CEO's personal characteristics, ownership and investment cash flow sensitivity : evidence from NYSE panel data firms

Ezzeddine Ben Mohamed, Mohamed Naceur Souissi, Amel Baccar, Abdelfettah Bouri

This study tries to extend previous works on behavioral corporate finance by examining the interaction between investment cash flow sensitivity and various CEO characteristics in either the existence or inexistence of managerial optimism. Using a Q-investment model and departing from a sample of 475 annual observations, our results highlight that CEO's financial education, CEO's ownership and their optimism bias can explain distortions in corporate investment policy since they affect investment cash flow's relationship.

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Alternative title:	Características personales de los directores ejecutivos, titularidad y sensibilidad del cash-flow de inversión
Year of publication:	December 2014
Authors:	Mohamed, Ezzeddine Ben ; Souissi, Mohamed Naceur ; Baccar, Amel ; Bouri, Abdelfettah
Published in:	Journal of economics, finance & administrative science. - Bingley : Emerald Publishing Limited, ISSN 2218-0648, ZDB-ID 2538461-2. - Vol. 19.2014, 37, p. 98-103
Subject:	Financial education \| Technical education \| Ownership \| Managerial optimism \| Corporate investment \| Führungskräfte \| Managers \| Cash Flow \| Cash flow \| Investition \| Investment \| Eigentümerstruktur \| Ownership structure \| Investitionsentscheidung \| Investment decision \| Unternehmensfinanzierung \| Corporate finance

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Type of publication:	Article
Type of publication (narrower categories):	Aufsatz in Zeitschrift ; Article in journal
Language:	English
Notes:	Zusammenfassung in spanischer Sprache
Other identifiers:	10.1016/j.jefas.2014.10.002 [DOI] hdl:10419/179753 [Handle]
Classification:	g02 ; G30 - Corporate Finance and Governance. General ; G31 - Capital Budgeting; Investment Policy ; G32 - Financing Policy; Capital and Ownership Structure
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10011872979