通才型ceo和运营效率

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-23 DOI:10.1016/j.frl.2025.107823

Hanyong Chung

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引用次数: 0

摘要

本研究探讨CEO一般管理能力与企业经营效率之间的关系。我发现CEO的一般能力指数（GAI）与公司效率之间存在显著的负相关。此外，分析表明GAI通过两种机制影响运营效率：资本强度和SG&；A成本效率。横断面分析显示，在规模较小的公司和董事会规模较小的公司中，负面影响更为明显，这表明有限的结构性支持可能会放大多面手首席执行官面临的运营挑战。本研究强调了ceo与公司背景一致性的重要性，并为董事会和投资者在评估高管是否适合运营效率时提供了实际意义。

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Generalist CEOs and operational efficiency

This study examines the relationship between CEO general managerial ability and firm operational efficiency. I find a robust negative association between a CEO’s General Ability Index (GAI) and firm efficiency. Additionally, the analysis shows that GAI influences operational efficiency through two mechanisms: capital intensity and SG&A cost efficiency. Cross-sectional analyses reveal that the negative effect is more pronounced in smaller firms and those with smaller boards, suggesting that limited structural support may amplify the operational challenges generalist CEOs face. This study underscores the importance of contextual CEO-firm alignment and provides practical implications for boards and investors when evaluating executive fit for operational effectiveness.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance