文章基本信息

标题：Impact of CEO’s characteristics on investment decisions of Indian listed firms: Does crisis make any difference?
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作者：Gaurav Gupta ; Jitendra Mahakud ; Byomakesh Debata 等
期刊名称：Cogent Economics & Finance
电子版ISSN：2332-2039
出版年度：2018
卷号：6
期号：1
页码：1439258
DOI：10.1080/23322039.2018.1439258
语种：English
出版社：Taylor and Francis Ltd
摘要：Abstract Using a sample of listed Indian manufacturing companies, this study examines the role of chief executive officer’s (CEO’s) personal characteristics like age, tenure, education, and career experience in the determination of investment decisions of the firm. The dynamic panel data model estimation, more specifically the system generalized method of moments estimation results reveal a negative relation between CEO’s age and corporate investment. CEO’s financial education is positively associated with investment decisions. The investment cash flow sensitivity analysis posits that CEO’s age and financial education reduce the sensitivity of investment with respect to cash flow. The results are robust across different periods, defined on the basis of crises. In times of financial crisis, we document that firm’s liquidity and age, CEO’s career experience and tenure turn out to be significant determinants of corporate investment. This paper provides an out-of-sample evidence of the role of CEO’s personal characteristics on the determination of corporate investment, which is an unexplored issue from an emerging market perspective.
关键词：CEO age ; cash flow ; career experience ; chief executive officer ; corporate investment ; financial education ; generalized method of moments