Decision-Making Strategies of C-Level Executives: The Role of Demographic Characteristics

Abstract

This study examines the impact of age, gender, and tenure on decision-making strategies of top managers, including chief executive officers (CEOs), chief financial officers (CFOs), and chief operating officers (COOs). Prior research has suggested that these demographic characteristics shape decision-makers’ cognitive abilities, risk attitudes, emotional experiences, and capacity for emotional regulation. Data were collected from 288 top managers across the financial and manufacturing sectors to examine these assumptions, offering contrasting strategic contexts in terms of risk, dynamism, and operational stability. A quantitative research design was employed to analyze the relationships between demographic variables and decision-making strategies. Contrary to prevailing expectations, the findings revealed no significant associations between age, gender, or tenure and the strategic approaches managers adopted in decision-making. These results suggest that demographic attributes may be less relevant for predicting managerial decision-making than previously assumed. Instead, other factors, such as psychological characteristics, organizational culture, and situational demands, may play a more decisive role. This research contributes to the ongoing refinement of upper echelons theory by underscoring the limitations of demographic predictors in explaining executive behavior. The study advances both scholarship and practice by challenging widely held assumptions and encouraging more nuanced investigations into the determinants of strategic decision-making.