De “0 A 1” – Qual é a “Sofisticação Financeira” do Diretor Presidente?

Bortoli, Cassiana; Soares, Rodrigo Oliveira

doi:10.17524/repec.v15i1.2735

Cited by 4 publications

(4 citation statements)

References 26 publications

(50 reference statements)

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“…The CEO's Financial Sophistication (FS), used as a variable of interest in this study, is based on the study by Bortoli and Soares (2021). The calculation logic is to detect the level of distinct importance between the construct elements by weighting the factorial loads.…”

Section: Construction and Measurement Of The Independent Variablementioning

confidence: 99%

“…According to Agnihotri and Bhattacharya (2021), in emerging countries, the decision to do R&D can be even more complex, as there are more significant resource limitations, so an expert CEO can effectively decide. In this sense, the research by Custódio and Metzger (2014), Harymawan et al (2020), andBortoli andSoares (2021) highlight that CEOs with more excellent professional knowledge in finance tend to contribute more to decisions related to financial policy. Thus, the observable characteristics of the CEO related to professional experience and academic training in finance, called financial sophistication, can produce skills that help CEOs make complex decisions, such as in the decision to spend on R&D.…”

Section: Introductionmentioning

confidence: 98%

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Ceo’s Financial Sophistication and R&D Investments

Silva¹,

Bortoli²,

Azevedo³

et al. 2023

Rev. Cat. Cien. Cont.

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This study analyzed the relationship between CEO’s Financial Sophistication (FS) and the investments made in Research and Development (R&D), disclosed in the profit and loss statement and intangible assets. To this end, data were collected from companies listed on B3 from 2011 to 2019 on R&D and the personal characteristics of the CEO (experiences and training) from various sources. Factor analysis methods, probit regression models, and panel data with fixed effects were used for the analyses. It was found that, of the total sample, less than 20% of companies spend on R&D. Among the economic sectors, what most invest resources in R&D is information technology. As for the CEO’s FS, the evidence found does not confirm the hypothesis of the relationship with R&D. However, the tests conducted with the academic and professional dimensions of FS pointed out that the CEO with higher levels of the professional dimension is likely to disclose R&D in the profit and loss statement. In contrast, the academic dimension of the FS has a weak negative relationship with levels of resources applied in R&D and recorded in the intangible assets.

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Section: Construction and Measurement Of The Independent Variablementioning

confidence: 99%

Section: Introductionmentioning

confidence: 98%

Ceo’s Financial Sophistication and R&D Investments

Silva¹,

Bortoli²,

Azevedo³

et al. 2023

Rev. Cat. Cien. Cont.

View full text Add to dashboard Cite

show abstract

“…Para construção da variável de interesse, com base na discussão acerca da experiência e formação do CEO apresentada na revisão da literatura, buscou-se compor o construto de SF. Para tanto, foram coletados dados sobre as características observáveis dos CEOs, cuja fundamentação se encontra estabelecida na TES, bem como em estudos anteriores sobre tais características e as políticas financeiras da empresa (Bortoli & Soares, 2021;Custódio et al, 2013;Custódio & Metzger, 2014;Gupta et al, 2021;Malmendier & Tate, 2005). As descrições de todas as variáveis que compõem a SF do CEO são apresentadas na Tabela 1.…”

Section: Descrição Das Variáveis Utilizadas No Estudounclassified

CEO’s sofisticados financeiramente são mais eficientes ao realizar investimentos?

Silva,

Soares

2023

Rev. contab. finanç.

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RESUMO Este estudo tem como objetivo analisar a relação entre a sofisticação financeira (SF) do chief executive officer (CEO) e a eficiência dos investimentos corporativos por meio de análise empírica em uma amostra de 189 empresas listadas na B3 S.A. - Brasil, Bolsa, Balcão (B3), no período de 2010 a 2021. As pesquisas sobre as características pessoais dos gestores têm explorado, principalmente, os aspectos relacionados à tomada de decisão nas políticas financeiras das empresas. Assim, este estudo busca adicionar um novo elemento à discussão, investigando como essas características estão relacionadas à eficiência na utilização dos recursos disponíveis para investimentos. Ao explorar a relação entre a SF do CEO com a eficiência do investimento, acrescenta-se à discussão na literatura sobre como as características dos gestores impactam a forma com que os tomadores de decisão conduzem as empresas. Isso acrescenta novos insights à compreensão de como as habilidades financeiras e as características individuais dos gestores podem influenciar o desempenho e os resultados das organizações. A pesquisa é relevante ao apresentar a relação entre a expertise do CEO e as decisões de investimento no mercado brasileiro, em que a oferta de capital tende a ser baixa (restrição financeira); consequentemente, investir de forma mais assertiva e eficiente impacta o resultado e na perpetuidade da organização. Por meio de uma proxy que mede a eficiência dos investimentos, realizaram-se regressões pelo método dos momentos generalizado sistêmico [generalized method of moments (GMM-Sis)] e regressão multinomial. As análises sugerem que a SF do CEO está relacionada à eficiência dos investimentos de diferentes maneiras. Quando a SF é mensurada na forma de componentes, a experiência passada tem relação negativa com os desvios do nível ótimo dos investimentos. No entanto, o componente internacional tem relação positiva com tais desvios. Além disso, uma análise multinomial mostrou que a experiência do CEO ajuda a diminuir a probabilidade de realizar subinvestimento, indicando que o CEO experiente tende a contribuir para a eficiência dos investimentos das empresas.

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“…In order to construct the variable of interest, based on the discussion of CEO experience and education presented in the literature review, we sought to compose the FS construct. For this purpose, data were collected on the observable characteristics of CEO's, the rationale for which is established in UET, as well as in previous studies on these characteristics and company financial policies (Bortoli & Soares, 2021;Custódio et al, 2013;Custódio & Metzger, 2014;Gupta et al, 2021;Malmendier & Tate, 2005). The descriptions of all the variables that make up CEO FS are shown in Table 1.…”

Section: Description Of the Variables Used In The Studymentioning

confidence: 99%

Are financially sophisticated CEO’s more efficient when it comes to investing?

Silva,

Soares

2023

Rev. contab. finanç.

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This study aims to examine the relationship between the financial sophistication (FS) of the Chief Executive Officer (CEO) and the efficiency of corporate investments using empirical analysis in a sample of 189 companies listed on the B3 S.A. - Brasil, Bolsa, Balcão (B3), from 2010 to 2021. Research on the individual characteristics of managers has mainly explored aspects related to decisions on companies’ financial policies. Thus, this study seeks to add a new element to the discussion by investigating how these characteristics are related to the efficient use of resources available for investment. By examining the relationship between CEO FS and investment efficiency, it contributes to the discussion in the literature on how manager characteristics affect the way in which decision makers run companies. This adds new insights to the understanding of how the financial skills and individual characteristics of managers can influence organizational performance and results. The research is relevant in presenting the relationship between CEO expertise and investment decisions in the Brazilian market, where the supply of capital tends to be low (financial constraint); consequently, investing more assertively and efficiently has an impact on the organization’s results and longevity. Using a proxy that measures investment efficiency, regressions were run using the generalized method of moments (sys-GMM) and multinomial regression. The analyses suggest that CEO FS is related to investment efficiency in several ways. When FS is measured in terms of components, past experience is negatively related to deviations from the optimal level of investment. However, the international component is positively related to such deviations. In addition, a multinomial analysis showed that CEO experience helps reduce the probability of underinvestment, suggesting that an experienced CEO tends to contribute to the efficiency of company investments.

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De “0 A 1” – Qual é a “Sofisticação Financeira” do Diretor Presidente?

Cited by 4 publications

References 26 publications

Ceo’s Financial Sophistication and R&D Investments

Ceo’s Financial Sophistication and R&D Investments

CEO’s sofisticados financeiramente são mais eficientes ao realizar investimentos?

Are financially sophisticated CEO’s more efficient when it comes to investing?

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