CEO characteristics and firm valuation: a quantile regression analysis

Nguyen, P; Rahman, N; Zhao, R

CEO characteristics and firm valuation: a quantile regression analysis

Nguyen, P

Rahman, N

Zhao, R

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Publication Type:: Journal Article
Citation:: Journal of Management and Governance, 2018, 22 (1), pp. 133 - 151
Issue Date:: 2018-03-01

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Field	Value	Language
dc.contributor.author	Nguyen, P https://orcid.org/0000-0003-3071-6141	en_US
dc.contributor.author	Rahman, N https://orcid.org/0000-0002-8251-7796	en_US
dc.contributor.author	Zhao, R https://orcid.org/0000-0002-1223-3333	en_US
dc.date.available	2020-05-25T19:24:04Z
dc.date.issued	2018-03-01	en_US
dc.identifier.citation	Journal of Management and Governance, 2018, 22 (1), pp. 133 - 151	en_US
dc.identifier.issn	1385-3457	en_US
dc.identifier.uri	http://hdl.handle.net/10453/124324
dc.description.abstract	© 2017, Springer Science+Business Media, LLC. This study investigates the effects of three highly-visible CEO characteristics on firm valuation. Using a sample of 2702 observations for Australian firms over the period 2001–2011, we find that CEO age is uniformly associated with lower firm valuation. CEO tenure is also associated with lower valuation, but more significantly so in the higher quantiles of firm valuation, that is for firms with high-growth opportunities. In contrast, CEO duality is found to be beneficial only for firms with high-growth opportunities. Overall, the study highlights the contingent relationship between CEO characteristics and firm valuation.	en_US
dc.relation.ispartof	Journal of Management and Governance	en_US
dc.relation.isbasedon	10.1007/s10997-017-9383-7	en_US
dc.subject.classification	Business & Management	en_US
dc.title	CEO characteristics and firm valuation: a quantile regression analysis	en_US
dc.type	Journal Article
utslib.citation.volume	1	en_US
utslib.citation.volume	22	en_US
utslib.for	1503 Business and Management	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Finance Discipline
pubs.organisational-group	/University of Technology Sydney/Strength - CCG - Centre for Corporate Governance
utslib.copyright.status	open_access
pubs.issue	1	en_US
pubs.publication-status	Published	en_US
pubs.volume	22	en_US

Abstract:

© 2017, Springer Science+Business Media, LLC. This study investigates the effects of three highly-visible CEO characteristics on firm valuation. Using a sample of 2702 observations for Australian firms over the period 2001–2011, we find that CEO age is uniformly associated with lower firm valuation. CEO tenure is also associated with lower valuation, but more significantly so in the higher quantiles of firm valuation, that is for firms with high-growth opportunities. In contrast, CEO duality is found to be beneficial only for firms with high-growth opportunities. Overall, the study highlights the contingent relationship between CEO characteristics and firm valuation.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/115861