Personal and professional characteristics of CEOs and financial performance: an investigation in non-financial companies listed in B3

Detalhes bibliográficos
Autor(a) principal: Garcia, Inajá Allane Santos
Data de Publicação: 2021
Outros Autores: Silva, Juliane Simão de Andrade e
Tipo de documento: Artigo
Idioma: por
Título da fonte: Revista ENIAC pesquisa
Texto Completo: https://ojs.eniac.com.br/index.php/EniacPesquisa/article/view/764
Resumo: The purpose of this study was to analyze the influence of CEOs' personal and professional characteristics on the financial performance of publicly traded non-financial companies listed on B3. For this, the Theory of Higher Levels, proposed by Hambrick and Mason (1984), was adapted as theoretical support and an empirical model of multiple regression was used. 328 companies were analyzed in the period from 2011 to 2018, which formed an unbalanced panel with 824 observations. To measure the financial performance of companies, return on assets (ROA) was used and the personal and professional characteristics investigated were age (IDA), gender (GEN), professional experience (EXP), education level (ESC), area training (FOR) and tenure (TEM). Evidence indicates that female CEOs have a negative influence, while CEOs with previous experience in the Executive Board of the same company and with higher levels of education positively influence the financial performance of B3's publicly traded companies. Such evidence contributes to a diverse audience, such as the companies themselves, CEOs who intend to join publicly traded companies and also with investors and potential investors.  
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spelling Personal and professional characteristics of CEOs and financial performance: an investigation in non-financial companies listed in B3Características pessoais e profissionais dos CEOs e a performance financeira: uma investigação nas empresas não financeiras listadas na B3Características dos CEOsB3Teoria dos Escalões Superiores.characteristics of CEOsB3theory of upper echelonsThe purpose of this study was to analyze the influence of CEOs' personal and professional characteristics on the financial performance of publicly traded non-financial companies listed on B3. For this, the Theory of Higher Levels, proposed by Hambrick and Mason (1984), was adapted as theoretical support and an empirical model of multiple regression was used. 328 companies were analyzed in the period from 2011 to 2018, which formed an unbalanced panel with 824 observations. To measure the financial performance of companies, return on assets (ROA) was used and the personal and professional characteristics investigated were age (IDA), gender (GEN), professional experience (EXP), education level (ESC), area training (FOR) and tenure (TEM). Evidence indicates that female CEOs have a negative influence, while CEOs with previous experience in the Executive Board of the same company and with higher levels of education positively influence the financial performance of B3's publicly traded companies. Such evidence contributes to a diverse audience, such as the companies themselves, CEOs who intend to join publicly traded companies and also with investors and potential investors.  O objetivo desse estudo foi analisar a influência das características pessoais e profissionais dos CEOs na performance financeira das empresas não financeiras de capital aberto listadas na B3. Para isso,  adotou-se como suporte teórico a Teoria dos Escalões Superiores, proposta por Hambrick & Mason (1984) e empiricamente utilizou-se um modelo empírico da regressão múltipla. Foram analisadas 328 empresas no período de 2011 a 2018, as quais formaram um painel desbalanceado com 824 observações. Para medir a performance financeira das empresas utilizou-se o retorno sobre o ativo (ROA) e as características pessoais e profissionais investigadas foram idade (IDA), gênero (GEN), experiência profissional (EXP), nível de escolaridade (ESC), área de formação (FOR) e tempo de mandato (TEM). As evidências apontam que CEOs femininas influenciam negativamente, enquanto CEOs com experiência anterior na Diretoria Executiva da mesma empresa e com maiores níveis de escolaridade influenciam positivamente no desempenho financeiro das empresas de capital aberto da B3. Tais evidências contribuem com um público diverso, a exemplo das próprias empresas, CEOs que pretendem ingressar em empresas de capital aberto e ainda com os investidores e potenciais investidores.Centro Universitário ENIAC2021-02-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://ojs.eniac.com.br/index.php/EniacPesquisa/article/view/76410.22567/rep.v10i1.764Revista Eniac Pesquisa; Vol. 10 No. 1 (2021); 178-195REVISTA ENIAC PESQUISA; Vol. 10 Núm. 1 (2021); 178-195REVISTA ENIAC PESQUISA; v. 10 n. 1 (2021); 178-1952316-234110.22567/rep.v10i1reponame:Revista ENIAC pesquisainstname:Centro Universitário Eniacinstacron:ENIACporhttps://ojs.eniac.com.br/index.php/EniacPesquisa/article/view/764/778Copyright (c) 2021 REVISTA ENIAC PESQUISAhttps://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessGarcia, Inajá Allane SantosSilva, Juliane Simão de Andrade e2024-07-09T18:47:57Zoai:ojs.pkp.sfu.ca:article/764Revistahttps://ojs.eniac.com.br/index.php/EniacPesquisaPRIhttp://ojs.eniac.com.br/index.php/EniacPesquisa/oai||revistaeniacpesquisa@fernandoasantos.com.br2316-23412316-2341opendoar:2024-07-09T18:47:57Revista ENIAC pesquisa - Centro Universitário Eniacfalse
dc.title.none.fl_str_mv Personal and professional characteristics of CEOs and financial performance: an investigation in non-financial companies listed in B3
Características pessoais e profissionais dos CEOs e a performance financeira: uma investigação nas empresas não financeiras listadas na B3
title Personal and professional characteristics of CEOs and financial performance: an investigation in non-financial companies listed in B3
spellingShingle Personal and professional characteristics of CEOs and financial performance: an investigation in non-financial companies listed in B3
Garcia, Inajá Allane Santos
Características dos CEOs
B3
Teoria dos Escalões Superiores.
characteristics of CEOs
B3
theory of upper echelons
title_short Personal and professional characteristics of CEOs and financial performance: an investigation in non-financial companies listed in B3
title_full Personal and professional characteristics of CEOs and financial performance: an investigation in non-financial companies listed in B3
title_fullStr Personal and professional characteristics of CEOs and financial performance: an investigation in non-financial companies listed in B3
title_full_unstemmed Personal and professional characteristics of CEOs and financial performance: an investigation in non-financial companies listed in B3
title_sort Personal and professional characteristics of CEOs and financial performance: an investigation in non-financial companies listed in B3
author Garcia, Inajá Allane Santos
author_facet Garcia, Inajá Allane Santos
Silva, Juliane Simão de Andrade e
author_role author
author2 Silva, Juliane Simão de Andrade e
author2_role author
dc.contributor.author.fl_str_mv Garcia, Inajá Allane Santos
Silva, Juliane Simão de Andrade e
dc.subject.por.fl_str_mv Características dos CEOs
B3
Teoria dos Escalões Superiores.
characteristics of CEOs
B3
theory of upper echelons
topic Características dos CEOs
B3
Teoria dos Escalões Superiores.
characteristics of CEOs
B3
theory of upper echelons
description The purpose of this study was to analyze the influence of CEOs' personal and professional characteristics on the financial performance of publicly traded non-financial companies listed on B3. For this, the Theory of Higher Levels, proposed by Hambrick and Mason (1984), was adapted as theoretical support and an empirical model of multiple regression was used. 328 companies were analyzed in the period from 2011 to 2018, which formed an unbalanced panel with 824 observations. To measure the financial performance of companies, return on assets (ROA) was used and the personal and professional characteristics investigated were age (IDA), gender (GEN), professional experience (EXP), education level (ESC), area training (FOR) and tenure (TEM). Evidence indicates that female CEOs have a negative influence, while CEOs with previous experience in the Executive Board of the same company and with higher levels of education positively influence the financial performance of B3's publicly traded companies. Such evidence contributes to a diverse audience, such as the companies themselves, CEOs who intend to join publicly traded companies and also with investors and potential investors.  
publishDate 2021
dc.date.none.fl_str_mv 2021-02-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
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dc.identifier.uri.fl_str_mv https://ojs.eniac.com.br/index.php/EniacPesquisa/article/view/764
10.22567/rep.v10i1.764
url https://ojs.eniac.com.br/index.php/EniacPesquisa/article/view/764
identifier_str_mv 10.22567/rep.v10i1.764
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://ojs.eniac.com.br/index.php/EniacPesquisa/article/view/764/778
dc.rights.driver.fl_str_mv Copyright (c) 2021 REVISTA ENIAC PESQUISA
https://creativecommons.org/licenses/by/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2021 REVISTA ENIAC PESQUISA
https://creativecommons.org/licenses/by/4.0
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Centro Universitário ENIAC
publisher.none.fl_str_mv Centro Universitário ENIAC
dc.source.none.fl_str_mv Revista Eniac Pesquisa; Vol. 10 No. 1 (2021); 178-195
REVISTA ENIAC PESQUISA; Vol. 10 Núm. 1 (2021); 178-195
REVISTA ENIAC PESQUISA; v. 10 n. 1 (2021); 178-195
2316-2341
10.22567/rep.v10i1
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