Managerial attitudes and corporate actions

Graham, John R.; Harvey, Campbell R.; Puri, Manju

doi:10.1016/j.jfineco.2013.01.010

Cited by 982 publications

(631 citation statements)

References 42 publications

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“…11 In a contemporaneous paper, using a sample of firms cross-listed in the United States, Bryan, Nash, and Patel (2012) examine the relation of the elements of compensation to culture and conclude that country cultural characteristics are significant determinants of the relative use of equity-based compensation. 12 Finally, the relation of tournament compensation structure to cultural factors is related to recent literature in finance on behavioral factors, CEO compensation, and actions (e.g., Malmiender and Tate (2005), Dittman, Maug, and Spalt (2010), Cronqvist, Makhija, and Yonker (2011), Gervais, Heaton, and Odean (2011), Graham, Harvey, and Puri (2013). Our research contributes to this literature by providing a direct test of the role culture plays in economic outcomes through CEO tournament structures.…”

Section: Introductionmentioning

confidence: 99%

CEO Tournaments: A Cross-Country Analysis of Causes, Cultural Influences, and Consequences

Burns¹,

Minnick

Starks

2017

J. Financ. Quant. Anal.

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Using a cross-country sample, we examine the chief executive officer (CEO) tournament structure (measured alternatively as the ratio and the difference of pay between the CEO and other top executives within a firm). We find the tournament structure to vary systematically with firm and country cultural characteristics. In particular, firm size and the cultural values of power distance, fair income differences, and competition are significantly associated with variations in tournament structures. We also establish support for the primary implication of tournament theory in that tournament structure tends to be positively related to firm value, even after controlling for endogeneity.

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Section: Introductionmentioning

confidence: 99%

CEO Tournaments: A Cross-Country Analysis of Causes, Cultural Influences, and Consequences

Burns¹,

Minnick

Starks

2017

J. Financ. Quant. Anal.

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“…Furthermore, we contribute to the general literature on managerial traits (Bertrand & Schoar, 2003;Graham et al, 2013;Malmendier & Tate, 2005, 2008Malmendier et al, 2011), particularly the impact of gender on firm outcomes (Adams & Ferreira, 2009) in a business that has about onethird female CEOs.…”

Section: Resultsmentioning

confidence: 99%

“…The way we handle the endogeneity problem contributes to the literature on managerial traits (Bertrand & Schoar 2003;Graham, Harvey, & Puri 2013;Malmendier & Tate 2005, 2008Malmendier, Tate, & Yan 2011). A general result here is that gender or other personality characteristics (e.g.…”

Section: Introductionmentioning

confidence: 98%

Female Leaders and Financial Inclusion. Evidence from Microfinance Institutions

2016

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This research advances the hypothesis that female leaders -chief executive officers (CEOs), chairs, and directors -of a microfinance institution (MFI) give more priority to the poorest families in loan provision than male leaders do. We differentiate between a depth and a width dimension of financial inclusion. The data set is a unique global panel of MFIs collected from MFI raters' reports. Our sample is also unique in the sense that about one-third of all MFIs have a female CEO. The problem of endogeneity for the female leader is resolved by running Heckman's two-step endogenous dummy variable estimation with an instrument for the female leader. We find evidence of greater depth financial inclusion (smaller average loans, more gender bias) with a female leader but not for width financial inclusion (credit client growth). Female leaders exhibit greater altruism and greater competition avoidance but not greater risk aversion than male peers. ABSTRACTThis research advances the hypothesis that female leaders -chief executive officers (CEOs), chairs, and directors -of a microfinance institution (MFI) give more priority to the poorest families in loan provision than male leaders do. We differentiate between a depth and a width dimension of financial inclusion. The data set is a unique global panel of MFIs collected from MFI raters' reports. Our sample is also unique in the sense that about one-third of all MFIs have a female CEO. The problem of endogeneity for the female leader is resolved by running Heckman's two-step endogenous dummy variable estimation with an instrument for the female leader. We find evidence of greater depth financial inclusion (smaller average loans, more gender bias) with a female leader but not for width financial inclusion (credit client growth). Female leaders exhibit greater altruism and greater competition avoidance but not greater risk aversion than male peers. JEL codes: G34; M12; M14

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“…Em função da relevância da influência dos aspectos comportamentais nas decisões dos gestores, diversos pesquisadores vêm estudando esta relação (Malmendier & Tate, 2005;Hackbarth, 2008;Barros & Silveira, 2009;Barber & Odean, 2011;Cronqvist et al, 2011;Malmendier et al, 2011;Graham et al 2013;Andriosopoulos et al, 2013).…”

Section: Excesso De Confiança E Otimismounclassified

“…Malmendier et al (2011) verificaram que o otimismo dos gestores, os levam a preferir o endividamento externo à emissão de ações. Da mesma forma, Ben-David e Hirshleifer (2012); Graham et al (2013) e Andriosopoulos et al (2013), sugerem que o excesso de confiança leva os gestores a maiores investimentos, endividamento de longo prazo e se interessarem mais pela recompra de ações.…”

Section: Excesso De Confiança E Otimismounclassified

Influência do Excesso de Confiança e Otimismo no Endividamento de Organizações Cinquentenárias e não Cinquentenárias Brasileiras

Silva

Mondini

Silva

et al. 2017

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RESUMOObjetivo: O objetivo do estudo é de analisar a influência do excesso de confiança e otimismo dos gestores no endividamento de empresas cinquentenárias e não cinquentenárias brasileiras. Fundamento: A proposta da teoria comportamental é explicar a existência de possíveis vieses no comportamento dos agentes que podem levá-los a conduzir a empresa a novos caminhos, tradicionalmente, a teoria financeira se pauta em modelos voltados para a racionalidade dos gestores. A teoria comportamental se propõe a explicar a possibilidade dos vieses comportamentais dos gestores, levarem-nos a tomar decisões menos pautadas em aspectos racionais, interferindo, desta forma, na estruturação do capital das empresas Método: Desta forma, adotou-se uma pesquisa descritiva, com análise documental de dados provenientes da base Thomson®, com uma abordagem quantitativa e os dados foram processados por

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Managerial attitudes and corporate actions

Cited by 982 publications

References 42 publications

CEO Tournaments: A Cross-Country Analysis of Causes, Cultural Influences, and Consequences

CEO Tournaments: A Cross-Country Analysis of Causes, Cultural Influences, and Consequences

Female Leaders and Financial Inclusion. Evidence from Microfinance Institutions

Influência do Excesso de Confiança e Otimismo no Endividamento de Organizações Cinquentenárias e não Cinquentenárias Brasileiras

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