Статті в журналах: "Foreign CEO"

1

Chotiyaputta, Veerisa, and Yong Yoon. "Firm Performance by Thai CEOs in the SET100: Foreign or Locally Educated?" GATR Journal of Management and Marketing Review 1, no. 1 (December 6, 2016): 09–14. http://dx.doi.org/10.35609/jmmr.2016.1.1(2).

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Objective - This paper investigates firm performance effected by foreign-educated or locally educated Thai CEOs in the SET100 listed firms of Thailand. Methodology/Technique - By examiningthe resumes of 198 CEOs of Thailand's 100 largest Thai listed companies over the past 16 years (2000-2015), this paper hopes to compare the effects of this outcome on the means and variance of the CEO succession by presenting four cases: when (1) locally-educated Thai CEO is replaced by a foreign-educated Thai CEO, (2) foreign-educated Thai CEO is replaced by a locally-educated Thai CEO, (3) locally-educated Thai CEO is replaced by another locally-educated Thai CEO, and (4) foreign-educated Thai CEO is replaced by another foreign-educated Thai CEO. Findings – It was found thatthe appointment of foreign-educated CEOs in the SET100 is associated with improved firm performance with respect to the mean-variance approach if (s)he replaces a locally-educated CEO. However, firm's performance deteriorated if a foreign-educated CEO replaces another foreign-educated CEO. Novelty - Findings suggest that additional studies need to be conducted to verify the claim of that switching the education type of CEO succession can have beneficial effects on firm performance. Type of Paper - Empirical Keywords: Performance of Foreign-Educated CEOs; CEO Succession; Mean-Variance Approach; Thailand SET. JEL Classification: I21, M10

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2

Conyon, Martin J., Lars Helge Haß, Skrålan Vergauwe, and Zhifang Zhang. "Foreign experience and CEO compensation." Journal of Corporate Finance 57 (August 2019): 102–21. http://dx.doi.org/10.1016/j.jcorpfin.2017.12.016.

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3

Duan, Tinghua, Wenxuan Hou, and William Rees. "CEO international experience and foreign IPOs." Economic Modelling 87 (May 2020): 461–70. http://dx.doi.org/10.1016/j.econmod.2019.11.033.

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4

Nouajaa, Ghassen, and Jean-Laurent Viviani. "Residual foreign exchange risk: does CEO compensation matter?" Journal of Risk Finance 18, no. 5 (November 20, 2017): 581–600. http://dx.doi.org/10.1108/jrf-10-2016-0140.

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Purpose The purpose of this paper is to investigate whether CEO compensation scheme may induce some agency conflicts in the foreign exchange risk hedging policy. Design/methodology/approach Residual exposure is a post-hedging variable computed as the ratio of unrealized foreign exchange risk gains/losses to international sales. The authors follow the optimal hedging theory developed by Smith and Stulz (1985). The residual foreign exchange risk exposure is a way to capture some consequences of the managerial risk aversion, whereas the compensation scheme granted to CEO reveals that of the shareholders. The authors interpret any deviation to the predictions of this theory as a mark that some agency conflicts exist. Findings CEO compensation (stock-options, shares and so) significantly influence the level of the residual foreign exchange risk exposure. Both in-the-money exercisable options and shares are negatively related to the residual exposure of foreign exchange risk. The authors also document that the effect of agency problems is rather contingent because shares and options have especially a negative impact when the level of foreign exchange risk is relatively high. Originality/value The residual FX risk exposure variable the authors promote in this paper completes the traditional proxies used to depict the corporate hedging policy such as the nominal or total fair value of currency derivatives (Davies et al., 2006), use of nominal values (Spanò, 2007), use of fair values of derivatives and the fraction of production hedged (Wang and Fan, 2011). The information that it conveys differs significantly from the one provided by traditional proxies because it captures the year-end post hedging firm’s risk profile.

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5

Kaur, Rupinder, and Balwinder Singh. "CEOs’ Characteristics and Firm Performance: A Study of Indian Firms." Indian Journal of Corporate Governance 11, no. 2 (November 14, 2018): 185–200. http://dx.doi.org/10.1177/0974686218806714.

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The centre of interest of this research article is the association between chief executive officer (CEO) characteristics and firm performance. Employing a sample of Nifty 500 firms, the support found recommends that demographic and job-related characteristics may be related with the firm’s financial performance. We consider CEO gender, duality, nationality, remuneration and education level as CEO characteristics and we employ return on assets (ROA) as a representative for firm performance. This study widens the understanding of the important function played by the CEO and provides better insight into CEO-specific variables. Specifically, the reported findings specify a positive relationship between CEO remuneration and firm performance, thus indicating that compensation acts as a good inducement for executives to yield finer firm performance while CEO nationality appears to inhibit it, steering foreign directors to a minority spot. This implies that remuneration should be more thoughtfully attached to performance, so that proficient CEOs are not lured by more tempted compensation elsewhere and the decision to engage foreign nationals to company boards must be based on norms other than the firm’s future financial performance.

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6

Hao, Haixia, and Lihong Guo. "The Impact of Venture Capital Background on CEO Replacement in Portfolio Companies: Empirical Evidence from China." Discrete Dynamics in Nature and Society 2021 (December 22, 2021): 1–8. http://dx.doi.org/10.1155/2021/4025499.

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Taking Chinese startups backed by venture capital (VC) in 1997–2017 as the sample, this study investigates the impact of VC background on chief executive officer (CEO) replacement in portfolio companies. The results show that (1) compared to foreign VC, domestic VC is more likely to replace the CEO of the portfolio companies. (2) Syndicate with domestic VC can overcome the disadvantage of foreign VC geographically distant from the portfolio companies, and domestic VC as coinvestors can effectively monitor portfolio companies, increasing the possibility of CEO replacement. Heterogeneity analysis shows that the positive effect of VC background on CEO replacement exists in the subgroup of VC geographically proximate to the portfolio companies, indicating that geographic proximity to the portfolio companies helps VC more easily grasp the development of the portfolio companies and more likely to replace CEO. This paper reveals the differences in the behavior of VC in replacing CEO during the postinvestment management process, highlights the critical role of geographical proximity, and provides important management insights for VC and entrepreneurs.

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7

Al-Sabri, Haithm Mohammed Hamood, Norhafiza Nordin, and Hanita Kadir Shahar. "The impact of chief executive officer (CEO) and deal characteristics on mergers and acquisitions (M&A) duration: A quantile regression evidence from an emerging market." Asian Academy of Management Journal of Accounting and Finance 18, no. 1 (July 29, 2022): 101–32. http://dx.doi.org/10.21315/aamjaf2022.18.1.5.

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This paper examines the impact of chief executive officer (CEO) and deal characteristics on mergers and acquisitions (M&A) duration in Malaysia. Univariate analysis and quantile regression (QR) are performed on 556 completed M&As transactions undertaken by Malaysian public firms from 2001 to 2019. In line with the upper echelons theory, which states that organizational outcomes can be predicted by looking at the characteristics of top-level executives, the findings from QR show that CEO characteristics significantly affect acquisition duration. This effect is conditional on the duration quantiles for CEO tenure and CEO duality but non-conditional for foreign CEO. Specifically, the findings reveal that the degree of influence by CEO characteristics gets stronger when the transactions are longer and complicated. CEO tenure can decrease M&A duration when a transaction falls in longer duration quantile. M&A transactions tend to take a longer duration when there is CEO duality. Foreign CEOs show more ability to execute transactions in a short duration compared to local CEOs. Deal characteristics such as deal size, merger transaction, hiring a financial advisor and conducting multiple acquisitions are main factors that prolong duration. The findings of this study may benefit policymakers, managers, and investors who involve directly and indirectly in an M&A process.

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8

Lee, Jiyeon, Jin-Ha Park, and Jiwon Hyeon. "Co-CEOs and Asymmetric Cost Behavior." Sustainability 11, no. 4 (February 17, 2019): 1046. http://dx.doi.org/10.3390/su11041046.

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This study investigates the effect of co-CEO structure on asymmetric cost behavior. A firm’s cost behavior reflects managers’ decision making about resources, which can be influenced by various factors. One of them relates to a manager’s decision to inefficiently reallocate their company’s resources when sales decline in pursuit of their incentives for empire-building and disincentives for downsizing. These inefficient resource allocations may result in asymmetric cost behavior, and ultimately be harmful to a firm’s sustainability. We consider the co-CEO structure as an alternative corporate governance mechanism that prevents managers from making inappropriate decisions. By doing so, we investigate whether the degree of cost stickiness differs between co-CEO and single-CEO structures, and whether the former complements external governance mechanisms, particularly foreign ownership, in mitigating cost stickiness. We analyze data from Korean listed companies for 2000–2013, and find that the cost stickiness is lower in the co-CEO structure than in the single-CEO structure. Thus, the co-CEO structure works as an alternative corporate governance mechanism to control the agency problem by inducing mutual monitoring among co-CEOs. Furthermore, the reduction in cost stickiness is greater for firms with higher foreign ownership, indicating that the co-CEO structure complements external governance mechanisms.

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9

Putra, Adhitya. "THE EFFECT OF CEO CHARACTERISTICS ON PRE-EARNINGS MANAGEMENT PROFITABILITY." Jurnal Akuntansi dan Keuangan Indonesia 18, no. 2 (December 31, 2021): 116–47. http://dx.doi.org/10.21002/jaki.2021.07.

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This research aims to examine the effect of CEO characteristics on pre-earnings management profitability. CEO characteristics include gender, tenure, age, education level, founding-family status, and nationality. Pre-earnings management profitability is measured by return on assets minus discretionary accruals. Data analysis uses firm and year fixed-effect regression analysis. The result shows that female CEO, longer tenure CEO, CEO with higher education levels, and foreign CEO increase firms' profitability without engaging in earnings management. On the other hand, there is no effect of CEO age and founding-family status on pre-earnings management profitability. This research contributes to filling the gap of inconsistent previous findings of CEO characteristics and profitability by considering earnings management behavior.

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10

Ming, Tee Chwee, Yee-Boon Foo, Ferdinand A. Gul, and Abdul Majid. "Institutional Investors and CEO Pay Performance in Malaysian Firms." Journal of International Accounting Research 17, no. 1 (January 1, 2018): 87–102. http://dx.doi.org/10.2308/jiar-51989.

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ABSTRACT This study uses Malaysian data to examine whether institutional investors affect the association between firm performance and CEO compensation. Overall, we find that total institutional investor ownership has a negative effect on the positive association between firm performance and CEO compensation, which suggests ineffective monitoring. When the institutional investors are categorized into local and foreign, we find that the negative effect is driven by local institutional ownership, consistent with the argument that foreign institutional investors are associated with better monitoring. Our results provide new insights on the association between institutional investors and the CEO compensation-firm performance relationship in an emerging economy. JEL Classifications: G34; J33.

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11

Abdullahi, Yahya Uthman, and Magajiya Tanko. "Firm Performance, Corporate Governance Mechanisms and CEO Turnover: Evidence from Nigeria." Applied Finance and Accounting 6, no. 1 (February 23, 2020): 66. http://dx.doi.org/10.11114/afa.v6i1.4732.

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This paper examines the influence of firm performance and internal governance mechanisms on CEO turnover decision. The sample of the study is all Nigerian non-financial firms listed on the Nigerian Stock Exchange (NSE) from year 2011 to 2015 consisting of 72 cases of CEO turnover. Using logistic regression analysis, this study provides evidences that poor accounting-based performance (ROA) and low engagement of female directors in corporate boards do increase the probability of CEO turnover. Furthermore, firms dominated with foreign ownership and those with independent board nominating committee are swifter in removing their CEOs. However, this study fails to support the argument that firms with large board size and those that are dominated by managerial ownership, help to enhance the monitoring practices, which ought to sanction underperformed CEOs with dismissal. Consequently, this study recommends that the Nigerian government should enact a legislation on gender quota to ensure that more female directors are appointed to the boards and as well encourage more foreign ownership in the Nigerian corporate landscape by attracting foreign investment into the economy via favourable policies. This paper contributes to the literature concerning CEO succession in developing markets with poor corporate governance structure such as Nigeria.

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12

Laufs, Katharina, Michael Bembom, and Christian Schwens. "CEO characteristics and SME foreign market entry mode choice." International Marketing Review 33, no. 2 (April 11, 2016): 246–75. http://dx.doi.org/10.1108/imr-08-2014-0288.

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Purpose – Using arguments from the upper echelons perspective this paper aims to examine the impact of CEO characteristics on small and medium-sized enterprises’ (SMEs’) equity foreign market entry mode choice and how these associations are jointly moderated by geographic experience of the firm and host-country political risk. Design/methodology/approach – The empirical analysis draws on data gathered from German SMEs testing triple-interaction effects between CEO’s age, firm tenure and international experience, geographic experience of the firm (organizational level), and host-country political risk (environmental level). Findings – Empirical findings validate that the influence of CEO’s age and firm tenure on SME foreign market entry mode choice varies by managers’ level of managerial discretion (i.e. latitude of action) as determined by the SME’s geographic experience and the level of political risks prevailing in the foreign market. Practical implications – Empirical findings help SME owners and managers to understand how CEO’s age and firm tenure are related with individual’s risk-taking behavior and information-processing demands and how these contingencies vary by the context in which the individual CEO is nested. Originality/value – This study contributes to the growing body of literature focussing on SME foreign market entry mode choice by emphasizing the important role of CEOs in the decision to internationalize. More specific, this study contributes by an examination of the interactive effect of CEO’s age, firm tenure and international experience, geographic experience of the firm and host-country political risk and, therefore, emphasizes the context and boundary conditions under which the association between CEO characteristics and foreign market entry mode choice is more or less pronounced.

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13

Barkley, Katharina. "The Impact of CEO Ethnicity and Language Choice on Crisis Communication in Japan." International Journal of Business Communication 57, no. 2 (October 21, 2019): 244–59. http://dx.doi.org/10.1177/2329488419882984.

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Spokesperson ethnicity research has shown that organizations can benefit from matching spokespersons to their target audiences. However, one facet of Japanese crisis communication can make this approach difficult for foreign organizations facing crises in Japan. The Japanese tendency to focus on collective-level causality and place blame with leaders through proxy logic, frequently forces CEOs into the role of crisis spokesperson. The current study utilized an experimental design to examine the effect of CEO ethnicity and language choice on how culturally matched and unmatched crisis responses were evaluated by a Japanese audience. Specifically, participants’ perceptions of ideological similarity, spokesperson credibility, and organizational reputation were compared between the Japanese CEO baseline and a Caucasian CEO speaking either in English or Japanese. The study found that the foreign CEO condition was evaluated more favorably across all measures independent of response match but found variations in the impact of choosing to forgo a translator in favor of delivering the response in Japanese.

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14

Rivas, Jose Luis, Jairo Villamil-Diaz, and Albert Cannella. "Attracting CEO directors: the case of Latin America." Academia Revista Latinoamericana de Administración 34, no. 2 (March 29, 2021): 294–315. http://dx.doi.org/10.1108/arla-07-2020-0153.

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PurposeTo understand if certain board traits can contribute to attract CEO directorsDesign/methodology/approachPanel data model with firm fixed effects of individual and firm level attributes from 450 public firms in Argentina, Brazil, Chile, Colombia, Mexico and PeruFindingsHigher levels of masters abroad, board ties, government experience and foreign members are all negatively related to the appointment of CEO directorsOriginality/valueThe use of non-performance outcome variable such as CEO experience in the family led emergent environment of Latin America

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15

Veliyath, Rajaram, and Kannan Ramaswamy. "Social Embeddedness, Overt and Covert Power, and Their Effects on CEO Pay: An Empirical Examination Among Family Businesses in India." Family Business Review 13, no. 4 (December 2000): 293–311. http://dx.doi.org/10.1111/j.1741-6248.2000.00293.x.

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The literature on CEO compensation reflects two common biases: (a) the dominant use of the agency theory perspective and (b) the almost exclusive use of U.S. and U.K samples. Agency theory views compensation as a consequence of the incentive contracts and the processes of corporate governance. However, little is known about the determinants of CEO compensation in developing countries. Considering that foreign direct investment of U.S. multinational enterprises increased 10-fold over the past decade, mostly in developing economies, there is a great need to understand the dynamics of pay setting in these foreign contexts. Overall, there is an imperative need to explore alternative theoretical perspectives as well as investigate nontraditional contexts to broaden existing theoretical premises. In an attempt to address this need, this study investigates the CEO's social embeddedness and overt and covert power as determinants of CEO pay in a sample of Indian family-controlled firms. Using a time-series, cross-sectional regression analysis, we find family shareholding and the percentage of inside directors on the board (identified as bases of overt power for the CEO) to be the predominant influences on CEO pay. By contrast, some of the identified bases of covert power, such as the CEO's tenure, age, education, and firm diversification, are not significant. Surprisingly, controls for firm size and performance also exhibit no influence on CEO pay. These findings offer a useful point of reference against which results from western studies can be compared to formulate more holistic theories of CEO pay.

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16

Sia, Paul Ikgan, Saul Rajak, Jagjit Gilhotra, and Dinesh Selva. "Elusive intraoptic nerve foreign body." Clinical & Experimental Ophthalmology 44, no. 1 (August 12, 2015): 71–72. http://dx.doi.org/10.1111/ceo.12582.

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17

Thu Quang Luu, Vo Thien Trang, and Nguyen Thi Thu Trinh. "Market timing of CEOs and foreign investors' reaction." World Journal of Advanced Research and Reviews 13, no. 2 (February 28, 2022): 492–500. http://dx.doi.org/10.30574/wjarr.2022.13.2.0179.

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Excess return, cumulative abnormal return, market to book ratios and liquidity risk are applied as proxies for evaluating the chief executive officer’s (CEO) market timing. The result indicates that managers have total succeeded in timing the market for SEO events. Firms implement seasonal equity offering (SEO) issuance after experiencing a strong increase of stock price, and then underwent a significant reversal of stock price. Besides that, CEO will time the market when they realize the liquidity risk of firms drop to the point where institutional investors have low consideration about risks. Foreign investors reacted strongly when the information about the SEO was announced, specifically, they changed their trading behavior from being a net buying to being a net selling or reducing buying. This reaction is especially strong in companies with low market liquidity. And as a result, foreign investors react more quickly to the information of new stock issuance, their stock return will increase sharply after SEO.

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18

Hanousek, Jan, Anastasiya Shamshur, and Jiri Tresl. "Firm efficiency, foreign ownership and CEO gender in corrupt environments." Journal of Corporate Finance 59 (December 2019): 344–60. http://dx.doi.org/10.1016/j.jcorpfin.2017.06.008.

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19

Ahamed, Faruque. "CEO Compensation and Performance of Banks." European Journal of Business and Management Research 7, no. 1 (January 22, 2022): 100–103. http://dx.doi.org/10.24018/ejbmr.2022.7.1.1234.

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The association between CEO compensation and bank profitability has drawn substantial attention in recent years. The study analyzes the relationship between CEO compensation and bank performance in Bangladesh for 2010-2020. The variables used in the study are return on equity, CEOs salary, bonus, housing facilities, housing allowance, and foreign trips. The study uses a 2SLS estimator to remove the possible endogeneity and create an unbiased result. The results strongly suggest that the CEOs' compensation package is positively and significantly related to the bank performance. A higher compensation package motivates the executives to perform well and reduces the agency problem.

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20

Gitelman, Claudia. "CEO Migrant: The Case of Hanya Holm." Congress on Research in Dance Conference Proceedings 39, S1 (2007): 80–84. http://dx.doi.org/10.1017/s2049125500000145.

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Peter Meilaender reminds us that a CEO relocating to a foreign country to head up an international branch is as much an immigrant as is an impoverished refuge. This paper situates Hanya Holm within structural and personal paradigms of migration theory to examine her first year in the United States, when she faced the prospect of financial ruin in the host country and a threat to loyalties and interdependencies in the sending country.

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21

Shaddady, Ali, and Faisal Alnori. "Do Ownership Structure, Political Connections and Executive Compensation Have Multifaceted Effects on Firm Performance? An Alternative Approach." International Journal of Economics and Finance 12, no. 10 (September 18, 2020): 22. http://dx.doi.org/10.5539/ijef.v12n10p22.

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This study investigates the multifaceted effects of board characteristics and ownership on firm performance. Using panel data for 130 listed firms over the period 2009-2016 and after applying the SORM-DEA to OLS, quantile and 3SLS regressions. We explore the first empirical evidence showing that board characteristics tend to have multifaceted effects in explaining firm performance. Executive compensation has a positive influence in expounding firm performance. In contrast, political connections have a negative impact on firm performance. Further, the findings indicate that foreign ownership and CEO chair duality are positively related to firm performance. These effects are more pronounced in periods of high oil prices, while foreign ownership and CEO chair duality fail to explain firm performance in a period of low oil price. The results also reveal that CEO educational background has a significant effect on performance in service firms compared with industrial firms. The outcomes of this study provide important implications for investors and policymakers.

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22

AL-Duais, Shaker Dahan, Ameen Qasem, Wan Nordin Wan-Hussin, Hasan Mohamad Bamahros, Murad Thomran, and Abdulsalam Alquhaif. "CEO Characteristics, Family Ownership and Corporate Social Responsibility Reporting: The Case of Saudi Arabia." Sustainability 13, no. 21 (November 5, 2021): 12237. http://dx.doi.org/10.3390/su132112237.

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Only a few studies have investigated the association between the characteristics of the chief executive officer (CEO) (i.e., tenure and local or expatriate) and corporate social responsibility (CSR) reporting. Our study adds to the fledgling literature by providing new evidence from Saudi Arabia. Given the dominance of family control among Saudi Arabian listed firms, additionally, this study examined the moderating effect of family ownership on the CEO-CSR relationship. Using CSR scores from Bloomberg database from 2010 to 2019 and ordinary least squares (OLS) regression, the findings reveal that the association between CEO tenure and CSR reporting is positively significant; however, the association between CEO nationality and CSR is not significant. In addition, the findings indicate that family ownership is an important contingency factor that explains the association between CEO tenure and CEO nationality, and CSR reporting. Our study contributes to an emerging line of CSR research that investigates the effects of foreign CEOs on CSR transparency, and supports prior evidence on the benefits to investors of having long-serving CEO and the costs of family entrenchment.

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23

Ghani, Erlane K., Ham Xairyani Mohamed, and Kamaruzzaman Muhammad. "Board Characteristics and Foreign Direct Investment in Public Listed Property Companies: A Malaysian Evidence." International Journal of Financial Research 10, no. 3 (May 19, 2019): 116. http://dx.doi.org/10.5430/ijfr.v10n3p116.

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The Malaysian government has encouraged the corporate sector to be seriously committed in supporting sustainable development. One of the elements in sustainable development is the inclusiveness of foreign direct investment (FDI) in the corporate sector. FDI plays an important role in the economy as it generates an economic growth by increasing the domestic capital formation and hence, promoting sustainability. This study examines the relationship of corporate governance characteristics on foreign direct investment among property public listed companies in Malaysia. Specifically, this study examines the effect of board of directors’ characteristic namely board size, board meeting, board independence and CEO-Chairman duality role on foreign direct investment of the property public listed companies. This study relies on content analysis on the annual reports of 50 public listed property companies in in Malaysia for year 2007-2016. The results show that board meetings and board independency have a significant positive relationship on foreign direct investment of the public listed property companies. However, the results show that board size and CEO-Chairman duality do not have a significant relationship on foreign direct investment of the public listed property companies. The findings in this study implicate the importance of the board of directors’ involvement in ensuring effective and efficient decisions related to foreign direct investment.

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24

Nurmadi Harsa Sumarta, Muhammad Agung Prabowo, Prihatnolo Gandhi Amidjaya, Edy Supriyono, and Agista Putri Prameswari. "CEO Characteristics and Environmental Performance: Evidence from Indonesian Banks." International Journal of Business and Society 22, no. 2 (August 12, 2021): 1015–33. http://dx.doi.org/10.33736/ijbs.3779.2021.

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Following the paradigm shift of company performance, from merely financial aspects to the balance between economics and environmental aspects, a study that explores the drivers of company environmental performance is indispensable. This study aims to empirically examine the role of CEO characteristics in determining the environmental performance from CEO's gender, age, expertise, and international experience in Indonesian banks. We use secondary data from banks' annual and sustainability reports that were analysed using panel data regression. The results demonstrate that CEO's international experience and education level positively affect bank's environmental performance while foreign CEO and CEO's abroad study exhibit negative effect. Our findings emphasise that CEO plays a great role in initiating banks' environmental activities. CEO's decision is crucial to adopt environmental practice that leads to better environmental performance. The study contributes to the Indonesian literature by providing empirical evidence of CEO factors in determining banks' environmental performance, in which there are very limited studies examining the role of CEO. We also suggest the Indonesian Financial Service Authority to encourage banks to deliver higher environmental contribution by maximizing the role of CEO.

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25

Purkayastha, Anish. "Two to Tango: Board Interlocks, CEO Duality, and Foreign Debt Capital." Academy of Management Proceedings 2020, no. 1 (August 2020): 12466. http://dx.doi.org/10.5465/ambpp.2020.12466abstract.

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26

Tupper, Christina. "Crisis Conditions and IPO Firms: Founder CEO Effect and Foreign Listings." Academy of Management Proceedings 2014, no. 1 (January 2014): 16768. http://dx.doi.org/10.5465/ambpp.2014.16768abstract.

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27

Beber, Alessandro, and Daniela Fabbri. "Who times the foreign exchange market? Corporate speculation and CEO characteristics." Journal of Corporate Finance 18, no. 5 (December 2012): 1065–87. http://dx.doi.org/10.1016/j.jcorpfin.2012.07.004.

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28

Setiawan, Doddy, Rayenda Khresna Brahmana, Andi Asrihapsari, and Siti Maisaroh. "Does a Foreign Board Improve Corporate Social Responsibility?" Sustainability 13, no. 20 (October 17, 2021): 11473. http://dx.doi.org/10.3390/su132011473.

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This study examines the effect of foreign boards on corporate social responsibility, exploring the issues of two-tier board systems (boards of directors and boards of commissioners). Using data for manufacturing firms listed on the Indonesia Stock Exchange over the sample period of 2017–2019, the results suggest that a foreign board engages more in corporate social responsibility activities. Our key finding remains robust with respect to all foreign board measures (foreign ownership, foreign board members, foreign directors, foreign commissioners, foreign CEO, and foreign chairperson) and to alternative estimation methods, and pass a series of endogeneity checks. We established the causal effect from foreign boards to CSR, supporting institutional theory and contesting agency theory.

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29

Joos, Zachary P., Loren G. Longenecker, and Bhupendra CK Patel. "Orbital foreign body masquerading as orbital air." Clinical & Experimental Ophthalmology 44, no. 7 (May 1, 2016): 637–39. http://dx.doi.org/10.1111/ceo.12741.

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30

Chehade, Luke K., David Curragh, and Dinesh Selva. "Traumatic intraorbital wooden foreign body: Lessons learnt." Clinical & Experimental Ophthalmology 47, no. 4 (November 15, 2018): 543–45. http://dx.doi.org/10.1111/ceo.13428.

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31

Muttakin, Mohammad Badrul, and Nava Subramaniam. "Firm ownership and board characteristics." Sustainability Accounting, Management and Policy Journal 6, no. 2 (May 5, 2015): 138–65. http://dx.doi.org/10.1108/sampj-10-2013-0042.

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Purpose – This paper aims to examine whether the extent and type of corporate social responsibility (CSR) disclosures made by Indian public listed companies are associated with firm ownership and board characteristics. Design/methodology/approach – Data analysis is based on the top 100 companies listed on the Bombay Stock Exchange (2007-2011) using a 17-item CSR disclosure measure. Findings – The extent of CSR disclosure is positively associated with foreign ownership, government ownership and board independence and negatively associated with CEO duality. Promoter ownership has a negligible effect on the extent of CSR disclosure. In terms of the type of CSR disclosure, community information increases with government ownership and board independence, while environmental information expands with foreign ownership and board independence. Information on employees/human resources has a positive association with foreign ownership but decreases with CEO duality. The amount of product and services information increases with promoter ownership, foreign ownership and board independence and CEO duality. Practical implications – Given the positive impact independent directors have on the extent of CSR disclosure, their role can be further strengthened in terms of overseeing quality of information disclosed. Stakeholders and regulators will need to develop greater awareness of firm CSR disclosure biases associated with ownership and more carefully scrutinize firm CSR activities that firms are “not” reporting on. Originality/value – Empirical evidence on the link between corporate governance and CSR disclosure from a developing nation context is limited. This paper provides much needed evidence in this area from India – one of the largest, rapidly developing economies in the world.

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Foong, Swee-Sim, Jiunn-Shyan Khong, and Boon-Leong Lim. "Chinese CEO, Risk Taking and the Power of CEO: Empirical Evidence from Malaysian Family Firms." Malaysian Journal of Economic Studies 58, no. 1 (June 2, 2021): 59–84. http://dx.doi.org/10.22452/mjes.vol58no1.4.

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This paper examines the risk taking behaviour of Chinese CEO. Our analysis is based on a sample of 362 family firms in Malaysia over the 2009-2015 period using panel GMM methodology. Firstly, our results offer evidence that Chinese CEOs are risk taking. We then examine how CEO power, in the context of Finkelstein’s (1992) structural power, ownership power, expert power and prestige power, might drive risk taking of Chinese CEOs. The results are rather mixed where greater ownership power is likely to promote higher risk taking but greater expert power resulted in lower risk taking. We further show that corporate governance can mitigate risk taking of Chinese CEO in family firms. When the proportions of independent directors and foreign institutional shareholdings exceed the median thresholds of 40% and 5%, respectively, we find that CEO risk taking behaviour turns from positive to negative. Stronger evidence is found when we adjust the thresholds to the 75th percentile of 50% and 15%, respectively. The result is also robust with the use of leverage as a measure for CEO risk taking.

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Jalbert, Terrance, Canri Chan, Mercedes Jalbert, and Steven P. Landry. "The Interrelationship Of CEO Nationality With Financial Management, Firm Performance, And CEO Compensation." Journal of Diversity Management (JDM) 2, no. 2 (April 1, 2007): 7–24. http://dx.doi.org/10.19030/jdm.v2i2.5007.

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In this exploratory research, and driven by intense interest in media focused attention on the apparently wide differential in pay contrast between US top managers in large corporations versus their non-US top managers, we examined the backgrounds of the highest paid Chief Executive Officers (CEOs) in the United States. Specifically, we investigated the extent to which national origin, which we used as a proxy for cultural background, of CEOs affected salaries received, the way firms were managed and how firms performed. The data for the study was derived from the Forbes 800 CEO compensation data. The data extended from 1991-1997 and included 4,834 observations. Regressions were run to determine the extent to which the birthplace of the CEO affected the salary that the CEO received, along with the capital structure, dividend policy and return on assets of the firm. The results indicated that CEOs with differing nationalities were compensated differently, and operated their firms differently than U.S. born CEOs. The compensation of the CEOs was found to be higher for some groups of foreign born CEOs. Some evidence of differing capital structures was found. However, the results were not significant after incorporating the full set of control variables into the regressions. CEOs from Central and South America paid out larger percentages of firm earnings to owners in the form of dividends than other CEOs. Finally, the study found some evidence to suggest that Central and South America born CEOs, and Australian and New Zealand born CEOs earned a higher return on assets than other CEOs.

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Boresli, Naser S., Razali Haron, and Rusni Hassan. "Corporate Governance and Foreign Ownership in the Islamic Capital Market of Kuwait." Asian Economic and Financial Review 13, no. 1 (December 2, 2022): 1–7. http://dx.doi.org/10.55493/5002.v13i1.4681.

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This paper aims to explain the corporate governance factors of foreign ownership in the Islamic capital market in Kuwait. A triangulated lens of agency, stewardship, and resource dependence is used to collect data from 58 listed firms on Boursa Kuwait. The findings suggest that board size; risk management; Chief Executive Officer (CEO) duality; environmental, social, and governance (ESG) practices; and debt to equity are significant determinants of attracting foreign capital. Board independence, firm size, and return on assets are significant factors, though there are narratives to the contrary in the literature. These results are important as the Kuwaiti market has demonstrated evidence for unifying the three theoretical perspectives of resource dependence (board size, risk management), agency (CEO duality), and stewardship (ESG practices and capital structure). This unification will contribute to further development of the corporate governance theory and policy in the future in terms of inclusion and exclusion of corporate governance frameworks.

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Baek, Hyungkee Young, and Philip L. Fazio. "The effect of family ownership and control on equity-based compensation." Journal of Family Business Management 5, no. 1 (April 13, 2015): 55–72. http://dx.doi.org/10.1108/jfbm-04-2014-0008.

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Purpose – Small public family firms apply contracting differently given the peculiar motivations of founding families and the degree to which they monitor operations. The purpose of this paper is to examine the effects of family ownership, control, and CEO dividends on CEO incentive compensation. Design/methodology/approach – The sample consisted of 194 firms, covering about 40 percent of the relevant S&P SmallCap 600 firms. Employed were a logistic regression of the presence of incentive compensation plan and a panel regression of incentive compensation ratio against the family ownership, family CEO, CEO ownership, and dividend income variables as well as firm-specific and CEO-specific control variables. Findings – For 1,532 firm-year observations among S&P SmallCap600 index firms during 1999-2007, the authors found that family ownership and CEO dividend income ratio negatively related to the likelihood of an incentive compensation plan and to the ratio of equity-based compensation to total CEO pay. Additionally, the effect of CEO dividend income was limited to firms with outside CEOs. Practical implications – Boards of small capitalization firms should consider the incentive effects of CEO dividend income and CEO family membership when setting their compensation policies. Originality/value – S&P SmallCap600 index firms are unique because they are much smaller than those listed in the S&P 500 or the Fortune 500, and are subject to more family influence. SmallCap firms are comparable in size to the foreign firms previously researched but are still well covered by analysts, and benefit from audited financial statement variables, which include dividends and stock market returns.

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Gujarathi, Mahendra R., and Vijay Govindarajan. "Falcon, Inc.: Performance Evaluation of Foreign Subsidiaries." Issues in Accounting Education 22, no. 2 (May 1, 2007): 233–45. http://dx.doi.org/10.2308/iace.2007.22.2.233.

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This multifaceted, decision-oriented case requires you to address several issues in performance evaluation in an international context. In the process of reviewing the annual performance of its foreign subsidiaries, Falcon's CEO raises concerns about the performance evaluation metric and the effect of exchange rate changes on the competitive positions of foreign subsidiary managers in Denmark and Japan. The case requires you to assess the strengths and weaknesses of Falcon's performance evaluation system, examine the appropriateness of country managers' responses to exchange rate changes, understand the difference between evaluation of business units and their respective managers, and recommend improvements in the performance evaluation system.

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Polovina, Nereida, and Ken Peasnell. "The effect of foreign management and board membership on the performance of foreign acquired Turkish banks." International Journal of Managerial Finance 11, no. 3 (June 1, 2015): 359–87. http://dx.doi.org/10.1108/ijmf-06-2014-0086.

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Purpose – The purpose of this paper is to explore the effects of appointing foreign directors on the foreign acquired Turkish banks. Based on the developments in the Turkish banking system and the distinctive features of the Turkish market, the authors examine the appointment of foreign directors in three different levels: as a CEO, chairman and board member. The authors analyse how the appointments of foreign directors in each of these three levels affects the profitability and strategies of foreign acquired banks. Design/methodology/approach – The authors use the difference-in-difference (DID) model where the authors compare two groups: foreign acquired banks vs domestic banks for a five-year period. By applying the DID model, the authors aim to remove the time invariant individual characteristics of the banks that could be due to the permanent differences between the two groups, as well as biases from comparisons over time that could be due to trends. Findings – The authors find that the presence of the foreign chairman has a positive effect on the profitability of the foreign acquired bank and on the improvement of the income generated from interest activities, indicating that foreign chairman improves the monitoring of board of directors and brings new skills and experiences. Furthermore, foreign acquired banks are associated with an increase in the income generated from non-interest activities in the fifth year following their acquisitions, showing the introduction of new strategies. The change of the foreign acquired bank’s strategies in the fifth year after acquisition also suggests that it takes time to implement new strategies in a new environment. Originality/value – Though the effects of foreign board membership on bank’s performance have been previously discussed in literature, this study differentiates in that it distinguishes among different positions, e.g. chairman or CEO when examining the effect of a foreign director on a foreign acquired bank’s performance. In addition, the use of foreign acquired Turkish banks in the sample in this context adds to the general academic literature.

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Lee, Sangyoun. "Founder-CEO and BOD/TMT Dynamics on Foreign IPOs' Survivability in U.S." Academy of Management Proceedings 2019, no. 1 (August 1, 2019): 17079. http://dx.doi.org/10.5465/ambpp.2019.50.

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Li, Weiwen, Shanshan Lin, Xinchun Li, and Jiaqi Liu. "Escaping the Iron Cage: Foreign Institutional Logics and CEO Compensation in SOEs." Academy of Management Proceedings 2017, no. 1 (August 2017): 16945. http://dx.doi.org/10.5465/ambpp.2017.16945abstract.

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Seelhofer, Daniel. "New brooms: the stock market reaction to foreign CEO succession in Switzerland." European J. of International Management 4, no. 5 (2010): 506. http://dx.doi.org/10.1504/ejim.2010.034964.

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Kim, Jiyoon, Jong-Hun Park, and Changsu Kim. "CEO Foreign Experience and Firm Internationalization: The Moderating Effect of Managerial Discretion." International Business Journal 30, no. 2 (May 31, 2019): 61–93. http://dx.doi.org/10.14365/ibj.2019.30.2.3.

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Jarwono, Reski, Azwir Nasir, and Arumega Zarefar. "Determinasi Tingkat Pengungkapan Laporan Keuangan." Jurnal Akuntansi Keuangan dan Bisnis, Vol.13 No. 2 (2020) (November 30, 2020): 50–59. http://dx.doi.org/10.35143/jakb.v13i2.4359.

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This study aims to determine the effect of company size, leverage, liquidity, earnings management, ceo duality, quality of directors and foreign share ownership on the level of financial statement disclosure. The data used in this study are secondary data. The method used for sample selection was purposive sampling. The number of samples in this study were 96 companies. Hypothesis testing in this study was carried out using the t statistical test. The data analysis technique used in this study is multiple linear regression analysis and moderated regression analysis using the statistical product and service solution (SPSS) version 20.0 for windows data processing software program. The results of this study indicate that company size, liquidity, ceo duality, and quality of directors have a significant effect on the level of financial statement disclosure. Meanwhile, leverage, earnings management and foreign share ownership have no effect on the level of financial statement disclosure

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Gyamerah, Samuel, Hannah Fosuaa Amo, and Sandra Adomako. "Corporate governance and the financial performance of commercial banks in Ghana." Journal of Research in Emerging Markets 2, no. 4 (September 12, 2020): 33–47. http://dx.doi.org/10.30585/jrems.v2i4.541.

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This study aims to provide further evidence on the effect of corporate governance on the performance of Ghanaian banks. Two performance measures were used in this study, namely: Return on Asset (ROA) and Cost-Income Ratio (CIR). Data for the analysis were sourced from 21 commercial banks from 2005 to 2015. Regression estimation techniques were employed for analysis purposes. The result revealed that large board size reduces banks’ performance. Furthermore, CEO duality and foreign ownership negatively affect the performance of banks. However, while the effect of CEO duality was significant on CIR, it was not significant in the case of ROA. On the contrary, the effect of foreign ownership was only significant on ROA. Moreover, board independence has a significant positive effect on both CIR and ROA, while audit committee independence has no significant effect on CIR and ROA. The paper argues that for a good corporate governance practice, banks should institute a small board with more than half of the members being independent directors. Furthermore, the role of the board chair should be separated from that of the managing director/CEO. The study provides insight and further evidence to stakeholders and regulators to deal with the crisis in the Ghanaian banking sector.

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Batsakis, Georgios, and Vasilis Theoharakis. "Achieving the Paradox of Concurrent Internationalization Speed: Internationalizing Rapidly in Both Breadth and Depth." Management International Review 61, no. 4 (August 2021): 429–67. http://dx.doi.org/10.1007/s11575-021-00453-y.

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AbstractIn this paper, we draw on the notions of breadth and depth of internationalization speed in an attempt to examine the performance implications for multinational enterprises (MNEs) that rapidly and concurrently internationalize in new and existing foreign markets. Specifically, we examine the organizational paradox which suggests that firms which grow internationally by concurrently expanding rapidly in both new foreign markets (breadth) and in foreign markets they currently operate (depth), are better off than firms which do not adopt such an approach. Since past research has not examined the interaction between the breadth and depth of MNE internationalization speed on firm performance, we contribute to the temporal dimension of the internationalization process by developing a novel, yet paradoxical approach. Our analysis is based on a longitudinal sample of the world’s largest retail MNEs covering the period 2003–2012, which includes the 2008 financial crisis that had a significant effect on the global economy. We find that concurrent internationalization speed positively relates to firm performance during periods of stability. Further, we draw from the upper-echelons theory and find that the aforementioned relationship can be strengthened by the level of CEO international experience and CEO education.

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Ahmad, Hassan, Nasreen Akhter, Tariq Siddiq, and Zahid Iqbal. "Ownership Structure, Corporate Governance and Capital Structure of Non-Financial Firms of Pakistan." Information Management and Business Review 10, no. 1 (April 10, 2018): 31–46. http://dx.doi.org/10.22610/imbr.v10i1.2146.

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This study is undertaken with the purpose of investigating the impact of ownership structure and corporate governance on the capital structure of Pakistani listed firms from 2011-2014, feasible general least square is used to investigate the impact of ownership structure and corporate governance on capital structure of KSE 100 index firms. Explanatory variables include ownership concentration, managerial ownership, foreign ownership, institutional ownership, board size, board independence and CEO duality along with the three control variables namely firm size, firm profitability and liquidity. There is insignificant positive relationship between ownership concentration and capital structure, managerial ownership has a significant negative impact on debt ratio. Foreign ownership has also a significant negative impact on firm capital structure and institutional ownership has significant positive impact on capital structure. Board size is positively related to capital structure, board independence also positively related to firmâ€™s debt ratio but CEO duality negatively related to the dependent variable, all these variables have significant impact on capital structure of Pakistani firms.

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Yeoh, Siew-Boey, and Chee-Wooi Hooy. "Foreign Experience of CEOs and Managerial Risk Taking." Malaysian Journal of Economic Studies 58, no. 2 (December 5, 2021): 239–65. http://dx.doi.org/10.22452/mjes.vol58no2.4.

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Our paper uses a multidimensional analysis to provide a better insight on the relationship between CEO foreign experience and corporate risk-taking. By decomposing the foreign experience of CEOs from developing economies such as Malaysia, we find that CEOs who have studied in OECD countries undertake higher levels of risk-taking and CEOs’ foreign working experience may have an adverse effect on risk-taking behaviour especially if the working experience is obtained from non-OECD countries. Additional analysis reveals that younger CEOs and family CEOs with foreign working experience matter in reinforcing the firms’ risk-taking activities. Overall, our findings provide implication for researchers and policymakers seeking to nurture risk-taking behaviours and innovativeness in emerging countries.

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Aprilia, Audrey Winona, Renita Febriany, Luciana Haryono, and Nany Chandra Marsetio. "Pengaruh Karakteristik Direksi Terhadap Kinerja Perusahaan yang Terdaftar di Bursa Efek Indonesia." Jurnal Akuntansi 12, no. 2 (October 27, 2020): 233–55. http://dx.doi.org/10.28932/jam.v12i2.2800.

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Directors are human resources who play an important role in maintaining the long-term sustainability of the company's business. Thus, this study aims to determine board size, CEO tenure, and foreign director on company performance in the non-financial industry on the Indonesia Stock Exchange in 2013-2018 with multiple linear regression analysis using 1,764 sample data from 294 companies. Contributions in this study using resource dependency theory, stewardship theory and foreign directors variables as indicators of independence. The results of the study board size have a significant positive effect on company performance, with an optimal number of 4-9 people because it can provide diverse perspectives and ideas in decision making. CEO tenure does not affect ROA and ROE because the president director tends to reject and avoid risks and company's performance is influenced by all directors, not just the president director. Foreign directors have a significant positive effect on ROA with an optimal percentage of 26-50% because they provide different perspectives on decision making, but does not affect ROE with 51-75% of the optimal amount because does not have large influence to influence decisions in improving company performance. Keywords: Director’s Characteristics, Firm Performance, Resource Dependency Theory, Stewardship Theory.

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Lai, Jung-Ho. "The Influence of CEO Overconfidence on Ownership Choice in Foreign Market Entry Decisions." Academy of Management Proceedings 2016, no. 1 (January 2016): 13760. http://dx.doi.org/10.5465/ambpp.2016.13760abstract.

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Lee, Joonghak. "Impact of Staff Localization on Turnover: The Role of a Foreign Subsidiary CEO." Behavioral Sciences 12, no. 10 (October 19, 2022): 402. http://dx.doi.org/10.3390/bs12100402.

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Great resignation has become a critical issue in management discipline and retaining talents is one of the most important properties across the globe. Among them, local staff have been regarded as an essential competitive advantage for multinational companies and their sustainability. In this sense, staff localization has received considerable attention from scholars and professionals; however, few studies have examined the mechanisms underlying the relationship between staff localization and turnover. This study examines the macro-level relationship between the ratio of local staff in a subsidiary and the actual turnover rate of 89 multinational companies in 25 countries through their headquarters and subsidiary staff. Additionally, the aim of this study was to identify the moderating impact of a CEO’s nationality. The results showed that local staff leave organizations in which there are more expatriates deployed from HQs. Furthermore, the CEO’s nationality buffered the relationship between staff localization and the local staff turnover. This study can contribute to the academia and practice by revealing the effect of staff localization on staff turnover. In addition, a CEO staffing strategy focusing on nationality can be considered an important factor in retaining competitive local staff during the COVID-19 pandemic for multinational companies.

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Rickley, Marketa, and Samina Karim. "Managing institutional distance: Examining how firm-specific advantages impact foreign subsidiary CEO staffing." Journal of World Business 53, no. 5 (November 2018): 740–51. http://dx.doi.org/10.1016/j.jwb.2018.05.002.

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