Position-specific knowledge, new CEO learning and firm performance

Wulf, Torsten; Stubner, Stephan

doi:10.1504/ejim.2013.052097

Cited by 3 publications

(7 citation statements)

References 64 publications

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“…Fligstein (1993) also shows the significance of financial education to enhance companies' growth in times of socioeconomic and political changes that influence today's businesses. Wulf and Stubner (2013) also mentioned that CEOs with business, law or other social sciences and humanities backgrounds easily accept and adopt the company's strategic attitude in highly diversified companies. Cımerova (2012) studies the influence of CEO's education and experience in investment and financing policies, variability of firm's performance and the organizational strategy.…”

Section: The Theoretical Framework and Hypothesis Framing 21 The Theoretical Frameworkmentioning

confidence: 99%

CEO's education and investment–cash flow sensitivity: an empirical investigation

Gupta

Mahakud

Verma³

2020

IJMF

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PurposeThe purpose of this study is to examine the impact of financial and technical education of chief executive officer (CEO) on investment–cash flow sensitivity (ICFS) of Indian manufacturing firms.Design/methodology/approachThe study uses the dynamic panel data model and more specifically, the system-generalized method of moments (GMM) technique to investigate the effect of CEOs' education on ICFS of Indian manufacturing firms during the period 1998–1999 to 2016–2017.FindingsThe study shows that financial (technical) education of CEOs does (not) affect ICFS. The results explain that the role of the CEO's education in ICFS is highly significant during the crisis period. The robustness test depicts that the influence of financial education on ICFS is less (more) for group-affiliated and large-sized firms (stand-alone and small-sized firms). Further, the CEO's education is significantly associated with corporate investment decisions.Research limitations/implicationsDue to the unavailability of the CEO's compensation data for the selected sample, future research could explore the impact of CEO's education with respect to CEO's compensation on ICFS.Practical implicationsFirst, the authors find that financially educated CEOs affect ICFS; therefore, firms should take care of CEO's education during recruitment of CEOs. Second, lending agencies should also consider the educational background of the CEO before approval of funding to make it safe. Third, investors should keep in mind the educational background of the CEO for the growth of their investment as it may be easier for financially educated CEOs to borrow from the market at the time of requirement.Originality/valueThis study contributes to the existing literature by providing empirical evidence through analyzing the impact of a CEO's education on ICFS in the context of India. This study is very unique in itself as it uses the sample of manufacturing sectors of India, which are growing very fast and attracting global investors to create a global hub of manufacturing in India. This study also considers different types of education such as financial and technical education of CEOs in the context of a developing economy like India. This study made its findings robust across company characteristics and periods based on the financial crisis.

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Section: The Theoretical Framework and Hypothesis Framing 21 The Theoretical Frameworkmentioning

confidence: 99%

CEO's education and investment–cash flow sensitivity: an empirical investigation

Gupta

Mahakud

Verma³

2020

IJMF

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“…Wulf & Stubner (2013) membagi spesialisasi pendidikan CEO menjadi natural sciences dan social sciences dan berpendapat bahwa kesinergian antara latar belakang pendidikan dengan industri perusahaan akan menghasilkan strategi yang lebih sesuai sehinga menghasilkan performa yang lebih baik.…”

Section: Performa Perusahaanunclassified

“…Hasil dari regresi tabel 3 menjawab pertanyaan penelitian dan menolak hipotesis 2, yaitu terdapat pengaruh spesialisasi pendidikan terhadap Performa Perusahaan, dan didukung oleh hasil penelitian (Wulf & Stubner, 2013) yang melakukan penelitian position specific knowledge seorang CEO terhadap performa perusahaan dan menyimpulkan bahwa spesialisasi pendidikan CEO tidak berpengaruh terhadap performa perusahaan. Kinerja CEO yang memiliki spesialisasi pendidikan dan yang tidak memiliki spesialisasi pendidikan dalam jenis industrinya mampu memberikan performa yang sama.…”

Section: Tingkat Edukasi Ceounclassified

“…Hasil dari penelitan ini didukung oleh penelitian (Wulf & Stubner, 2013) yang membahas tentang position specific knowledge seorang CEO terhadap performa perusahaan. Hasil penelitian tersebut menemukan bahwa spesialisasi pendidikan tidak berpengaruh terhadap performa perusahaan dikarenakan sesuai atau tidaknya spesialisasi pendidikan seorang CEO tetap memberikan performa yang sama.…”

Section: Tingkat Edukasi Ceounclassified

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Pengaruh Tingkat Edukasi dan Spesialisasi Pendidikan CEO terhadap Performa Perusahaan di Indonesia

Erlim

Juliana

2017

JMM

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Nilai perusahaan ditetapkan melalui kinerja manajemen dan kinerja keuangan perusahaan. Kinerja keuangan dapat diukur dengan beberapa pendekatan rasio keuangan, baik likuiditas, profitabilitas, solvabilitas, aktivitas maupun rasio pasar. Kebijakan dan keputusan para investor dalam menginvestasikan modelnya ke dalam perusahaan lebih dipengaruhi oleh rasio profitabilitas yang dimiliki oleh suatu perusahaan dibandingkan dengan rasio lainnya. Hal ini dikarenakan investor menganggap bahwa rasio profitabilitas dapat memberikan gambaran tentang tingkat pengembalian atau keuntungan yang akan diterima oleh investor dari investasinya (Yadnyana, 2011).Dalam dua dekade terakhir, pemilihan CEO (Chief Executive Officer) dalam suatu perusahaan merupakan salah satu faktor utama yang diperdebatkan oleh pemegang saham. Seiring dengan perkembangan era globalisasi, peran dari CEO menjadi semakin penting dan memiliki pengaruh yang besar dalam performa suatu perusahaan. Hal ini dikarenakan CEO menentukan strategi yang digunakan oleh suatu perusahaan (Crumley, 2008). Bagaimana CEO bisa memberikan pengaruh yang besar terhadap performa perusahaan ditentukan oleh karakteristik dari CEO sendiri, dimana karakteristik dari CEO menjelaskan bagaimana perbedaan performa suatu perusahaan dengan perusahaan yang lainnya (Bertrand & Schoar, 2003).

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“…This knowledge can then be used as a basis for decision making in the company to bring the company to better performance (Tullah, 2017) The second educational indicator is the specialization or department taken by the President Director while pursuing the education level. The research results by Wulf and Stubner (2013), which are used for Erlim and Juliana's research (2017), divide President Director specialization into natural sciences and social sciences, which will affect President Director's behavior and mindset. President Directors with a natural sciences background will be more tied to their business and directly involved in the company's operational activities.…”

Section: Introductionmentioning

confidence: 99%

Intellectual Capital, Firm Performance and President Director Level of Education and Specialization

Sietas

Patricia

Ismawati

2022

JAKO

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Research Purposes. This study was conducted to determine the effect of intellectual capital on company performance, with the level of education and specialization of the President Director as moderating variables. Research Method. The sample used in this study is a non-financial state-owned company listed on the Indonesia Stock Exchange for the period 2015-2019. Data collection uses secondary data derived from company annual reports. Data analysis used simple linear regression and moderated regression using SPSS 25. Research Result and Findings. This study indicates that intellectual capital has a positive effect on company performance as proxied by ROA. The President Director’s educational background variables, namely education level, and specialization, cannot moderate the effect of intellectual capital on company performance.

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Position-specific knowledge, new CEO learning and firm performance

Cited by 3 publications

References 64 publications

CEO's education and investment–cash flow sensitivity: an empirical investigation

CEO's education and investment–cash flow sensitivity: an empirical investigation

Pengaruh Tingkat Edukasi dan Spesialisasi Pendidikan CEO terhadap Performa Perusahaan di Indonesia

Intellectual Capital, Firm Performance and President Director Level of Education and Specialization

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