全球金融危机中CEO和CFO的责任心与营运资金管理

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance Pub Date : 2025-02-04 DOI:10.1016/j.jbef.2025.101026

Shreesh Deshpande, Marko Svetina, Pengcheng Zhu

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引用次数: 0

摘要

行为金融学研究考察了CEO人格特质对公司政策和绩效的影响。我们的研究重点是2008年金融危机期间ceo和cfo的责任心及其对营运资金管理的影响。我们发现，与提供给客户的贸易信贷相比，拥有高度尽责的行政领导的公司从供应商的贸易信贷中获益更多。此外，由高度负责任的首席财务官领导的公司往往与关键客户保持更长的关系。由于营运资金管理效率的提高，有责任心的高管领导的公司在金融危机期间表现更好，这一点可以从更高的托宾Q得到证明。

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CEO and CFO conscientiousness and working capital management during global financial crisis

Behavioral finance research has examined the influence of CEO personality traits on firm policies and performance. Our study focuses on the conscientiousness of CEOs and CFOs during the 2008 financial crisis and its impact on working capital management. We find that firms with highly conscientious executive leadership benefitted from a greater increase in trade credit from suppliers in comparison to trade credit offered to their customers. Additionally, firms led by highly conscientious CFOs tend to keep longer relationships with key customers. As a result of improved efficiency in working capital management, firms led by conscientious top executives performed better during the financial crisis, as evidenced by a higher Tobin’s Q.

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来源期刊

Journal of Behavioral and Experimental Finance BUSINESS, FINANCE-

CiteScore

13.20

自引率

6.10%

发文量

审稿时长

69 days

期刊介绍： Behavioral and Experimental Finance represent lenses and approaches through which we can view financial decision-making. The aim of the journal is to publish high quality research in all fields of finance, where such research is carried out with a behavioral perspective and / or is carried out via experimental methods. It is open to but not limited to papers which cover investigations of biases, the role of various neurological markers in financial decision making, national and organizational culture as it impacts financial decision making, sentiment and asset pricing, the design and implementation of experiments to investigate financial decision making and trading, methodological experiments, and natural experiments. Journal of Behavioral and Experimental Finance welcomes full-length and short letter papers in the area of behavioral finance and experimental finance. The focus is on rapid dissemination of high-impact research in these areas.