Impact of CEO’s characteristics on investment decisions of Indian listed firms: Does crisis make any difference?

Gupta, Gaurav; Mahakud, Jitendra; Debata, Byomakesh

doi:10.1080/23322039.2018.1439258

Cited by 20 publications

(22 citation statements)

References 65 publications

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“…In this regard, they discovered that financially expert chief executive officers (CEOs) tend to be associated with positive NPV projects, greater (informed) risk-taking and a lower dispersion rate in analysts’ forecast earnings. According to Gupta et al (2018), financial education enables top managers to understand the market behaviour effectively and cost-effectively finance the firm’s assets.…”

Section: Literature Review and Hypotheses Developmentmentioning

confidence: 99%

The impact of board characteristics on corporate investment decisions: an empirical study

Agyei-Mensah¹

2021

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Purpose The purpose of this study is to investigate the influence of board characteristics on firms’ investment decisions. Design Methodology Approach The study used data sourced from annual reports of firms listed on the Ghana Stock Exchange from 2014 to 2018. Descriptive analysis was performed to provide the background statistics of the variables examined. This was followed by a regression analysis which forms the main data analysis. Findings The multiple regression analysis results indicated that the proportion of independent directors and financial experts on the board are negatively related to firm investment. These findings imply that independent directors and financial experts on the board can help firms reduce overinvestment and improve investment efficiency. Originality Value The extant literature shows that the board of directors are an effective mechanism to reduce agency problems in firm decisions and operating performance. However, there has been little research on the role of the board of directors in corporate investment policy.

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Section: Literature Review and Hypotheses Developmentmentioning

confidence: 99%

The impact of board characteristics on corporate investment decisions: an empirical study

Agyei-Mensah¹

2021

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“…For example, “The way you connect or network in India is not likely to be the same from how you do so in the United States; the way you inspire employees in Japan is quite dissimilar from how you motivate in Canada” (Molinsky, 2016). The dissimilarity in the market structure, policy set-up and the unique culture makes it obligatory to study the Indian market (Gupta et al , 2018). Moreover, dominance of family businesses makes the Indian corporate sector different from the global context because the dynamics of a family-oriented business are poles apart from that of a business controlled by a non-family.…”

Section: Introductionmentioning

confidence: 99%

Do CEO characteristics explain firm performance in India?

Kaur

Singh

2019

JSMA

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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.

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“…This study expands the literature on the crucial role of women in corporate strategic decision-making in two ways. First, this study investigates not only the role of women as top managers as other studies have analyzed (Peni and Vähämaa, 2010; Ginesti et al , 2018; Gupta et al , 2018) but also their role as firm owners that is relatively understudied. Second, as outlined in a previous study (Moreno-Gomez et al , 2018), differences in culture, regulation, and market development likely affect the impact of the gender role.…”

Section: Introductionmentioning

confidence: 99%

Women in control and tax compliance

Damayanti

Supramono²

2019

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Purpose The study aims to empirically analyze the effects of the presence of female top managers and owners on corporate tax compliance. Design/methodology/approach Data for analysis were sourced from the World Bank Enterprise Surveys that involved 23,178 private firms in 98 countries. The surveys used a stratified random sampling method by using three criteria, namely, firm size, business sector and geographic region, within each country. Further, data are analyzed using the ordinal logistic regression and supported by the marginal effect analysis. Findings The results show that the presence of female top managers and owners is a significant factor that underlies the firm-level tax compliance difference when firms exhibit relatively lower compliance. Practical implications Although this study shows that the determinants of corporate tax compliance are very complex, there are also crucial roles of top managers and owners' gender. This study advises firms to use the gender equality strategy to generate the best human capital, especially in their top management levels. Besides, this study can be helpful in designing policies that facilitate women to reach top managerial levels or to own businesses as an alternative method to enhance tax compliance for developing countries that fail to generate optimal corporate income tax revenues. Originality/value To the best of the authors’ knowledge, no previous studies examine the effects of the presence of female top managers and business owners on firms’ tax compliance policies. This study contributes to extend the understanding of the important role of women in corporate strategic decision-making, especially in taxation policies in various developing countries.

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Impact of CEO’s characteristics on investment decisions of Indian listed firms: Does crisis make any difference?

Cited by 20 publications

References 65 publications

The impact of board characteristics on corporate investment decisions: an empirical study

The impact of board characteristics on corporate investment decisions: an empirical study

Do CEO characteristics explain firm performance in India?

Women in control and tax compliance

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