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The effect of CEO-specific heterogeneity on firm’s policies: Empirical evidence from Norwegian companies

Martynchuk, Olena; Pisla, Olga
Master thesis
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http://hdl.handle.net/11250/2577188
Utgivelsesdato
2018
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  • Master of Science [1116]
Sammendrag
This study aims to investigate whether CEO heterogeneous characteristics

influence a company’s performance and shape its corporate behavior. The focus is

on non-listed Norwegian firms and such observable characteristics as CEO’s

gender, age, tenure, and ownership. The study closely follows the approach

undertaken by Bertrand and Schoar (2003). We find that the external validity of

their results holds as manager fixed effects are statistically and economically

significant after controlling for firm and year fixed effects as well as time-varying

firm characteristics. We also find that, on average, longer-tenured CEOs seem to be

more conservative in their decisions and older CEOs who have a higher stake in the

company appear to be positively linked to a company’s performance. We identify

that heterogeneity in decisions related to interest coverage and dividend payout ratio

is attributed to some other observable or unobservable traits than the ones analyzed

in this study. Our hypothesis that, in the case of Norwegian companies, CEO effects

should matter less for performance and influence company policies to a lesser

degree compared to US firms is refuted. We believe it might be due to the specificity

of our sample i.e., non-listed companies with high ownership concentration.
Beskrivelse
Masteroppgave(MSc) in Master of Science in Finance - Handelshøyskolen BI, 2018
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Handelshøyskolen BI

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