CEO Characteristics and Valuation of the Organization: A Quantile Regression Analysis

Muhammad Rizwan Nazir, Muhammad Imran Nazir, Ifran Khan, Faryal -

Abstract


This study examines the effects of three highly-visible CEO characteristics on a valuation of the organization. Using a sample for Chinese firms over the period of 2007-2016, we find that CEO age is consistently related with lower organizations’ valuation. CEO tenure is also related with lower valuation, but more significantly so in the higher quantiles of organizations’ valuation, that is for organizations with high growth opportunities. The CEO duality is found to be valuable only for organizations with high growth opportunities. Overall, this study highlights the contingent association between CEO characteristics and valuation of the organization.

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DOI: https://doi.org/10.5296/ijafr.v8i1.12824

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