CEO characteristics, accounting opacity and stock price synchronicity: Empirical evidence from German listed firms

Neifar, Souhir; Ajili, Hana

doi:10.1002/jcaf.22386

Cited by 19 publications

(4 citation statements)

References 54 publications

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“…In the data observation, a CEO with a maximum value tenure of 31 years has the maximum discretionary accruals of 0.920. (Neifar & Ajili, 2019) found that CEOs performed earnings management at the end of their tenure years, which increases profits when the CEO retires based on company performance. Furthermore, (Baker et al, 2019) found that CEOs performed earnings management, which increases earnings while approaching the end of retirement to increase the probability of serving on the board of directors when the CEO is entering retirement age.…”

Section: Discussionmentioning

confidence: 99%

“…Therefore, doing an in-depth study on the role of women on Indonesian boards of directors is a very significant and fascinating issue to do in order to provide references for Indonesian businesses (Leviana et al, 2019). Many previous studies focused on the relationship between CEO characteristics and earnings management in industrialised nations in several sectors (Borgi et al, 2021;Kalkhouran et al, 2017;Neifar & Ajili, 2019). However, (Alqatamin et al, 2017) showed conflicting and unclear evidence regarding how a manager's personal qualities and earning management techniques relate.…”

Section: Introductionmentioning

confidence: 99%

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Board Gender Diversity, CEO Characteristics, And Earning Management In The Banking Sector

Salsabilla,

Yossi Diantimala,

Indayani

et al. 2024

Jurnal Akuntansi

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The study examines the effect of board gender diversity and CEO characteristics – CEO age, CEO tenure, and CEO compensation – on earning Management in the banking sector listed on the Indonesian Stock Exchange in 2019-2022. The data of 188 bank– years was obtained from banks’ annual reports taken from the IDX and the bank's official website. Data were analysed by using descriptive statistics and panel data regression. The data fit in with the Common Effect Model (CEM). The results show that earnings management in the banking sector is not caused by gender diversity but is affected significantly by CEO age and tenure. The results support the upper echelon theory. The results fill the gap of previous studies, especially in the banking sector, and provide insight into the role of board gender diversity on earning Management in developing countries that can synthesise the outcome to learn from their governance system.

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Section: Discussionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Board Gender Diversity, CEO Characteristics, And Earning Management In The Banking Sector

Salsabilla,

Yossi Diantimala,

Indayani

et al. 2024

Jurnal Akuntansi

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“…In 2018, German-speaking CEOs who left office had an average tenure of 6.6 years [9]. In a study of how CEO age and CEO tenure moderates the relation between certain financial factors, Neifar and Ajili [10] determined a tenure of 6.5 years for German CEOs. These figures are consistent with the average tenure of US-American CEOs, which is 6.9 years [3].…”

Section: Literature Review and Hypotheses Buildingmentioning

confidence: 99%

Tenure and Background of CIOs in Germany: Influencing Factors and International Comparison

Hillebrand,

Westner

2023

Annals of Computer Science and Information Systems

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The average tenure of Chief Information Officers (CIOs) has increased over the past few years. Nevertheless, the average tenure of CIOs is shorter than that of Chief Executive Officers (CEOs). While most studies on tenure and background are based on data from US IT executives, studies on German CIOs are missing. This study analyzes the tenure of German CIOs as a proxy for management effectiveness and how certain factors influence it. An original and unique dataset of 384 IT executives from German companies is examined. The data include the size and industry sector of the companies, educational and professional backgrounds of the CIOs, and the CIOs' reporting lines. Data were analyzed using the chi-square test and Fisher's exact test. The German CIOs had a median tenure of 4.0 years. However, if we examine executives who are currently in office and executives with a completed term of office separately, the median tenure differs. The results also show that German CIOs do not have shorter tenures than German CEOs. When compared with US CIOs, the results depend on the values selected for comparison. In addition, the analysis shows that neither the size and industry sector of the companies nor the educational and professional backgrounds of the CIOs and managers of the CIO reports have a statistically significant influence on the tenure of IT executives. The factors examined in this study can be considered as preconditions for the CIO position. In the future, factors that play a role during tenure should be examined.

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“…The higher the information transparency, the more information about the firm-specific information that investors could collect, thereby reducing the synchronicity of stock prices. Further studies investigate other determinants of stock price synchronicity, such as ownership concentration ( Gul et al, 2010 ), large controlling shareholders ( Boubaker et al, 2014 ), institutional investors ( An and Zhang, 2013 ), analysts ( Jiang et al, 2018 ), and managerial characteristics ( Neifar and Ajili, 2019 ). In emerging markets, the stock price synchronicity is much higher than that of developed markets ( Jin and Myers, 2006 ).…”

Section: Literature Review and Hypotheses Developmentmentioning

confidence: 99%

Returnee Executives, Corporate Social Responsibility, and Stock Price Synchronicity

2022

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Executive characteristics have a significant impact on corporate decision-making, corporate sustainable behavior, and stock market performance, which may influence the corporations’ sustainable development in the long run. The role of returnee talents in the corporate sustainable development has received extensive academic attention. Using data of Chinese A-share listed companies over the period of 2008–2018, we find that there is a negative relationship between executives’ foreign experience and stock price synchronicity. We also prove that corporate social responsibility (CSR) has a significant mediating effect on the relationship between returnee executives and stock price synchronicity. The returnee executives tend to pursue long-term sustainable activities and improve CSR engagement quality, thereby reducing stock price synchronicity. Our extended analysis reveals that the benefit of returnee executives is more pronounced for non-SOEs and for firms located in regions with a low degree of marketization. This study has some implications for the Chinese firms in relation to their CSR information disclosure behavior, and it gives suggestions to strengthen capital market efficiency for the sustainable development of corporations.

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CEO characteristics, accounting opacity and stock price synchronicity: Empirical evidence from German listed firms

Cited by 19 publications

References 54 publications

Board Gender Diversity, CEO Characteristics, And Earning Management In The Banking Sector

Board Gender Diversity, CEO Characteristics, And Earning Management In The Banking Sector

Tenure and Background of CIOs in Germany: Influencing Factors and International Comparison

Returnee Executives, Corporate Social Responsibility, and Stock Price Synchronicity

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