Do CEO Attributes Create Value in IPO Price Revision? Evidence from China

Author(s):  
Haifeng Guo ◽  
Ying Wang ◽  
Xiaotuo Qiao ◽  
Yuanjing Ge
Keyword(s):  
2009 ◽  
Vol 2009 (1) ◽  
pp. 1-7 ◽  
Author(s):  
KWANGJUNE AHN ◽  
HEEWON CHAE ◽  
JAEYONG SONG ◽  
THERESA S. CHO

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Sawssan Jbir ◽  
Souhir Neifar ◽  
Yosra Makni Fourati

Purpose This paper aims to examine the impact of CEO (chief executive officer) compensation and CEO attributes on the level of tax aggressiveness of French companies. Design/methodology/approach The sample comprises 180 firm-year observations of 40 companies listed on the CAC 40 during the period ranging from 2008 to 2018. For the purpose of overcoming the problems of heteroscedasticity and autocorrelation, the authors apply the generalized least square panel regression. Findings This study’s results corroborate the importance of CEO compensation and CEO attributes as determinants of tax aggressiveness. In addition, the authors come up with the fact that CEO compensation has a negative effect on tax aggressiveness, and that older CEOs and CEOs with accounting expertise are negatively linked with tax aggressiveness. The authors also find out that there is a positive relationship between the CEO tenure and tax aggressiveness. Moreover, the authors report that foreign CEOs are more likely to engage in tax aggressiveness practices than local CEOs. Research limitations/implications The unavailability of all annual reports and the use of only one proxy to measure tax aggressiveness present limitations. This study shows significant implications for shareholders, regulators and researchers. As a matter of fact, shareholders will observe the effect of appointing a foreign CEO on the tax aggressiveness level. This study may also provide regulators with new ideas regarding the role of the CEO and its impact on aggressive decision-making. And it brings forth new insight for researchers through adding a foreign CEO as a new determinant of tax aggressiveness. Originality/value According to the authors’ knowledge, this study is the first to provide empirical evidence regarding the effect of both CEO compensation and CEO attributes on tax aggressiveness. It also looks into the impact of a foreign CEO on tax aggressiveness.


2006 ◽  
Vol 59 (5) ◽  
pp. 604-612 ◽  
Author(s):  
Martina Musteen ◽  
Vincent L. Barker ◽  
Virginia L. Baeten

2016 ◽  
Vol 58 (2) ◽  
pp. 503-533 ◽  
Author(s):  
Xin Qu ◽  
Majella Percy ◽  
Jenny Stewart ◽  
Fang Hu

2019 ◽  
Vol 11 (7) ◽  
pp. 1950 ◽  
Author(s):  
Gianpaolo Abatecola ◽  
Matteo Cristofaro

What CEO attributes can improve corporate sustainability? In this regard, what do superstar CEOs, e.g., Mark Zuckerberg, Jeff Bezos, Elon Musk, and Bill Gates, have in common? Also, did the personalities of Jeffrey Skilling and Kenneth Lay contribute to the crack in the US Enron Corporation early in this century? Why, as far as presidential elections are concerned, are some countries, more than others, more likely to vote for seemingly narcissistic politicians? In our practice-oriented review article, we aim to contribute to shedding new light on the challenging evidence continuously evolving around CEOs, in general, and around their effect on corporate sustainability, in particular. Two distinctive features represent the main “so-what” value of our work. First, each of the CEO attributes which we sequentially focus on (i.e., power, personality, profiles, and effect) is, at the beginning, not only separately considered but also associated with many recent examples from business life and from the “CEO world” at an international level. Second, from our analysis, we then derive a conceptual framework which, combining all these attributes into a unique body of knowledge, could be used as a potential starting point for future investigations in this challenging research area regarding the CEO/sustainability relationship. In this regard, we believe understanding how all the analysed attributes coevolve will represent a pivotal question to address if we want to enhance the scientific and practical understanding of CEO (sustainable) behaviour.


2020 ◽  
pp. 107769902094352 ◽  
Author(s):  
Cen April Yue ◽  
Yoo Jin Chung ◽  
Tom Kelleher ◽  
Amanda S. Bradshaw ◽  
Mary Ann Ferguson

How does a chief executive officer (CEO)’s social media content disclosure on Twitter affect perceived CEO attributes, relationship investment, and public engagement, and to what extent does the CEO’s gender (male vs. female) moderate how publics evaluate content disclosures? A 2 (CEO gender: male vs. female) × 4 (level of disclosure: 100% corporate vs. 70% corporate and 30% personal vs. 30% corporate and 70% personal vs. 100% personal disclosure) between-subject experimental design was used to address these questions with a random sample of 465 adult Twitter users in the United States. Results showed that posts that featured high personal disclosure did not increase the perceived likability or competence of the CEO. Nor did CEO gender impact these outcomes. However, CEO professional disclosure proved to be an effective means to gain high levels of perceived relationship investment from publics. Finally, publics may hold implicit gender bias in cognitive (i.e., perceived relationship investment) and behavioral evaluation (i.e., engagement intention) of a female CEO.


2018 ◽  
Vol 43 (2) ◽  
pp. 272-282 ◽  
Author(s):  
Yuan Li ◽  
Manisha Singal

Past research has shown mixed results regarding the role CEO compensation plays in influencing firm financial performance in the hospitality industry. To explore this relationship further, we concomitantly examine the role of compensation and CEO attributes like education, age, tenure, functional background, and gender on firm financial performance. Our analyses are based on secondary and hand-collected data from a large and comprehensive sample of U.S. publicly traded hospitality firms. The results from panel data analyses show that CEO cash compensation is positively related to return on assets, while equity compensation is unrelated to firm performance. We further find that when CEO compensation and attributes are jointly examined, CEO compensation has a relatively lower impact on firm performance than CEO attributes do. The results imply that the hospitality industry may want to reconsider its compensation practices in order to better align the interests of managers and shareholders and motivate managers to maximize firm value.


2020 ◽  
Vol 4 (1) ◽  
pp. 69-83
Author(s):  
Josephine Tan Hwang Yau

This paper investigates the relationship between corporate governance, CEO attributes and firm performance of public listed financial companies in Malaysia from 2008 to 2017. There are several theories employed in the studies whereby the agency theory and resource dependency theory suggest that the board size have a positive impact on firm performance. In contrast, stewardship theory suggests smaller board size positively impacts the firm performance and prospect theory suggested that every person perceives and values gains and losses differently, and this affects the decision making. The firm performance has been measured using the return on equity (ROE) and return on assets (ROA). The data of the variables of board size, board independence, board meeting, CEO duality, CEO age and CEO gender are manually obtained from the annual reports, while the financial data include firm performance, capital expenditure and leverage are obtained from the Thomson Reuters Datastream. The research method employed in this study is the panel regression analysis. The findings of this study suggest that there is a positive and significant relationship between board size and firm performance and a positive and significant relationship between board independence and firm performance. Meanwhile, board meeting is found to have mix relationship with the firm performance. Furthermore, our result also shows CEO age and male CEO exhibit positive impact on firm performance.


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