Past studies on CEO hubris has found that board vigilance is effective in managing the negative outcome of hubris. Some studies found CEO non-duality and independent director representation are effective in decreasing the damage of hubris. However, these studies have only explored the causal relationship of hubris and firm performance in the one-tier corporate governance setting. This study analyzed the influence of CEO hubris on firm performance in Indonesia by taking into account the CEO-board power dynamics. Indonesia adopts the two-tier corporate system where the board is divided into the board of directors and commissioners. Through 99 public listed companies, this study found that hubris in Indonesian CEOs contributes well to firm performance. Moreover, a bigger commissioner board is effective in strengthening the positive influence of hubris on firm performance in Indonesia. Furthermore, this study hints that two-tier corporate governance is more efficient in controlling hubris than the one-tier system.

中文翻译：

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首席执行官自负对印度尼西亚公司绩效的影响：首席执行官权力和董事会警惕性的调节作用

过去有关首席执行官狂妄自大的研究发现，董事会保持警惕可以有效地管理狂妄自大的负面结果。一些研究发现，首席执行官的非双重性和独立董事的代表可以有效减少傲慢感的损害。但是，这些研究仅探讨了在单层公司治理环境中傲慢与公司绩效之间的因果关系。这项研究通过考虑CEO董事会的权力动态，分析了CEO傲慢对印尼公司绩效的影响。印度尼西亚采用两级公司制，董事会分为董事会和专员。这项研究通过99家上市公司发现，印尼CEO的傲慢态度对公司绩效做出了巨大贡献。此外，更大的专员委员会可以有效地增强自尊心对印度尼西亚公司业绩的积极影响。此外，该研究表明，两层公司治理在控制傲慢方面要比一层系统更有效。