How CEOs respond to mortality salience during the COVID-19 pandemic: Integrating terror management theory with regulatory focus theory.

Abstract
The COVID-19 pandemic has caused hundreds of thousands of deaths in the U.S. As chief strategists of their respective firms, how do Chief Executive Officers (CEOs) react to mortality salience associated with the number of new daily COVID deaths in the U.S.? To answer this question, we integrate terror management theory (TMT) with regulatory focus theory to examine how CEOs respond to mortality salience. Based on a sample of CEOs of S&P 500 firms, we found that mortality salience was associated with CEOs' increased other-orientation, and this association was more pronounced among those with high prevention focus. Mortality salience also was associated with CEOs' decreased self-orientation, particularly among those with high promotion focus. We also found that CEOs' self-orientation was negatively related to the likelihood of their firms' making community donations.