CEO's personal characteristics, ownership and investment cash flow sensitivity: Evidence from NYSE panel data firms

This study tries to extend previous works on behavioral corporate finance by examining the interaction between investment cash flow sensitivity and various CEO characteristics in either the existence or inexistence of managerial optimism. Using a Q-investment model and departing from a sample of 475 annual observations, our results highlight that CEO's financial education, CEO's ownership and their optimism bias can explain distortions in corporate investment policy since they affect investment cash flow's relationship.

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Year of publication:	2014
Authors:	Ben Mohamed, Ezzeddine ; Naceur, Mohamed ; Baccar, Amel ; Bouri, Abdelfettah
Published in:	Journal of Economics, Finance and Administrative Science. - Barcelona : Elsevier España, ISSN 2218-0648. - Vol. 19.2014, 37, p. 98-103
Publisher:	Barcelona : Elsevier España
Subject:	Financial education \| Technical education \| Ownership \| Managerial optimism \| Corporate investment \| Formación financiera \| Formación técnica \| Titularidad \| Optimismo gerencial \| Inversión corporativa

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Type of publication:	Article
Type of publication (narrower categories):	Article
Language:	English
Other identifiers:	10.1016/j.jefas.2014.10.002 [DOI] 1026994470 [GVK] hdl:10419/179753 [Handle] RePEc:ris:joefas:0077 [RePEc]
Classification:	g02 ; G30 - Corporate Finance and Governance. General ; G31 - Capital Budgeting; Investment Policy ; G32 - Financing Policy; Capital and Ownership Structure
Source:	EconStor

Persistent link: https://www.econbiz.de/10011859366