Picture the platonic, if slightly exaggerated, ideal of a CEO: a focused leader of their subordinates, a relentless pursuer of profit -- that is, of course, unless he or she gets distracted along the way. Come to think of it, "sir CEO" has a really nice ring to it, doesn't it?
In a new paper, researchers Konrad Raff and Linus Siming found that CEOs were willing to let their firm's performance suffer for the sake of...a knighthood (or a damehood, if she happened to be a woman). Chief executives, it seems, actually forsake cutting costs or firing employees when presented with the possibility of the archaic honor -- the award of which might be hurt by, say, a round of ugly layoffs. [view whole blog post ]