首席财务官的行为特征和人格特质对资本成本的影响

S. W. Bassiouny
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引用次数: 0

摘要

本文旨在确定首席财务官的特征,并探讨这些特征对资本成本的影响。为实现研究目标,我们向在埃及证券交易所上市的非金融企业的首席财务官发放了调查问卷。此外,还收集了二手数据,以获得财务决策所需的任何数据。回归结果表明,有三个因素对资本成本有重大影响,分别是首席财务官的性别、乐观程度和外向特质。研究结果表明,除了传统的决定因素外,在企业模型中加入其他决定因素也很重要,这也支持了行为金融理论。本文探讨了在企业融资背景下,尤其是在发展中市场中尚未得到充分研究的首席财务官特征,为相关文献做出了贡献。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The Impact of CFO Behavioral Characteristics and Personality Traits On The Cost Of Capital
This paper aims to identify the CFO characteristics and explore the influence of such characteristics on the cost of capital. To reach the research objectives, a questionnaire is distributed to the CFOs of the non-financial firms listed on the Egyptian stock exchange. Moreover, secondary data is gathered to get any needed data for the financial decision. The results of the regression report that three factors significantly impact the cost of capital which are CFO gender, optimism, and extraversion trait. The findings reveal the importance of including other determinants in the corporate models than the traditional determinants and this supports the behavioral finance theory. This paper contributes to the literature by exploring CFO characteristics that are not fully studied in a corporate finance context, especially in a developing market.
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