CEO特征对资本结构的影响——来自前沿市场的证据

IF 0.8 Q4 BUSINESS, FINANCE

Asian Journal of Business and Accounting Pub Date : 2022-06-30 DOI:10.22452/ajba.vol15no1.3

Loku Galappaththige Romal Vindula De Silva, Y. Banda

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引用次数: 3

摘要

论文类型:研究论文研究目的:本研究考察了CEO特征对斯里兰卡非金融上市公司资本结构的影响设计/方法/方法:本研究采用多元回归选择样本，该样本基于123家主板上市公司的面板数据集，涵盖了科伦坡证券交易所2012年至2019年的8年期间的所有非金融部门。研究发现:男性ceo与资本结构之间存在显著的正相关关系。研究表明，由于男性ceo咄咄逼人的性格和过度自信，他们倾向于在资本结构中使用更多的债务。同样，本研究发现CEO年龄与资本结构之间存在显著的正相关关系。有证据表明，随着ceo年龄的增长，他们往往拥有更多的经验，更好的风险管理能力，以及更强的商业意识，在正确的时间做出正确的融资决策，更多的债务融资。理论贡献/原创性:由于没有在斯里兰卡背景下对CEO特征和资本结构进行研究，本研究对当地文献做出了重大贡献，并弥补了前沿市场文献的空白。从业者/政策启示:研究结果有助于组织任命关键决策者来管理组织，并根据制定债务和股权之间的公司政策做出战略选择。研究局限:研究仅限于CEO的六个特征;还有其他因素，如风险偏好水平，可能有影响，研究没有集中在对实际融资决策的任何影响。关键词:CEO特征，资本结构，前沿市场，非金融公司，斯里兰卡，上层梯队理论JEL分类:G32

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Impact of CEO Characteristics on Capital Structure: Evidence from a Frontier Market

Manuscript type: Research paper Research aims: This study examines the impact of CEO characteristics on the capital structure of non-financial listed companies in Sri Lanka Design/methodology/approach: This study employs multiple regression selecting a sample based on a data set from a panel of 123 mainboard listed companies which covers all the non-financial sectors of the Colombo Stock Exchange for an eight-year period from 2012 to 2019. Research findings: This study finds a significant positive relationship between male CEOs and capital structure. It suggests that male CEOs tend to employ more debt within the capital structure due to their aggressive nature and overconfidence. Similarly, this study finds a significant positive relationship between CEO’s age and capital structure. The evidence provides that as they age, CEOs tend to have more experience, better risk management capabilities, and enhanced business sense to take proper financing decisions at the right time with more debt financing. Theoretical contribution/originality: Since there is no research conducted on CEO characteristics and capital structure in the Sri Lankan context, this study has made a significant contribution to the local literature and mitigates the gap in the frontier market literature. Practitioner/policy implications: The findings are helpful for the organisations when appointing key decision-makers to run the organisation and make strategic choices based on formulating corporate policies among debt and equity. Research limitation: The study has been limited to six CEO characteristics; there are other factors such as risk appetite levels that may have implications and the study has not focused on any impact towards real financing decisions. Keywords: CEO Characteristics, Capital Structure, Frontier Market, Non-Finance Companies, Sri Lanka, Upper Echelon Theory. JEL Classification: G32

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来源期刊

Asian Journal of Business and Accounting BUSINESS, FINANCE-

CiteScore

2.00

自引率

11.10%

发文量

期刊介绍： An academic journal that aims to advance knowledge in the business and accounting disciplines, to narrow the gap between theory and practice, and to set direction for policy initiatives in Asia. Welcome to the Asian Journal of Business and Accounting (AJBA). AJBA is an international refereed journal, published biannually (30th June and 30th December) by the Faculty of Business and Accountancy, University of Malaya, Malaysia. AJBA aims to publish scholarly business researches that are relevant to Malaysia and the Asian region. It intends to highlight the practical implications in promoting better business decision making process and the formulation of public policy in Asia. This journal publishes theoretical, conceptual, and empirical papers within the broad areas of business and accounting in Asia. The AJBA covers a broad spectrum of the business and accounting disciplines. A suggestive (though not necessarily comprehensive) list of areas that would be included in this journal are: general management, strategic management, human resource management, organizational behaviour, labour and industrial relations, international business management, business communication, entrepreneurship, leadership, management science, operations management, production management, supply chain management, marketing management, brand management, consumer behaviour, information management, e-marketing, e-commerce, quality management, retailing, service marketing, hospitality management, hotel and tourism management, asset pricing, capital and money markets, corporate finance, derivatives markets, finance and banking, financial economics, etc.