CEO narcissism measurement ways

1-prominence of the CEO's photography

we scored the prominence of the CEO's photography in annual reports as follows (Chatterjee &
Hambrick, 2007; Olsen et al., 2014): 1 for no photograph of the CEO; 2 if the CEO was photographed
with other executives; 3 if CEO's photograph was of him or her alone and occupied less than half the
page; 4 if CEO's photograph was of him or her alone and occupied more than half of the page but not
the whole page; and 5 if CEO's photograph was of him or her alone and occupied the whole page.

2-size of the CEO's signature

we measured the size of the CEO's signature by measuring the rectangular space it occupied in annual
reports (Ham et al., 2017).

Composite measure of prominence of CEO in annual reports (photo and signature)

Theory name: Theory of Upper Echelons

Politically connected CEO narcissism and firm’s performance

Critical mass political connections of outside directors and firm’s performance

Past papers on Pakistan context

1-Corporate Governance, Political Connections and Firm Performance: The Role of Political Regimes and
Size (Sabeeh Ullah1 Yasir Kamal2 2019) Global Business Review

This article empirically examines the relationship between corporate governance and firm financial
performance, and the interplay of political connections of 150 non-financial listed Pakistani firms
ranging from 2001 to 2014.(political connections as moderator)

2-Board Characteristics, Political Connections, and Corporate Cash Holdings: The Role of Firm Size and

Political Regime

This paper examines the relationship of board characteristics with cash holding, and the interplay of
political connections on this relationship. For this purpose, panel data of 150 non-financial firms ranging
from 2001 to 2014 are used.

(Sabeeh Ullah1, Yasir Kamal2 2017) Business & Economic Review

3-Do firms harvest from political connections during general elections? Case of Pakistan

This paper aims to examine the impact of general elections on the stock returns of the politically
connected group affiliated firms of Pakistan

Journal of Financial Crime

4- Do Political Connections Affect Firm Performance? Evidence from a Developing Country

5- Political connections and corporate financial decision making

Our study reveals that those firms that have a politician on its board of directors are highly leveraged,
use more long-term debt, hold large excess cash and are associated with low quality financial reporting
compared to their non-connected counterparts.

6- Political connections and corporate performance: Evidence from Pakistan

7- Political connections and firm operational efficiencies: evidence from a developing country (The
dependent variable, INVESTMENT, is the ratio of the investment expenditure divided by the total assets,
where investment expenditure is taken as the change in fixed assets between year t - 1 and t plus
depreciation in year t)

8- Political Connections and Leverage: Firm level Evidence from Pakistan

9- Political connections, family firms and earnings quality

10- The role of political connection in access to finance, technology and new ventures success in
emerging markets.