scholarly journals Corporate Policies of Republican Managers

2014 ◽  
Vol 49 (5-6) ◽  
pp. 1279-1310 ◽  
Author(s):  
Irena Hutton ◽  
Danling Jiang ◽  
Alok Kumar
Keyword(s):  
Research And Development ◽  
Chief Executive Officer ◽  
Chief Executive ◽  
Terrorist Attacks ◽  
Natural Experiments ◽  
Corporate Policies ◽  
Investment Policies ◽  
Corporate Managers ◽  
Political Preferences ◽  
Lehman Brothers

AbstractWe demonstrate that personal political preferences of corporate managers influence corporate policies. Specifically, Republican managers who are likely to have conservative personal ideologies adopt and maintain more conservative corporate policies. Those firms have lower levels of corporate debt, lower capital and research and development (R&D) expenditures, less risky investments, but higher profitability. Using the 9/11 terrorist attacks and Sept. 2008 Lehman Brothers bankruptcy as natural experiments, we demonstrate that investment policies of Republican managers became more conservative following these exogenous uncertainty-increasing events. Furthermore, around chief executive officer (CEO) turnovers, including CEO deaths, firm leverage policy becomes more conservative when managerial conservatism increases.

The Exploratory Mindset and Corporate Innovation

2020 ◽  
pp. 1-43
Author(s):  
Zhaozhao He ◽  
David Hirshleifer
Keyword(s):  
Research And Development ◽  
Chief Executive Officer ◽  
Stock Prices ◽  
Operating Performance ◽  
Chief Executive ◽  
Market Reactions ◽  
Managerial Incentive ◽  
Corporate Innovation ◽  
Long Run

Abstract We propose that chief executive officer (CEO) exploratory mindset (inherent desire to search for novel ideas and long-term orientation) promotes innovation. Firms with CEOs with PhD degrees (PhD CEOs) produce more exploratory patents with greater novelty, generality, and originality. PhD CEOs engage less in managing earnings and stock prices, invest more in research and development (R&D) and alliances, generate higher long-term value of patents, and experience more positive market reactions to R&D alliances. Their firms achieve superior long-run operating performance. They tend to be hired by research-intensive firms with poor financial performance. Evidence from managerial incentive shocks and turnovers suggests that these effects do not derive solely from CEO–firm matching.

scholarly journals CSR categories and R&D investment: the moderating role of Managerial emotional intelligence

2020 ◽  
Vol 15 (1) ◽  
pp. 17-37 ◽  
Author(s):  
Ferdaws Ezzi ◽  
Anis Jarboui ◽  
Rim Zouari-Hadiji
Keyword(s):  
Emotional Intelligence ◽  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Research And Development ◽  
Chief Executive Officer ◽  
Chief Executive Officers ◽  
Least Squares Method ◽  
Chief Executive ◽  
Corporate Social

AbstractThe purpose of this paper was to determine the important role of Chief Executive Officer emotional intelligence to explain the interaction relationship between research and development investment and corporate social responsibility categories. This research relied on the completion of a questionnaire type inquiry structured around the table-based analysis. The questionnaire was sent out to a large sample of Tunisian firms’ Chief Executive Officer. The results of the 96 valid responses were entered for analysis by the partial least squares method. They show the significant effect of Chief Executive Officers’ emotional intelligence on the relation between corporate social responsibility categories (customer, employee, community, territory and environment) and research and development investment. In addition, the Chief Executive Officer emotional intelligence provided explanations into research and development investment for the corporate social responsibility problems in Tunisia. Firstly, this study emphasized the important role of research and development investment in the corporate social responsibility categories. Secondly, a new data analysis method “decision-tree” was applied to estimate the moderating effects of managerial emotional intelligence on the CSR – R&D relationship.

R&D Intensity and Economic Recession

2012 ◽  
Vol 19 (3) ◽  
pp. 284-293 ◽  
Author(s):  
Dilek Gulistan Yunlu ◽  
Dianne D. Murphy
Keyword(s):  
Research And Development ◽  
Chief Executive Officer ◽  
Economic Recession ◽  
Chief Executive ◽  
Moderating Effect ◽  
Moderating Effects ◽  
Upper Echelons Theory ◽  
Ceo Tenure ◽  
The Relationship ◽  
Ceo Characteristics

The authors employ the upper echelons theory and contingency theory in understanding the moderating effect of the chief executive officer (CEO) characteristics on the relationship between recession and research and development (R&D) intensity. The authors selected 2004 (nonrecession) and 2008 (recession) years for the analysis. Evidence was found that during recession, indeed, organizations decreased their R&D spending. The findings supported that CEOs with a shorter career horizon decreased R&D spending more dramatically than CEOs with a longer career horizon during recession. No evidence was found for the moderating effects of CEO tenure and insider status.

scholarly journals CEO Personal Risk-Taking and Corporate Policies

2016 ◽  
Vol 51 (1) ◽  
pp. 139-164 ◽  
Author(s):  
Matthew D. Cain ◽  
Stephen B. McKeon
Keyword(s):  
Chief Executive Officer ◽  
Risk Taking ◽  
Chief Executive ◽  
Project Selection ◽  
Return Volatility ◽  
Firm Risk ◽  
Corporate Policies ◽  
Personal Risk ◽  
Scope Of The Firm ◽  
Corporate Risk

AbstractThis study analyzes the relation between chief executive officer (CEO) personal risk-taking, corporate risk-taking, and total firm risk. We find evidence that CEOs who possess private pilot licenses (our proxy for personal risk-taking) are associated with riskier firms. Firms led by pilot CEOs have higher equity return volatility, beyond the amount explained by compensation components that financially reward risk-taking. We trace the source of the elevated firm risk to specific corporate policies, including leverage and acquisition activity. Our results suggest that nonpecuniary risk preferences revealed outside the scope of the firm have implications for project selection and various corporate policies.

Corporate Financial and Investment Policies in the Presence of a Blockholder on the Board

2018 ◽  
Vol 08 (03) ◽  
pp. 1850012 ◽  
Author(s):  
Anup Agrawal ◽  
Tareque Nasser
Keyword(s):  
Research And Development ◽  
Risk Taking ◽  
Lower Risk ◽  
Cash Holdings ◽  
Capital Expenditures ◽  
Individual Investors ◽  
Corporate Policies ◽  
Investment Policies ◽  
Corporate Resources ◽  
Valuable Role

We examine the relation between the presence of an independent director who is a blockholder (IDB) and corporate policies, risk-taking, and market valuation. After accounting for endogeneity, firms with an IDB have significantly (1) lower levels of cash holdings, payout and research and development (R&D) expenditures, (2) higher levels of capital expenditures, and (3) lower risk. The market appears to value IDB presence and the associated decrease in dividend yield. About 75% of the IDBs in our sample are individual investors, who drive most of our results. Our findings suggest that IDB presence plays a valuable role in shaping some corporate policies and allocating corporate resources.

Peregrine—Twenty Years of Fraudulent Cash Balances

2013 ◽  
Vol 29 (2) ◽  
pp. 337-348
Author(s):  
Randal J. Elder ◽  
Diane J. Janvrin ◽  
Paul Caster
Keyword(s):  
Information System ◽  
Chief Executive Officer ◽  
Accounting Information ◽  
Chief Executive ◽  
Cash Balance ◽  
Accounting Information System

ABSTRACT In July 2012, Peregrine Financial Group filed for bankruptcy following the discovery that $215 million in customer balances had been embezzled. Investigation revealed that its Chief Executive Officer, Russell Wasendorf, Sr., fooled auditors and regulators for 20 years by preparing fictitious bank statements and cash balance confirmations to hide the theft of cash. The fraud was uncovered when Peregrine's regulator, the National Futures Association (NFA), demanded that Peregrine participate in an electronic confirmation process for verification of customer accounts. This case discusses how the fraud was allowed to go undetected for 20 years, the importance of auditing cash, and how new electronic confirmation technology improves the ability to authenticate confirmation responses. The case is suitable for use in both auditing and accounting information system courses.

The founder chief executive officer: A review of current insights and directions for future research

2020 ◽  
Vol 28 (6) ◽  
pp. 406-436 ◽  
Author(s):  
Michael A. Abebe ◽  
Pingshu Li ◽  
Keshab Acharya ◽  
Joshua J. Daspit
Keyword(s):  
Chief Executive Officer ◽  
Chief Executive ◽  
Future Research
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