Personal and professional characteristics of CEOs and financial performance: an investigation in non-financial companies listed in B3
DOI:
https://doi.org/10.22567/rep.v10i1.764Keywords:
characteristics of CEOs, B3, theory of upper echelonsAbstract
The purpose of this study was to analyze the influence of CEOs' personal and professional characteristics on the financial performance of publicly traded non-financial companies listed on B3. For this, the Theory of Higher Levels, proposed by Hambrick and Mason (1984), was adapted as theoretical support and an empirical model of multiple regression was used. 328 companies were analyzed in the period from 2011 to 2018, which formed an unbalanced panel with 824 observations. To measure the financial performance of companies, return on assets (ROA) was used and the personal and professional characteristics investigated were age (IDA), gender (GEN), professional experience (EXP), education level (ESC), area training (FOR) and tenure (TEM). Evidence indicates that female CEOs have a negative influence, while CEOs with previous experience in the Executive Board of the same company and with higher levels of education positively influence the financial performance of B3's publicly traded companies. Such evidence contributes to a diverse audience, such as the companies themselves, CEOs who intend to join publicly traded companies and also with investors and potential investors.
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