Stakeholder theory implies that firms' economic and social purpose is to create value for all their stakeholders, without favoring any group. However, the distribution of the value created is a matter of choice for each firm. Thus, it may reflect the top managers' characteristics. Accordingly, this paper examines whether the narcissism of top managers impacts the creation and distribution of value added. The results show that narcissism does not impact the total value added. However, narcissistic top managers capture more value for themselves, paying less to employees. Other stakeholder groups are not affected by the narcissism of top managers.

中文翻译：

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自恋的领导者不分享！高层管理者自恋与附加值分配的关系

利益相关者理论暗示公司的经济和社会目的是为所有利益相关者创造价值，而不偏袒任何群体。然而，创造价值的分配是每个公司的选择问题。因此，它可能反映了高层管理人员的特征。因此，本文考察了高层管理人员的自恋是否会影响增值的创造和分配。结果表明，自恋并不影响总附加值。然而，自恋的高层管理人员为自己获得了更多的价值，付给员工的钱更少。其他利益相关者群体不受高层管理人员自恋的影响。