Narcissistic <scp>CEOs</scp> ' dilemma: The trade‐off between exploration and exploitation and the moderating role of performance feedback

Prior research has established a positive link between chief executive officer (CEO) narcissism and firm innovation. Notably, shows that CEO is positively related to more radical innovation breakthrough technologies, is, manifestations of firm's exploration orientation, incremental innovation, firms' exploitation orientations. However, it primarily examines these orientations in isolation or neglects their interplay thereby ignores insights from organizational learning theorists firms managers face decisive trade-offs fundamentally distinct This overlooks the possibility narcissistic CEOs may emphasize over exploitation, vice versa, gain visibility, affecting balance those Consequently, we might draw incorrect conclusions about how affects Drawing on theoretical mechanisms personality literature, develop test competing logic connects with relative orientation. In addition, theorize investigate moderating effects accounting- market-based performance feedback alter CEOs' attention and, hence, affect relationship We our hypotheses using panel data 120 Standard Poor's 100 index 2008 2018, covering profiles 224 CEOs. Our findings indicate negatively associated an Furthermore, this pronounced increasing accounting-based attenuated performance. managerial implications insights.