PhD CEOs and firm performance

被引：18

作者：

Urquhart, Andrew ^{[1
]}

Zhang, Hanxiong ^{[2
]}

机构：

[1] Univ Reading, Henley Business Sch, ICMA Ctr, Reading RG6 6UR, Berks, England

[2] Univ Surrey, Surrey Business Sch, Surrey, England

来源：

EUROPEAN FINANCIAL MANAGEMENT | 2022年 / 28卷 / 02期

关键词：

CEO characteristics; education; firm performance; PhD; SENSATION SEEKING; BOARD; OVERCONFIDENCE; RISK; TRAITS; DETERMINANTS; EXPERIENCE; EXECUTIVES; DIRECTORS; MANAGERS;

D O I：

10.1111/eufm.12316

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the relationship between the education of a Chief Executive Officer (CEO) and firm performance and provides robust evidence that firms led by CEOs with PhDs outperform their peers. We find that CEOs with PhDs increase firm performance by 3.03% while CEOs with a PhD from a highly ranked university increase firm performance by 4.65%. Our results are robust to endogenous CEO selection, transition firms, alternative rankings, unobserved firm characteristics and the network of the CEO. We also show that the increase in firm performance is due to a tighter control of costs and superior cash flow management.

引用

页码：433 / 481

页数：49

共 50 条

[41] Silverback CEOs: Age, experience, and firm value
Cline, Brandon N.
Yore, Adam S.
JOURNAL OF EMPIRICAL FINANCE, 2016, 35 : 169 - 188
[42] THE FACE OF THE FIRM: THE INFLUENCE OF CEOs ON CORPORATE REPUTATION
Love, E. Geoffrey
Lim, Jaegoo
Bednar, Michael K.
ACADEMY OF MANAGEMENT JOURNAL, 2017, 60 (04): : 1462 - 1481
[43] Prosocial CEOs, corporate policies, and firm value
Mei Feng
Weili Ge
Zhejia Ling
Wei Ting Loh
Review of Accounting Studies, 2024, 29 : 1854 - 1903
[44] Prosocial CEOs, corporate policies, and firm value
Feng, Mei
Ge, Weili
Ling, Zhejia
Loh, Wei Ting
REVIEW OF ACCOUNTING STUDIES, 2024, 29 (02) : 1854 - 1903
[45] DO CEOs MATTER TO FIRM STRATEGIC ACTIONS AND FIRM PERFORMANCE? A META-ANALYTIC INVESTIGATION BASED ON UPPER ECHELONS THEORY
Wang, Gang
Holmes, R. Michael, Jr.
Oh, In-Sue
Zhu, Weichun
PERSONNEL PSYCHOLOGY, 2016, 69 (04) : 775 - 862
[46] IMPLICATIONS OF INSIDER AND OUTSIDER CEOs ON FIRM PERFORMANCE: EVIDENCE FROM CEO SUCCESSIONS FROM TURKEY
Ataay, Aylin
JOURNAL OF MEHMET AKIF ERSOY UNIVERSITY ECONOMICS AND ADMINISTRATIVE SCIENCES FACULTY, 2018, 5 (03): : 583 - 596
[47] Appointments of outsiders as CEOs, state-owned enterprises, and firm performance: Evidence from China
Jiang, Fuxiu
Huang, Jicheng
Kim, Kenneth A.
PACIFIC-BASIN FINANCE JOURNAL, 2013, 23 : 49 - 64
[48] Value or Glamour? An empirical investigation of the effect of celebrity CEOs on financial reporting practices and firm performance
Koh, Kevin
ACCOUNTING AND FINANCE, 2011, 51 (02): : 517 - 547
[49] Do Cash-Flow Performance Metrics in CEOs' Compensation Contracts Enhance Firm Innovation?
Dong, Qi
Cao, Yiting
Dickinson, Victoria
Feng, Hongrui
JOURNAL OF MANAGEMENT ACCOUNTING RESEARCH, 2024, 36 (02) : 75 - 98
[50] A more sustainable future: Can politically connected CEOs spur the nexus between ESG performance and firm financial performance?
Marie, Mohamed
Qi, Baolei
Elgammal, Mohammed
Elnahass, Marwa
JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY, 2024, 96

← 1 2 3 4 5 →