Chief executive officer attributes, stock's liquidity, and firm's performance

Riaz, Salman; Ali, Rizwan; Hussain, Saria; Rehman, Ramiz Ur

doi:10.1002/mde.3886

Manage Decis Econ

2023

DOI: 10.1002/mde.3886

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Chief executive officer attributes, stock's liquidity, and firm's performance

Salman Riaz

Rizwan Ali

Saria Hussain

et al.

Abstract: This study unfolds the CEO attributes, stock liquidity, and firms' performance nexus, drawing from an individual's personality attributes who hold the highest managerial positions. The fixed‐effect panel regression method is employed using nonfinancial firms listed at Pakistan Stock Exchange from 2011 to 2020. Significantly, CEOs' age, tenure, and ownership are positively associated with stock liquidity and firms' performance. Additionally, stock liquidity partially mediates the said nexus. This study provides… Show more

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2024

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Cited by 3 publications

References 76 publications

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Board diversity and firm performance in Chinese manufacturing firms: Moderating role of CEO duality

Zahid,

Zhang,

Ali

et al. 2024

BRQ Business Research Quarterly

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This study explores the relationship between board diversity and firm performance, with a focus on the moderating role of CEO duality in Chinese manufacturing firms. This study applies panel fixed-effect regression models for the period 2008–2022, and findings show that board diversity is positively associated with firm performance, and CEO duality negatively moderates the relationship. However, the findings also show that a highly diversified board can minimize the negative effect of CEO duality and increase the firm’s performance. Furthermore, the findings broaden the understanding of board attributes, showing that the education index is more evident among other board attributes for firm performance. This study verifies its results using the two-step system generalized method of moments approach and different board attributes in robust tests. The findings suggest that strategic efforts to promote board diversity may increase the board’s monitoring function and control managerial opportunism, ultimately improving firm performance in the Chinese business landscape. JEL CLASSIFICATIONS: G30; G34; L25

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Board diversity and firm performance in Chinese manufacturing firms: Moderating role of CEO duality

Zahid,

Zhang,

Ali

et al. 2024

BRQ Business Research Quarterly

View full text Add to dashboard Cite

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Leadership and Agenda 2030 in the Context of Big Challenges: Sustainable Development Goals on the Agenda of the Most Powerful CEOs

García-Sánchez,

Cunha-Araujo,

Amor-Esteban

et al. 2024

Administrative Sciences

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The sustainable development goals (SDGs) are a guide for caring for the planet, guaranteeing the fundamental rights of its inhabitants and shaping sustainable economic growth. In the current context, characterised by great challenges and geopolitical conflicts, the figure of the CEO is key to driving the necessary transformation of companies and the prioritisation of their commitment to the current challenges of the world we live in. In this regard, the aim of this paper is to deepen current knowledge on the role of CEO visionary leadership in shaping inclusive and sustainable business models aligned with the goals of the 2030 Agenda. For the period 2019–2022, we study the information reported by the top 3910 companies worldwide on their contributions to the SDGs and analyse whether these commitments are determined by the structural power of the CEO within these companies. The results obtained confirm previous arguments, contradicting some of the previous evidence. In this sense, our findings show that the information disclosed by companies in relation to projects aligned with the SDGs is positively associated with leadership figures who wield power that allows them to influence the agenda and decisions made by the board of directors. The influence of leaders is reinforced in scenarios where companies excel in sustainability performance.

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Narcissistic Chief Executive Officers and Their Effects on R&D Investment and Firm Performance: The Moderating Role of Managerial Discretion

Gao,

Zhang

2024

Behavioral Sciences

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The impact of the chief executive officer (CEO) narcissism on a firm’s performance has gained attention from the academic community. However, the extant literature has largely ignored the mediating mechanism of research and development (R&D) investment and the moderating roles of managerial discretion. Additionally, the measurement of CEO narcissism is rarely disclosed in the public database. Compiling a CEO narcissism index from a video survey, we systematically explore the effect of CEO narcissism on firm performance, the mediating role of R&D investment, and the moderating role of managerial discretion. Based on the upper echelons theory, using a sample of 183 Chinese A-share listed manufacturing firms from 2011 to 2019, we found that CEO narcissism positively and significantly impacts R&D investment and firm performance, and then R&D investment mediated the relationships between CEO narcissism and firm performance. In addition, we found that managerial discretion could affect the relationship between CEO narcissism and R&D investment. Specifically, CEO duality and CEO ownership will strengthen the positive influence of a CEO’s narcissism in corporate R&D investment. Our results suggest that CEO narcissism appears to be a stimulus to corporate R&D investment; thus, in recruiting top executives, their psychological traits, especially narcissism, should be given special consideration.

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Chief executive officer attributes, stock's liquidity, and firm's performance

Cited by 3 publications

References 76 publications

Board diversity and firm performance in Chinese manufacturing firms: Moderating role of CEO duality

Board diversity and firm performance in Chinese manufacturing firms: Moderating role of CEO duality

Leadership and Agenda 2030 in the Context of Big Challenges: Sustainable Development Goals on the Agenda of the Most Powerful CEOs

Narcissistic Chief Executive Officers and Their Effects on R&D Investment and Firm Performance: The Moderating Role of Managerial Discretion

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