CEO属性对营运资金管理的影响:来自性别、财务素养和经验的洞察

IF 4.2 Q1 BUSINESS
Muhammad Azeem Naz, Rizwan Ali, Ahmed Elamer
{"title":"CEO属性对营运资金管理的影响:来自性别、财务素养和经验的洞察","authors":"Muhammad Azeem Naz,&nbsp;Rizwan Ali,&nbsp;Ahmed Elamer","doi":"10.1002/bsd2.70134","DOIUrl":null,"url":null,"abstract":"<div>\n \n <p>This study investigates the impact of Chief Executive Officer (CEO) attributes on working capital management (WCM) along with the moderating role of family ownership on this relationship. This study employed the generalized method of moments (GMM) estimation to test the hypotheses and to address potential endogeneity concerns, complemented by ordinary least squares regression on a sample of 1900 firm-year observations from non-financial firms listed on the Pakistan Stock Exchange. The empirical results of the study indicate that CEO gender, education, and experience are positively associated with WCM. Additionally, the findings of the current study reveal that family ownership negatively and significantly moderates the relationship between CEO attributes and WCM. These findings provide novel evidence and extend empirical support to upper echelon theory in the context of an emerging economy. The study findings outline insights for the managers, investors, regulatory authorities, and policymakers.</p>\n </div>","PeriodicalId":36531,"journal":{"name":"Business Strategy and Development","volume":"8 2","pages":""},"PeriodicalIF":4.2000,"publicationDate":"2025-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The Impact of CEO Attributes on Working Capital Management: Insight From Gender, Financial Literacy, and Experience\",\"authors\":\"Muhammad Azeem Naz,&nbsp;Rizwan Ali,&nbsp;Ahmed Elamer\",\"doi\":\"10.1002/bsd2.70134\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div>\\n \\n <p>This study investigates the impact of Chief Executive Officer (CEO) attributes on working capital management (WCM) along with the moderating role of family ownership on this relationship. This study employed the generalized method of moments (GMM) estimation to test the hypotheses and to address potential endogeneity concerns, complemented by ordinary least squares regression on a sample of 1900 firm-year observations from non-financial firms listed on the Pakistan Stock Exchange. The empirical results of the study indicate that CEO gender, education, and experience are positively associated with WCM. Additionally, the findings of the current study reveal that family ownership negatively and significantly moderates the relationship between CEO attributes and WCM. These findings provide novel evidence and extend empirical support to upper echelon theory in the context of an emerging economy. The study findings outline insights for the managers, investors, regulatory authorities, and policymakers.</p>\\n </div>\",\"PeriodicalId\":36531,\"journal\":{\"name\":\"Business Strategy and Development\",\"volume\":\"8 2\",\"pages\":\"\"},\"PeriodicalIF\":4.2000,\"publicationDate\":\"2025-06-16\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Business Strategy and Development\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1002/bsd2.70134\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Business Strategy and Development","FirstCategoryId":"1085","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1002/bsd2.70134","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
引用次数: 0

摘要

本研究探讨了首席执行官(CEO)属性对营运资金管理(WCM)的影响,以及家族所有权对这种关系的调节作用。本研究采用广义矩法(GMM)估计来检验假设并解决潜在的内质性问题,并辅以普通最小二乘回归,对巴基斯坦证券交易所上市的非金融公司1900年的观察样本进行了补充。实证研究结果表明,CEO性别、学历、经验与WCM呈正相关。此外,本研究发现家族所有权对CEO属性与WCM之间的关系具有显著的负向调节作用。这些发现为新兴经济体背景下的上层梯队理论提供了新的证据和实证支持。研究结果为管理者、投资者、监管机构和政策制定者提供了一些见解。
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 CEO Attributes on Working Capital Management: Insight From Gender, Financial Literacy, and Experience

This study investigates the impact of Chief Executive Officer (CEO) attributes on working capital management (WCM) along with the moderating role of family ownership on this relationship. This study employed the generalized method of moments (GMM) estimation to test the hypotheses and to address potential endogeneity concerns, complemented by ordinary least squares regression on a sample of 1900 firm-year observations from non-financial firms listed on the Pakistan Stock Exchange. The empirical results of the study indicate that CEO gender, education, and experience are positively associated with WCM. Additionally, the findings of the current study reveal that family ownership negatively and significantly moderates the relationship between CEO attributes and WCM. These findings provide novel evidence and extend empirical support to upper echelon theory in the context of an emerging economy. The study findings outline insights for the managers, investors, regulatory authorities, and policymakers.

求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
Business Strategy and Development
Business Strategy and Development Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)
CiteScore
5.80
自引率
6.70%
发文量
33
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:604180095
Book学术官方微信