Purpose The center of concern of this empirical paper is the connection between chief executive officer (CEO) characteristics and firm performance. The paper aims to discuss this issue. Design/methodology/approach The paper inquires into the hypothesis on the relationship between CEO characteristics (demographic and professional) and accounting measures of firm value. The study is based on second-hand information comprising of Nifty 500 firms for a period of five years ranging from 2012 to 2016. Panel regressions are run on the final sample composed of 1,535 observations to test the hypothesized relationship. Findings The stated findings specify that long-tenured CEOs and firms led by female CEOs are negatively related to firm performance. Moreover, the authors find that the greater the CEO share ownership, higher the firm performance stands. Further, duality and foreign CEOs make a significant contribution when firm value is based on ROA. Results also show that CEO outside directorships have a noteworthy positive relationship with ROE. Research limitations/implications The findings are limited to non-financial listed companies of the index. Future research can also experiment with financial and unlisted companies to have a different perspective. Practical implications The study may provide worthwhile insights to shareholders as they largely seek to hire the most capable CEOs with the relevant combination of skills to achieve shareholders’ goals and improve the Indian competitive power in the global market. Originality/value This paper provides a comprehensive picture by inculcating different CEO traits especially in a progressing nation like India with a unique set of economic, political and cultural environment.

The centre of interest of this research article is the association between chief executive officer (CEO) characteristics and firm performance. Employing a sample of Nifty 500 firms, the support found recommends that demographic and job-related characteristics may be related with the firm's financial performance. We consider CEO gender, duality, nationality, remuneration and education level as CEO characteristics and we employ return on assets (ROA) as a representative for firm performance. This study widens the understanding of the important function played by the CEO and provides better insight into CEO-specific variables. Specifically, the reported findings specify a positive relationship between CEO remuneration and firm performance, thus indicating that compensation acts as a good inducement for executives to yield finer firm performance while CEO nationality appears to inhibit it, steering foreign directors to a minority spot. This implies that remuneration should be more thoughtfully attached to performance, so that proficient CEOs are not lured by more tempted compensation elsewhere and the decision to engage foreign nationals to company boards must be based on norms other than the firm's future financial performance.

Ever since the prominent work by Modigliani and Miller (1958), much research has been undertaken in trying to identify the factors affecting the capital structure. Lately, behavioural finance has begun to take hold of a more prominent position in trying to explain aspects of finance which traditional research has failed to clarify. In fact, a growing body of empirical evidence suggests that manager-specific characteristics significantly influence firms' financing decisions. The limited work carried out in lower-middle income countries drives us to thoroughly investigate the role played by CEOs’ characteristics in determining corporate financing decisions. Employing a sample of 307 non-financial firms listed in Nifty 500 index, the panel regression results indicate that CEO tenure is significantly and positively associated to firm’s leverage for the possible reason that a long tenure of CEO reflects strong networks and alliances with important stakeholders that allow the CEO to compose, foster, and support risky initiatives like raising debt. Further, the level of leverage is higher at organizations where CEOs are younger on account of the fact that career and financial securities are imperative to a greater extent for older executives; therefore they may evade risky engagements that may interfere with their securities. The results also display that CEO share ownership has a significantly negative relationship to leverage because these executives have a large share of their personal wealth capitalized in the firm in the shape of firm-specific human capital and common stock holdings. This makes managerial insiders unwilling to use the optimum amount of debt funding for the firm for the reason that additional bankruptcy risk associated with higher levels of debt may arise. The findings thus put forward that recurrent job changes among the senior officials should be discouraged because the subsequent short-term focus and dearth of firm-specific knowledge might promote risk evasion. It shows that elder executives desire a more conservative capital structure whereas younger executives endeavour to take more risk. So, there is a need to bring diversification in the management so as to take advantage from the skills and services of the young. The inverse association between CEO share ownership and firm leverage specifies that board of directors and the shareholders should be stringent in checking managers to make sure they perform as per the interests of shareholders. It seems that while making capital structure decisions risk seeking behaviour favouring high corporate leverage is important and should be encouraged.

ABSTRACT:In metropolitan optical networks, with the increasing growth and demand for capability, high bit rate transmission has recently become an important part of communication. Duobinary modulation is more efficient format for transmitting high speed optical signals over bandwidth limited channel. The duobinary modulation format for long haul and WDM transmission links is the one that has a narrow spectral width, low susceptibility to fiber nonlinearity, large dispersion tolerance and good transmission performance and has a simple and cost-effective configuration. KEYWORDS:Amplitude Shift Keying (ASK), Duobinary Modulation (DM), Mach Zender Modulator (MZM), NonReturn-to-Zero (NRZ), Phase-shift Keying (PSK), Return-to-Zero (RZ). I.INTRODUCTIONOptical duobinary format has attracted much attention in latest years, since optical duobinary signals have a higher spectral efficiency and better tolerance of chromatic dispersion than the standard non-return-to-zero (NRZ) signals due to the narrower spectral bandwidth [1]. Optical duobinary is a proficient modulation format which is known to increase the spectral efficiency [2]. Duobinary modulation format have been proposed to increase the transmission capacity by improving the bandwidth efficiency of the limited amplifier bandwidth to reduce channel spacing with the narrow spectral width of modulated signals in DWDM systems [3]. The high dispersion tolerance of this modulation scheme can eliminate the accurate dispersion compensation [4]. Due to its large dispersion tolerance, the duobinary modulation is appropriate for optical metro area networks (MANs) [5]. Its simple implementation, high chromatic dispersion tolerance and enhanced spectral efficiency are all attractive characteristics for wavelength-division-multiplexed transmission systems [6]. Duobinary modulation is an attractive candidate because it is spectrally efficient (~0.8 b/s/Hz) [7]. Compared with the standard non-return-to-zero (NRZ) format, optical duobinary modulation also has higher threshold for the onset of Stimulated Brillouin Scattering (SBS) [8]. To improve the transmission capacity, the duobinary modulation format has been very attractive due to a narrow spectral width and a high tolerance to the chromatic dispersion [9].Lender el at.[10] demonstrated a new approach to digital data transmission, termed duobinary and correlative, substantially increases speed over any band-limited media owing to correlation between signal states. Specific codes are used with or without carrier modulation. In the error detection process, it has been observed that with this type of system it is unnecessary to introduce redundant digits into the original data stream. Price and Mercier el at. [11] analysed a reduced bandwidth optical digital intensity modulation with improved chromatic dispersion tolerance. In this a simple optical modulation scheme using a lithium niobate MZ modulator driven by a three level drive waveform is proposed. The two-level intensity modulated optical signal obtained possesses a smaller ...

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SummaryA consolidated performance investigation and design of newly constructed zero cross correlation resultant weight (ZCCRW) code is presented without mapping over optical wireless channel (OWC) in lower Earth orbit (LEO). Multiple access interference (MAI) is suppressed by incorporating proposed 1‐D code at 10 Gbps with an algorithm. A further state of the art comparison of diverse optical code division multiple access (OCDMA) codes such as multi diagonal codes and diagonal double weight codes is accomplished with proposed code in terms of root mean square (RMS) jitter, extinction ratio, MAI, quality factor (QF), and bit error rate (BER) at different linewidths, chip sizes, link lengths, and active users. It is perceived that for ZCCRW code, QF obtained is 16.5 for chip size (0.1 ns), and at 4000 km, BER 10‐9 is achieved using the forward error correction (FEC) technique. OWC system in LEO with lasers in spectral amplitude code (SAC) OCDMA is proposed for the first time as per the author's best knowledge.