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| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | How Do CEOs Gain and Maintain Their Legitimacy in the Banking Industry? |
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| Institution | University of Zurich |
| Faculty | Faculty of Economics, Business Administration and Information Technology |
| Date | 2015 |
| Abstract Text | The prevailing context in the financial industry requires new bank CEOs to implement major organisational restructurings in order to meet increased regulatory requirements. At the same time the new CEOs have to meet stakeholder expectations in order to be perceived as appropriate and thus legitimate leaders of their organisations. This, however, is of an increased challenge as the required restructurings involve significant costs and thus negatively impact organisational performance. Thus, despite lacking short-term evidence, the new CEOs have to convince the capital market of future success in order to be seen as legitimate leaders of the organisation. The thesis combines insights from social psychology theory, institutional theory and theoretical concepts that are related to CEO succession in order to analyse how the CEOs gain and maintain their legitimacy in the current context in the banking industry. The analyses presents a case study that analyses the Co-CEOs of Deutsche Bank in order to identify which of the concept from theory occur in practice in order to support existing findings and to extract new insights. The findings developed suggest that the legitimation of new CEOs in the banking context involves a collective process in which stakeholders and new CEOs alike engage in a dynamic process of attributing meanings to unfavourable events in order to rationalise costs and to justify corresponding performance sacrifices. Further, the process requires that stakeholders and CEOs form consistent beliefs with regards to organisational outcomes such that the outcomes can be implemented in a commonly shared set of values, norms and beliefs of the societal environment. |
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