Does CEO reputation matter for capital investments?

Jian, Meng; Lee, Kin Wai

doi:10.1016/j.jcorpfin.2011.04.004

Cited by 72 publications

(48 citation statements)

References 58 publications

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“…State shares and legal person shares used to be generally non-tradable but reforms initiated in 2004 and completed in 2006 eliminated such non-tradable shares (Conyon and He, 2012 In our paper we identify "star CEOs" as those who become a deputy to the NPC or a member of the CPPCC. CEO tenure and outsider status are also widely adopted as indicators of CEO quality (Milbourn, 2003;Chemmanur and Paeglis, 2005;Jian and Lee, 2011). The two mechanisms however do carry some commonalities.…”

Section: Institutional Context and Corporate Governance In Chinamentioning

confidence: 99%

“…On the one hand, the NPC is the legislative body of the State, whose duties include electing key central government officials, amending the Constitution and other legal documents, supervising the enforcement of the constitution and other legislations, as well as determining other major state affairs. Another popular approach is to use the number of business-related articles containing the CEO's name as an indicator of CEO fame or celebrity status (e.g., Milbourn, 2003;Rajgopal et al, 2006;and Jian and Lee, 2011). There are no competing parties for NPC seats and the chance of getting elected was originally 100% and later reduced to roughly 95% once nominated.…”

Section: Institutional Context and Corporate Governance In Chinamentioning

confidence: 99%

“…Bertrand and Schoar (2003) measure managerial style and quality using managers' age and MBA degree. CEO tenure and outsider status are also widely adopted as indicators of CEO quality (Milbourn, 2003;Chemmanur and Paeglis, 2005;Jian and Lee, 2011). Kaplan et al (2012) use a comprehensive matrix to assess CEOs' general ability and interpersonal skills.…”

Section: Institutional Context and Corporate Governance In Chinamentioning

confidence: 99%

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Star CEOs or Political Connections? Evidence from China's Publicly Traded Firms

Conyon¹,

He²,

Zhou

2015

Business Fin & Account

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This paper studies China's “star CEOs” defined as members of the National People's Congress (NPC) or the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and “politically connected” CEOs who have previous government or military experience. We evaluate the effect of “star CEOs” and “politically connected” CEOs on firm performance and CEO compensation. We find that announcement date returns, CEO compensation and incentives are all higher in firms that appoint “star CEOs”. However, the mechanism explaining these various premiums is largely political connectedness of these star CEOs. Our study finds only modest evidence that star‐CEO status directly determines firm performance. Our analysis strongly suggests that compensation and performance premiums are mostly driven by CEO political connections, as opposed to CEO talent/star effects.

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Section: Institutional Context and Corporate Governance In Chinamentioning

confidence: 99%

Section: Institutional Context and Corporate Governance In Chinamentioning

confidence: 99%

Section: Institutional Context and Corporate Governance In Chinamentioning

confidence: 99%

See 1 more Smart Citation

Star CEOs or Political Connections? Evidence from China's Publicly Traded Firms

Conyon¹,

He²,

Zhou

2015

Business Fin & Account

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“…Zinko et al (2012) assinalam que a reputação pessoal influencia tanto os resultados obtidos no trabalho quanto a própria reputação corporativa. Além de estudiosos como Cardoso et al (2013), Góis (2014) e Roberts e Dowling (2002) identificarem uma correlação positiva entre a reputação corporativa e o desempenho da empresa, também é esperado que a reputação pessoal influencie positivamente o desempenho empresarial (FRANCIS Et al., 2008), conforme apontam as constatações de Milbourn (2003) e Jian e Lee (2011). Desse modo, é possível afirmar que a reputação do gestor também pode exercer influência sobre o desempenho empresarial.…”

Section: Introductionunclassified

“…A relevância desta pesquisa reside na emergência do tema reputação associada à falta de consenso existente nos estudos, em especial naqueles que versam sobre reputação corporativa e desempenho (CAIXETA Et al., 2011;CARDOSO Et al., 2013;GATZERT, 2015;GÓIS, 2014;ROH, 2012;ROBERTS;DOWLING, 2002). Destaca-se a emergência da temática reputação do diretor-executivo e sua relação com o desempenho empresarial verificada em escassos estudos (FRANCIS Et al., 2008;JIAN;LEE, 2011;MILBOURN, 2003), principalmente, na literatura nacional (TRES, 2014 Cabe destacar que a exposição na mídia, ou seja, a visibilidade, pode gerar ainda, uma reputação negativa e, nesse sentido, ser considerada um risco reputacional, pois o diretor-executivo -ou a empresa -, pode estar, por exemplo, envolvido em escândalos corporativos, profissionais ou pessoais (GATZERT, 2015).…”

Section: Introductionunclassified

Reputação do diretor-executivo e desempenho nas companhias abertas da América Latina

et al. 2017

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RESUMOUm dos mecanismos de controle utilizados pelos acionistas tem como base o perfil dos gestores, considerando que a reputação de um gestor tende a reduzir os incentivos para um comportamento oportunístico e os custos associados à racionalidade limitada. Assim, com base na Teoria da Economia dos Custos de Transação e na Teoria da Agência, a reputação do gestor, além de reduzir tais custos, está relacionada à reputação da empresa, o que, por sua vez, pode influenciar o seu desempenho. O estudo tem por objetivo investigar a influência da reputação do diretor-executivo no desempenho empresarial em companhias abertas. A pesquisa reúne uma amostra de 46 empresas latino-americanas listadas na bolsa de valores de Nova Iorque, em 31/12/2013, e utiliza-se da análise descritiva e dos testes de Diferença entre Médias, Correlação de Pearson e Regressão Linear Múltipla. Dentre os resultados encontrados, verificou-se que os diretores-executivos (gestores) com visibilidade na mídia possuem maior reputação e que as empresas brasileiras possuem diretores-executivos com maior reputação, comparando-se-as com aquelas dos demais países analisados. Os resultados apontaram ainda, que a reputação do diretorexecutivo influencia, positiva e significativamente, o desempenho empresarial. Destarte, ao se considerar o impacto verificado no desempenho das empresas da amostra, pode-se confirmar que é relevante a escolha do diretor-executivo com boa reputação pelas empresas. Palavras-chave:Reputação do diretor-executivo. Teoria da Agência. Teoria da Economia dos Custos de Transação.The influence of chief executive officer reputation on performance of public firms in Latin America ABSTRACTOne of the control mechanisms at the disposal of shareholders is based on the reputation of corporate executives. A good personal reputation tends to discourage opportunistic behaviors and reduce limited

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A good name is rather to be chosen: The impact of CEO reputation incentives on corporate green innovation

Sun,

Cifuentes‐Faura,

Xiao

et al. 2023

Bus Strat Env

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In contrast to studies examining the effects of government incentives such as environmental regulation on corporate green innovation, this paper investigates the influence of CEO reputation, a market‐based incentive mechanism, on companies' green innovation behavior. Utilizing green patent data from Chinese A‐share listed companies from 2007 to 2020, we construct a CEO reputation index through principal component analysis and examine its impact on corporate green innovation behavior and underlying mechanisms. Our findings indicate that CEO reputation positively affects companies' green innovation behavior. This effect is primarily driven by reducing financing constraints, CEOs' risk perception, and rising environmental awareness. Further heterogeneity analysis reveals the positive relationship between CEO reputation and green innovation behavior is more pronounced in companies with strong executive compensation incentives, political connections, and effective internal control.

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Does CEO reputation matter for capital investments?

Cited by 72 publications

References 58 publications

Star CEOs or Political Connections? Evidence from China's Publicly Traded Firms

Star CEOs or Political Connections? Evidence from China's Publicly Traded Firms

Reputação do diretor-executivo e desempenho nas companhias abertas da América Latina

A good name is rather to be chosen: The impact of CEO reputation incentives on corporate green innovation

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