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Managerial Skills of CEOs and Risk-taking Behavior of Firms: A Study of the Nexus
Başlık:
Managerial Skills of CEOs and Risk-taking Behavior of Firms: A Study of the Nexus
Yazar:
Zhang, Che, author.
ISBN:
9780438044920
Yazar Ek Girişi:
Fiziksel Tanımlama:
1 electronic resource (38 pages)
Genel Not:
Source: Masters Abstracts International, Volume: 57-06M(E).
Advisors: Edward D. Van Wesep Committee members: Tony Cookson; Nathalie Moyen.
Özet:
This thesis investigates the influence of Chief Executive Officers (CEOs) on firm policies. Using the Generality Index (Gen-Index) from Custodio et al. (2012) to measure the accumulated general managerial skills of CEOs, I explore how generalist CEOs may behave differently while taking risks for their firms. CEOs with more general skills tend to engage in more high-risk activities for their firms. One possible explanation for this is that generalist managers are more popular in the job market, and thus, are more willing to take risks and demonstrate their abilities to obtain higher compensation. In this thesis, I study the association between the generality of a CEO's managerial skills (CEO generality) and the firm's investment strategy, such as research and development (R&D) expenditure and financial leverage.
To investigate this further, I define a generalist CEO as one having a top quartile Gen-Index and a specialist CEO as one having a bottom quartile Gen-Index, in any given year. I observe significantly greater effects in the group of generalist CEOs. This paper also explores whether CEO generality is associated with the firm value or not. While measuring firm value with Tobin's Q, a ratio of market value scaled by firm assets, I observe different effects between generalists and specialists, indicating that generalist CEOs are associated with higher levels of firm value than their specialist peers. It supports the importance of manager's general skills.
Notlar:
School code: 0051
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Yer Numarası | Demirbaş Numarası | Shelf Location | Lokasyon / Statüsü / İade Tarihi |
---|---|---|---|
XX(691062.1) | 691062-1001 | Proquest E-Tez Koleksiyonu | Arıyor... |
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