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Corporate governance and generalist CEOs : Evidence from board size

Chatjuthamard, Pattanaporn; Ongsakul, Viput; Jiraporn, … - 2021

PurposeWe contribute to the debate in the literature about generalist CEOs by exploring the effect of board governance on CEO general managerial ability, focusing on one of the most crucial aspects of the board of directors, board size. Prior research shows that smaller boards constitute a more...

Persistent link: https://www.econbiz.de/10013217403

The Impact of CFO Gender on Corporate Overinvestment

Liu, Yin; Neely, Pam; Karim, Khondkar - 2021

In this study, we examine the association between CFO gender and corporate investment efficiency, namely the extent of firm-level over-investments. Prior studies show that female CFOs are more risk-averse and conservative than male CFOs when making various corporate accounting and strategic...

Persistent link: https://www.econbiz.de/10013220239

Managerial Short-Termism and ESG

Lin, Chen; Wei, Lai; Yang, Nan; Zhang, Yupu - 2021

While practitioners call for long-term managerial compensation to promote firms’ commitment in environmental, social and governance (ESG) issues, little direct evidence exists on the role managerial incentive horizon plays in firms’ ESG performance. Exploiting two alternative identification...

Persistent link: https://www.econbiz.de/10013220730

Corporate Managerial Ability, Earnings Smoothing, and Acquisitions

Doukas, John A.; Zhang, Rongyao - 2021

This paper examines whether high-ability managers’ earnings smoothing is motivated by the need to mitigate the adverse … effects of heightened information asymmetry triggered by mergers and acquisitions (M&As) on managers’ reputation capital (job … loss) and firm value. We document that acquirers led by high-ability managers engage in more pre-acquisition earnings …

Persistent link: https://www.econbiz.de/10013221711

Does Import Competition from China Discipline Overconfident CEOs in U.S. Firms?

Chen, Sheng‐Syan; Peng, Shu-Cing; Yeh, Chia-Wei - 2021

We examine how the trade shock from China influences the behavior and investment performance of overconfident CEOs in U.S. firms. We show that the rise of Chinese import competition curbs investments and improves investment value and acquisition performance for firms with overconfident CEOs....

Persistent link: https://www.econbiz.de/10013225891

Power Needs Knowledge : CEO Background and Goodwill Impairment

Chen, Chao; Gu, Junjian; Lobo, Gerald J. - 2021

We investigate the moderate effect of the CEO knowledge-based background on goodwill impairment and abnormal return, and its direct effect on the likelihood of goodwill impairment announcement. We apply the educational background, financial background, and overseas background to represent the...

Persistent link: https://www.econbiz.de/10013234741

Going Private Transactions and Firm Innovation : Evidence from Japanese Management Buy-outs

Kawanishi, Takuya - 2021

This paper empirically examines the impact of exiting the stock market on corporate innovation activities using Japanese going private type MBO data. Difference-in-differences analysis in regression framework is implemented on panel data consisting of firms that conducted public-to-private MBO...

Persistent link: https://www.econbiz.de/10013235467

CEO Endowed Trait and Corporate Tax Planning : Evidence from Pilot CEOs

Baghdadi, Ghasan; Podolski, Edward; Veeraraghavan, Madhu - 2021

This paper investigates whether executives with thrill-seeking tendencies engage in greater tax avoidance. Our results show a strong negative association between CEO thrill-seeking and a firm’s cash effective tax rate. We further find that thrill-seeking has a considerably stronger effect on...

Persistent link: https://www.econbiz.de/10013236674

Who are the SPAC CEOs?

Blomkvist, Magnus; Nocera, Giacomo; Vulanovic, Milos - 2021

Our hand-collected sample of 298 U.S. SPACs reveals that the modal SPAC CEO is a 50-year-old male MBA graduate with substantial financial expertise. In accordance with signaling theory, greater reputation gained through prior CEO experience in public companies is linked to larger SPACs. As the...

Persistent link: https://www.econbiz.de/10013239866

A New Take on Voice : The Influence of BlackRock’s 'Dear CEO' Letters

Pawliczek, Andrea; Skinner, A. Nicole; Wellman, Laura - 2021

We examine whether broad-based public engagement by institutional investors influences the behavior of portfolio firms. We investigate this question in the context of BlackRock’s annual “Dear CEO” letter, which in recent years has called for portfolio firms to acknowledge and quantify the...

Persistent link: https://www.econbiz.de/10013242032