Т. 24 № 4 (140) С. 164–182
Три с половиной года остаётся до 2030-го – окончания срока реализации Целей устойчивого развития (ЦУР) – главной международной инициативы, устанавливающей долгосрочные ориентиры для будущего человечества. Уже очевидно, что она провалилась: преодоление бедности, решение экологических проблем и построение инклюзивного и справедливого общества остались красивой мечтой. Кто-то может воспринимать ЦУР как памятник человеческой наивности. Но надо понимать, что эта ...
Added: September 14, 2026
Fedorova E., Ledyaeva S., Stepanov V., International Review of Economics and Finance 2026
This study investigates the influence of low-quality information, specifically fake news, on short
term stock returns, contributing to the discourse on signal theory and behavioral economics.
Employing a machine learning approach, the authors developed a robust fake news dataset from
publicly available sources. Sentiment analysis was conducted using a FinBERT model fine-tuned
for stock market contexts, alongside extensive dataset ...
Added: September 12, 2026
Карпова Д. А., Sizova I., Gordin V. E., Креативные индустрии 2026 Т. 2 № 2 С. 10–31
This article examines the musealisation of industrial heritage and its role in regional and corporate branding. The relevance of this study stems from deindustrialisation processes, the growth of industrial tourism, and the need to preserve historical memory, which is particularly important in the context of Russian realities—the lack of a legal definition of the concept ...
Added: September 9, 2026
Veselova L. S., Морозова В. С., Дарчиева А. А., Управленец 2026 Vol. 17 No. 4 P. 66–78
На фоне развивающихся торгово-экономических отношений между Россией и Китаем российские десерт- ные бренды получают новые возможности для выхода на китайский рынок. Однако их присутствие ограничено преи- мущественно приграничными регионами, а продвижение сдерживается недостаточной адаптацией к социокультурным особенностям китайских потребителей. Статья посвящена разработке практических рекомендаций по формированию стратегии адаптации российских десертных брендов к специфике китайского рынка. ...
Added: September 9, 2026
Kilinc-Ata N., Warong M. M., SN Business & Economics 2026 Vol. 6 Article 326(2026)
Green transitions are widely expected to attract cleaner capital and accelerate decarbonization; however, emerging-economy evidence increasingly challenges this assumption. This study examines the dynamic relationship between energy transition indicators and capital inflows in BRICS+ economies over the period 1996–2022, explicitly testing the “Green Haven” hypothesis under conditions of global uncertainty. Unlike much of the existing ...
Added: September 9, 2026
Warong M. M., International Journal of Diplomacy and Economy 2026
This study conducted in Indonesia between 2000 and 2023, demonstrates a complex, non-linear interplay between the economic environment and the emergence of clean energy start-ups. Using Autoregressive Distributed Lag and Markov Switching models, the research shows that start-up formation coincides with periods of lower GDP growth, suggesting that innovation is often spurred by necessity. Two ...
Added: September 9, 2026
Кореневский В. В., Экономика и математические методы 2026 Т. 25 № 3 С. 853–878
The US presidential election is a lengthy and complex process, during which candidates present their views and programs for reforming the country's politics and economy, while mass media broadcast these positions to a wide audience. In the most recent election, the topic of cryptocurrencies was used in the campaign for the electorate for the first ...
Added: September 8, 2026
Veselova A., Dikova D., Aray Y., Asia Pacific Journal of Management 2026
We examine board of directors’ gender diversity and corporate social responsibility (CSR) disclosure of Russian firms, and test for their effects on the market valuation of these firms. The Russian context is unique because gender disparity of boards and top management remains high in Russia due to historical legacy, absence of specific diversity-promoting regulations and ...
Added: September 8, 2026
Mozias P., Социальные и гуманитарные науки. Отечественная и зарубежная литература. Серия 9: Востоковедение и африканистика 2026 № 2 С. 173–208
Abstract. Over the years of market reforms, China has moved from an autarkic economy to the position of the world’s largest trading power, becoming a global leader both in export volume and in total foreign trade turnover. For a long time, China’s export success was commonly explained by her use of comparative advantages in labor-intensive ...
Added: September 7, 2026
Kolesnik N. A., Общество и экономика 2026 № 1-2 С. 114–134
Стремительно растущее население планеты и рост объемов индивидуального потребления при низкой включенности населения в экологические практики признается ключевым
препятствием на пути к экономике замкнутого цикла. В статье анализируется использование
огромного рекламно-коммуникационного потенциала крупных торговых сетей для вовлечения
населения в экономику замкнутого цикла через повышение экологической сознательности и популяризацию ответственного потребления. Эмпирической основой исследования стала база данных коммуникации шести ...
Added: September 6, 2026
Aleksandra Sidorenko, International Journal of Management and Sustainability 2026 Vol. 15 No. 2 P. 330–344
The prevailing approach in green innovation research merges adoption and generation into a single measurement, and while traditional innovation studies indicate that these modes can have dissimilar antecedents, this distinction remains unexplored for green innovation. Addressing this gap, this study draws on institutional theory to examine which specific institutional actors: state authorities (environmental tax), corporate ...
Added: August 24, 2026
Grishunin S., Anastasya Yarantseva, Karminsky A. M., , in: Procedia Computer Science, Volume 242: 11th International Conference on Information Technology and Quantitative Management (ITQM 2024).: ScienceDirect, 2024. P. 372–379.
This paper seeks to explore the impact of gender and age diversity within the board of directors, as well as the appointment of a female CEO, on the return of assets (ROA) and Tobin Q of banks on a global scale. The study is motivated by the growing interest in how the quality of human ...
Added: June 28, 2026
Cardoni A., Evgeniia Kiseleva, Business Strategy and the Environment 2025 Vol. 34 No. 1 P. 1267–1286
This paper evaluates the influencing factors and disparities between web-based and annual report channels for environmental, social and governance (ESG) disclosures by small and medium-sized enterprises (SMEs). In contrast to the prevalent use of case-studies in the context of SMEs, a quantitative study was conducted by performing a content analysis of the websites and annual ...
Added: February 22, 2026
Vasyunina M., Mikhail E. Kosov, Shmigol N. et al., Emerging Science Journal 2023 Vol. 7 No. 1 P. 207–227
Controlling is essential for public organizations to deliver optimal performance. However, the existing literature lacks sufficient knowledge to help organizations implement better strategies to enhance control. Therefore, this study examined the concept of control in the public sector, its impact on organizational efficiency, and a key focus on implementation. This study adopted a mixed approach ...
Added: September 29, 2025
Sikachev A., Veselova A., Управленец 2026 Vol. 17 No. 1 P. 65–83
As small and medium-sized enterprises (SMEs) strive for expansion beyond their domestic borders, the appeal of international markets is undoubtedly attractive. However, there are often numerous obstacles to this journey, which can be complex for companies without experience in international expansion. This article aims to fill the existing gap in the literature by thoroughly analyzing ...
Added: August 21, 2025
E.S. Nemchenko, A.A. Pustynnikova, V.V. Krakovich, The Journal of the New Economic Association 2025 No. 1(66) P. 132–157
The present study investigates the impact of chief executive officers’ (CEOs) observable, psychological, and facial traits on the valuation of initial coin offerings (ICOs). To collect data on the CEOs’ traits, we processed textual data from websites, their personal pages on social networks, interviews, and other sources. We applied an artificial intelligence approach to quantify ...
Added: October 2, 2024
Conrado Diego G., Marina Zavertiaeva, Félix J. López Iturriaga, Corporate Governance (Bingley) 2023 Vol. 23 No. 5 P. 1019–1045
Purpose
This paper aims to study the impact of CEOs’ personality and social connections on corporate risk-taking in the Russian market.
Design/methodology/approach
Using a sample of 93 large listed Russian corporations between 2008 and 2016, this study tests a range of personal traits, including the classical personal characteristics like age and tenure, some country-specific traits such as connections ...
Added: February 6, 2024
Ivashkovskaya I., Nazarkina V., Gostkov D. et al., Journal of Corporate Finance Research 2022 Vol. 16 No. 4 P. 6–33
We investigate how different personal traits of a chief executive officer (CEO) influence value creation in one of the largest emerging capital markets in Russia. Our research model considers several components of human capital of a CEO.
Moreover, we include CEO’s behavioral biases looking at overconfidence measured by industry adjusted ratio of capital expenditures and narcissism ...
Added: November 10, 2023
Cardoni A., Kiseleva E., Cham: Springer, 2023.
The role of governance as a fundamental pillar of sustainability is widely recognized and confirmed by its inclusion in the main ESG issues (environmental social governance). Through the complex role of governance in the context of ESG, research has developed the notion of sustainable corporate governance, i.e., a system based on the integration of shareholder ...
Added: September 13, 2023
Kuznetsov B., Golikova V., ЭКО 2023 Т. 53 № 9 С. 33–51
Влияние санкций на деятельность и поведение фирм, адаптирующихся к введенным ограничениям, неоднородно и зависит как от типа санкций, так и от характеристик самих фирм. В статье представлены оценки эффекта санкционного режима руководителями предприятий обрабатывающей промышленности, основанные на данных нескольких раундов мониторинга их конкурентоспособности, проведенных Институтом анализа предприятий и рынков НИУ ВШЭ в 2014, 2018 и ...
Added: September 1, 2023
Osiyevskyy O., Shirokova G., Ehsani M., International Journal of Entrepreneurial Behaviour and Research 2023 Vol. 29 No. 7 P. 1664–1697
Purpose – Economy-wide crises create major challenges for small and medium enterprises (SMEs). Existing studies emphasize the crucial role of contrasting behavioral strategies, effectuation and causation in SMEs’ adaptation to crisis conditions. Yet, prior literature concentrated predominantly on exploring the impact of effectuation and causation on firm performance rather than survival. The authors present and ...
Added: July 14, 2023
Хмелева П. А., Journal of Corporate Finance Research 2023 Vol. 17 No. 1 P. 78–89
The paper evaluates the influence of a CEO’s education level and their experience on the amount invested in R&D in the pharmaceutical industry. The sample consists of 270 high-tech pharmaceutical companies from the S&P BMI index in 1999–2018 from 23 countries, both developed and emerging. The pharmaceutical industry is of particular interest since the projects ...
Added: May 15, 2023
Aleksei Egorov, Serebrennikov P., Journal of Higher Education Policy and Management 2023 Vol. 45 No. 5 P. 545–565
This paper explores how internal characteristics of universities that reflect the structure of the budget and the makeup of the student body and academic staff influence the efficiency level of universities. We analyse a sample of 320 Russian public higher education institutions using the modern nonparametric methodology of an order-m conditional efficiency estimator. Our results ...
Added: May 13, 2023