Влияние человеческого капитала и поведенческих характеристик СЕО на экономическую прибыль российских компании
- Авторы: Nazarkina V., Gostkov D., Lapteva A., Kniazev V., Ivashkovskaya I.
- Выпуск: Том 16, № 4 (2022)
- Страницы: 6-33
- Раздел: Новые исследования
- URL: https://journals.rcsi.science/2073-0438/article/view/302329
- DOI: https://doi.org/10.17323/j.jcfr.2073-0438.16.4.2022.6-33
- ID: 302329
Цитировать
Полный текст
Аннотация
Исследование посвящено тому, как различные личностные качества генерального директора (CEO) влияют на создание стоимости на одном из крупнейших развивающихся рынков капитала — в России. В исследовательской модели рассматриваются несколько компонентов человеческого капитала CEO. Также учитываются поведенческие отклонения, включая избыточную уверенность (измеряемую с помощью скорректированного по отрасли коэффициента капитальных затрат) и нарциссизм (определяемый на основе анализа фотографий CEO согласно академическим подходам, принятым в предыдущих работах). Для оценки влияния власти CEO на создание стоимости и возможного компенсирующего эффекта используется показатель уровня влияния руководителя. В выборку включены 111 российских публичных компаний и 235 генеральных директоров за период с 2013 по 2020 год. Корпоративная эффективность оценивается через критерий экономической прибыли — добавленную экономическую стоимость (EVA), которая отражает разницу между фактической доходностью на капитал (по данным финансовой отчетности) и совокупной стоимостью капитала, определённой с учётом рисков компании (данные Bloomberg). В расчётах применяются разности первого порядка вклада компании в EVA, скорректированные на отраслевые и рыночные показатели. Получены эмпирические доказательства влияния человеческого капитала CEO на создание стоимости, выраженное в годовых изменениях отраслево скорректированной EVA. Установлено, что власть CEO положительно сказывается на создании стоимости в российских компаниях, тогда как поведенческие отклонения — такие как избыточная уверенность и нарциссизм — не оказывают статистически значимого влияния на изменения EVA.
Об авторах
V. Nazarkina
Автор, ответственный за переписку.
Email: nazarkinavera@yandex.ru
D. Gostkov
Email: gostkov.dm@gmail.com
A. Lapteva
Email: Nastenkalapteva@yandex.ru
V. Kniazev
Email: vlad.knyazev.97@mail.ru
I. Ivashkovskaya
Email: iivashkovskaya@hse.ru
Список литературы
- Yim S. (2013). The acquisitiveness of youth: CEO age and acquisition behavior. Journal Financial Economics, Vol. 108, 250–273. DOI: https://doi.org/10.1016/j.jfineco.2012.11.003
- Kang J. (2016). Labor market evaluation versus legacy conservation: what factors determine retiring СЕО’s decisions about long-term investment? Strategic Management Journal, Wiley Blackwell, vol. 37(2), pages 389-405. DOI: https://doi.org/10.1002/smj.2234
- Abernethy M. A., Jiang L., Kuang Y. F. (2019). Can organizational identification mitigate the CEO horizon problem? Accounting, Organizations and Society, 2019, vol. 78.https://doi.org/10.1016/j.aos.2019.07.002 DOI: https://doi.org/10.1016/j.aos.2019.07.002
- Lifa T., Suying G., Shuming Z. (2010). The Interactive Mechanism of Human Capital and Innovative Strategy on Corporate Performance & Its Empirical Analysis. International Conference on Management Science and Engineering, ICMSE 2010, 5719831, pp. 375-383 DOI: https://doi.org/10.1109/ICMSE.2010.5719831
- Wu Y., Liu X. (2009). Human capital and R&D activity: Evidence form Chinese private enterprises. China Economic Quarterly, Vol. 8(4), 1567-1590.
- Urquhart A., Zhang H. (2022). PhD CEOs and firm performance. European Financial Management, Vol.28(2), 433-481.https://doi.org/10.1111/eufm.12316 DOI: https://doi.org/10.1111/eufm.12316
- King T., Srivastav A., Williams J. (2016). What’s in an education? Implications of CEO education for bank performance. Journal of Corporate Finance, Vol. 37, p. 287–308. DOI: https://doi.org/10.1016/j.jcorpfin.2016.01.003
- Henderson A. D, Miller D., Hambrick D. C. (2006). How quickly do CEOs become obsolete? Industry dynamism, CEO tenure, and company performance. Strateg Manage, Vol. 27, pp. 447-460. DOI: https://doi.org/10.1002/smj.524
- Drobetz W., Meyerinck F., Oesch D., Schmid M. (2018). Industry expert directors. Journal of Banking and Finance, Volume 92, 195 – 215. DOI: https://doi.org/10.1016/j.jbankfin.2018.04.019
- Chahyadi C., Wineka P. (2019). How does CEO career origin influence firm risk-taking? Journal of Accounting and Finance, 19 (4), pp. 77-96. DOI: https://doi.org/10.33423/jaf.v19i4.2174
- Crossland C., Zyung, J., Hiller N., Hambrick D. (2014). СЕО career variety: effects on firm-level strategic and social novelty. Academy of Management Journal 2014, Vol. 57, No. 3, 652-674.http://dx.doi.org/10.5465/amj.2012.0469 DOI: https://doi.org/10.5465/amj.2012.0469
- Liu C. and Jiang H. (2021). Impact of CEO characteristics on firm performance: evidence from China listed firms. Applied Economics Letters, Volume 27, Issue 14, 1 – 515. DOI: https://doi.org/10.1080/13504851.2019.1607965
- Koch-Bayram I.F., Wernicke G. (2018). Drilled to obey? Ex-military CEOs and financial misconduct. Strategic Management Journal, 39 (11), pp. 2943-2964.
- Wei L.-Q., Ling Y. (2015). CEO characteristics and corporate entrepreneurship in transition economies: Evidence from China. Journal of Business Research, Volume 68, Issue 6, p. 1157-1165.https://doi.org/10.1016/j.jbusres.2014.11.010 DOI: https://doi.org/10.1016/j.jbusres.2014.11.010
- Custodio C., Metzger D. (2014). Financial expert CEOs: CEO’s work experience and firm’s financial policies. Journal of Financial Economics Volume 114, Issue 1, p. 125-154.https://doi.org/10.1016/j.jfineco.2014.06.002 DOI: https://doi.org/10.1016/j.jfineco.2014.06.002
- Abatecola G., Caputo A., Cristofaro M. (2018). Reviewing Cognitive Distortions in Managerial Decision Making. Towards an Integrative Co-Evolutionary Framework. Journal of Management Development Vol. 37(5), 409-424. https://doi.org/10.1108/JMD-08-2017-0263 DOI: https://doi.org/10.1108/JMD-08-2017-0263
- Lin F., Lin S.-W., Fang W. (2022). Impact of CEO narcissism and hubris on corporate sustainability and firm performance. The North American Journal of Economics and Finance, Vol. 59. https://doi.org/10.1016/j.najef.2021.101586 DOI: https://doi.org/10.1016/j.najef.2021.101586
- Altarawneh M., Shafie R., Ishak R. (2020). CEO characteristics: A literature review and future directions. Academy of Strategic Management Journal, V. 19(1)
- Choi P.M.S., Chung C.Y., Liu C. (2018). Self-attribution of overconfident CEOs and asymmetric
- Economics22investment-cash flow sensitivity. North American Journal of Economics and Finance, V.46, 1-14.https://doi.org/10.1016/j.najef.2017.10.008 DOI: https://doi.org/10.1016/j.najef.2017.10.008
- Campbell W., Goodie A., Foster J. (2005). Narcissism, confidence, and risk attitude. Journal of Behavioral Decision Making, 17(4), 297-311. https://doi.org/10.1002/bdm.475 DOI: https://doi.org/10.1002/bdm.475
- Bouzouitina A., Khaireddine M., Jarboui A. (2021). Do CEO overconfidence and narcissism affect corporate social responsibility in the UK listed companies? The moderating role of corporate governance. Society and Business Review Volume 16, Issue 2, 156 – 183. https://doi.org/10.1108/SBR-07-2020-0091 DOI: https://doi.org/10.1108/SBR-07-2020-0091
- Gerstner W.-C., Konig A., Enders A., Hambrick D. (2013). CEO narcissism, audience engagement, and organizational adoption of technological discontinuities. Administrative Science Quarterly, 58(2), 257–291. DOI: https://doi.org/10.1177/0001839213488773
- Malmendier U. (2018). Behavioral Corporate Finance. NBER Working Paper, No25162 DOI: https://doi.org/10.3386/w25162
- Park K.H., Byun J., Choi P.M. (2020). Managerial overconfidence, corporate social responsibility activities, and financial constraints. Sustainability, Vol. 12(1), pp. 1-14. https://doi.org/10.3390/SU12010061 DOI: https://doi.org/10.3390/su12010061
- Malmendier U., Tate G. (2008). Who makes acquisitions? CEO overconfidence and the market’s reaction. Journal of Financial Economics, Vol. 89, 20– 43 DOI: https://doi.org/10.1016/j.jfineco.2007.07.002
- Bowon K., Jaeseog N. (2021). Effects of CEO and COO overconfidence on the firm’s inventory leanness. Journal of Manufacturing Technology Management Vol. 33 No. 1, 169-190. https://doi.org/10.1108/JMTM-01-2021-0024 DOI: https://doi.org/10.1108/JMTM-01-2021-0024
- Wang J. (2016). The Role of CEO Personality in Company Management: Examining how CEO Narcissism Influences and is Influenced by Individual and Organizational Characteristics, p. 73-78
- Zhang H., Ou A., Tsui A., Wang H. (2017). CEO humility, narcissism, overconfidence and firm innovation: A paradox perspective on CEO traits. The Leadership Quarterly, 28(5), 585–604. DOI: https://doi.org/10.1016/j.leaqua.2017.01.003
- Cherkasova V., Markina V. (2021). Do CEO Characteristics Impact a Company’s Earnings Quality? Montenegrin Journal of Economics, 2021, v. 17, iss. 2, pp. 207-25 DOI: https://doi.org/10.14254/1800-5845/2021.17-2.17
- Aabo T., Eriksen N.B. (2021). Corporate risk and the humpback of CEO narcissism. Review of Behavioral Finance, Vol.10(3), pp. 250-276. https://doi.org/10.1108/RBF-07-2017-0070 DOI: https://doi.org/10.1108/RBF-07-2017-0070
- Mundi H.S., Kaur P. (2019). Impact of CEO Overconfidence on Firm Performance: An Evidence from S&P BSE 200. Vision, Vol. 23(3), pp. 234-243.https://doi.org/10.1177/0972262919850935 DOI: https://doi.org/10.1177/0972262919850935
- Hirshleifer D., Low A., Teog S. (2012). «Are Overconfident CEOs Better Innovators?» Journal of Corporate Finance, 67, 1457–1498. DOI: https://doi.org/10.1111/j.1540-6261.2012.01753.x
- Helft M. (2014). Google’s Larry Page: The most ambitious CEO in the universe. Fortune. https://fortune.com/2014/11/13/googles-larry-page-the-most-ambitious-ceo-in-the-universe/
- Bebchuk L. A., Fried J. M. (2005). Pay without performance: Overview of the issues. Journal of Applied Corporate Finance, 17, 8–23. DOI: https://doi.org/10.1111/j.1745-6622.2005.00056.x
- Ahmad S., Lin L. (2020). An analysis of corporate social responsibility and firm performance with moderating effects of CEO power and ownership structure: A case study of the manufacturing sector of Pakistan. Sustainability (Switzerland), 11(1), 248. https://doi.org/10.3390/su11010248 DOI: https://doi.org/10.3390/su11010248
- Adams R., Almeida H., Ferreira D. (2007). Powerful CEOs and their impact on corporate performance. The Review of Financial Studies, Volume 18, Issue 4, 1403–1432, https://doi.org/10.1093/rfs/hhi030 DOI: https://doi.org/10.1093/rfs/hhi030
- Khresna R. B., Rong X., Hui-Wei Y. (2021). Divestiture strategy, CEO power and firm performance. Management Research Review, Volume 44, Issue 3, 418 - 4362 DOI: https://doi.org/10.1108/MRR-04-2020-0196
- Li M., Lu Y., Phillips G. (2019). CEOs and the Product Market: When Are Powerful CEOs Beneficial? Journal of Financial and Quantitative Analysis, 54(6), 2295-2326. doi: 10.1017/S0022109018001138 DOI: https://doi.org/10.1017/S0022109018001138
- Huai-Chun L., Shin-Rong. (2022). The effect of CEO power on overinvestment. Review of Quantitative Finance and Accounting
- Chiu J., Li Y.-H., Kao T.-H. (2022). Does organization capital matter? An analysis of the performance implications of CEO power. The North American Journal of Economics and Finance, Volume 59.https://doi.org/10.1016/j.najef.2021.101382 DOI: https://doi.org/10.1016/j.najef.2021.101382
- Chiu J., Chen C.-H., Cheng C., Hung S. (2021). Knowledge capital, CEO power, and firm value: Evidence from the IT industry. The North American Journal of Economics and Finance, Vol.55, 1-13 DOI: https://doi.org/10.1016/j.najef.2019.101012
- Gunasekarage A., Luong H., Truong T. T. (2019). Pacific-Basin Finance Journal, 59.https://doi.org/10.1016/j.pacfin.2019.101257 DOI: https://doi.org/10.1016/j.pacfin.2019.101257
- Park J.-H., Kim C., Chang K., Lee D.-H., Sung Y.-D. (2018). CEO Hubris and Firm Performance: Exploring the Moderating Roles of CEO Power and Board Vigilance. Journal of Business Ethics, 147(4), 919–933. DOI: https://doi.org/10.1007/s10551-015-2997-2
- Stewart B. (2019). EVA, Not EBITDA: A New Financial Paradigm for Private Equity Firms. Journal of Applied Corporate Finance. Volume 31, Number 3, Summer 2019, pp. 103-116. DOI: https://doi.org/10.1111/jacf.12365
- Serfling M.A. (2014). CEO age and the riskiness of corporate policies. Journal of Corporate Finance, 25, pp. 251-273. https://doi.org/10.1016/j.jcorpfin.2013.12.013 DOI: https://doi.org/10.1016/j.jcorpfin.2013.12.013
- Jung R., Oh Won-Yong, Chang Y.K. (2018). Experience-based human capital or fixed paradigm problem? CEO tenure, contextual influences, and corporate social (ir)responsibility. Journal of Business Research, Vol. 65, pp.120-141.
- Chahyadi C., Doan T., Naym J. (2021). Hiring the right CEO: how does the type of CEO industry experience affect firm performance, firm risk-taking behavior, and CEO compensation? International Journal of Business and Society, Vol 22 (2). https://doi.org/10.33736/ijbs.3762.2021 DOI: https://doi.org/10.33736/ijbs.3762.2021
- Koch-Bayram I.F., Wernicke G. (2018). Drilled to obey? Ex-military CEOs and financial misconduct. Strategic Management Journal, 39 (11), pp. 2943-2964. DOI: https://doi.org/10.1002/smj.2946
- Benmelech E., Frydman C. (2015). Military CEOs, Journal of Financial Economics 117, 43–59. DOI: https://doi.org/10.1016/j.jfineco.2014.04.009
- Chatterjee A., Hambrick D. (2011). Executive personality, capability cues, and risk-taking: How narcissistic CEOs react to their successes and stumbles. Administrative Science Quarterly, 56(2), 202–237. DOI: https://doi.org/10.1177/0001839211427534
- Aabo T., Hvistendahl N. T., Kring J. (2021). Corporate risk: CEO overconfidence and incentive compensation. Managerial Finance, Vol., 47 (2), 244-265. https://doi.org/10.1108/MF-05-2020-0278 DOI: https://doi.org/10.1108/MF-05-2020-0278
- Dikolli S.S., Diser V., Hofmann C., Pfeiffer T. (2018). CEO Power and Relative Performance Evaluation. Contemporary Accounting Research, 35 (3), pp. 1279-1296 DOI: https://doi.org/10.1111/1911-3846.12316
- Sariol M., Michael A. (2017). The influence of CEO power on explorative and exploitative organizational innovation. Journal of Business Research. Volume 73, p.38-53 DOI: https://doi.org/10.1016/j.jbusres.2016.11.016
- Bradley C., Dawson A., and Smit S. The strategic yardstick you can’t afford to ignore. McKinsey Quarterly, October 2013.
- Chatterjee A., Hambrick D. C. (2007). It’s all about me: Narcissistic chief executive officers and their effects on company strategy and performance. Administrative Science Quarterly, Vol. 52, p. 351-386. DOI: https://doi.org/10.2189/asqu.52.3.351
- Aktas N., Bollaert H., Roll R. (2016). CEO Narcissism and the Takeover Process: From Private Initiation to Deal Completion. Journal of Financial and Quantitative Analysis, Vol. 51(1), p. 113-137. DOI: https://doi.org/10.1017/S0022109016000065
- Olsen K. J., Dworkis K. K., Young S. M. (2014). CEO narcissism and accounting: A picture of profits. Journal of Management Accounting Research. 26(2), 243–267. https://doi.org/10.2308/jmar-50638 DOI: https://doi.org/10.2308/jmar-50638
- 59. Becker-Blease J., Elkinawy S., Hoag Ch., Stater M. (2016). The effects of executive, firm, and board characteristics on executive exit. The Financial Review, 51, p. 527-557. DOI: https://doi.org/10.1111/fire.12106
- https://doi-org.proxylibrary.hse.ru/10.1111/fire.12106
- Patrick L. McClelland, Vincent L. B., Oh W.-Y. (2012). CEO career horizon and tenure: Future performance implications under different contingencies. Journal of Business Research, Vol. 65(9), 1387-1393. https://doi.org/10.1016/j.jbusres.2011.09.003 DOI: https://doi.org/10.1016/j.jbusres.2011.09.003
- Borgi H., Ghardallou W., Alzeer M. (2021). The effect of CEO characteristics on financial reporting timeliness in Saudi Arabia. Accounting, 7(6), pp. 1265-1274. https://doi.org/10.5267/j.ac.2021.4.013 DOI: https://doi.org/10.5267/j.ac.2021.4.013
- Ullah I., Fang H.-X., Ur Rahman M., Iqbal A. (2022). CEO Military Background and Investment Efficiency. Emerging Markets Finance and Trade, Volume 58, Issue 4.https://doi.org/10.1080/1540496X.2021.1937115 DOI: https://doi.org/10.1080/1540496X.2021.1937115
- Yang C., Xia X., Li Y., Zhao Y., Liu S. (2021). CEO financial career and corporate innovation: Evidence from China. International Review of Economics and Finance, Volume 74, Pages 81 – 102.https://doi.org/10.1016/j.iref.2021.01.018 DOI: https://doi.org/10.1016/j.iref.2021.01.018
Дополнительные файлы
