Research Article
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The Effect of CEO Characteristics on Stock Returns within Upper Echelons Theory

Year 2021, Volume: 12 Issue: 29, 204 - 223, 20.02.2021
https://doi.org/10.21076/vizyoner.725725

Abstract

The effects of top management teams’ characteristics on company performance has become very popular with the upper echelon’s theory, created in 1984. This has led to various academic studies on that topic however there is no detailed study conducted in Turkey. In the study, the effects of CEO characteristics on company performance is analyzed by using data of large-scale Turkish firms which are members of the BIST100 index over 2015 and 2019. According to the results obtained from the research, the age of the CEO, the CEO duality, and the CEO’s experience in the current company have no statistically significant effect on the stock performance. CEO’s experience in the current position and past experience working as a CEO have positive impact on the performance of the company. As the important findings in the research, (1) 84% of the companies in BIST100 are appointed insiders to the CEO position, (2) the insider CEOs stay three times more than the outsiders, and (3) there is a positive relation between CEO’s experience working as a CEO and company performance.

References

  • Acemoglu, D. ve Restrepo, P. (2019). Automation and new tasks: How technology displaces and reinstates labor. Journal of Economic Perspectives, 33(2), 3-30.
  • Agrawal, A., Knoeber, C. R. ve Tsoulouhas, T. (2006). Are outsiders handicapped in CEO successions?. Journal of Corporate Finance, 12(3), 619-644.
  • Andreou, P. C., Louca, C. ve Petrou, A. P. (2017). CEO age and stock price crash risk. Review of Finance, 21(3), 1287-1325.
  • Avcı, E. (2018). Ortaklık yapısı ve şirket performansı: Borsa İstanbul'da bir uygulama. Journal of Research in Business, 3(1), 31-52.
  • Aygün, M. ve İç, S. (2010). Genel müdürün aynı zamanda yönetim kurulu üyesi olması firma performansını etkiler mi?. Muhasebe ve Finansman Dergisi, (47), 192-201.
  • Baltagi, B. (2008). Econometric analysis of panel data. John Wiley & Sons.
  • Bantel, K. A. ve Jackson, S. E. (1989). Top management and innovations in banking: Does the composition of the top team make a difference? Strategic Management Journal, 10, 107 – 124.
  • Barak, O. (2007). Hisse senedi piyasasında halka açıklık oranının piyasa fiyatı üzerine etkisi. Selçuk Üniversitesi Sosyal Bilimler Meslek Yüksekokulu Dergisi, 10(1-2), 59-72.
  • Barker III, V. L. ve Mueller, G. C. (2002). CEO characteristics and firm R&D spending. Management Science, 48(6), 782-801.
  • Bertrand, M. ve Schoar, A. (2003). Managing with style: The effect of managers on firm policies. The Quarterly Journal of Economics, 118(4), 1169-1208.
  • Besler, S. (2006). Characteristics of Top Management Teams in Turkey. South East European Journal of Economics & Business (1840118X), (2),43-53.
  • Borokhovich, K. A., Parrino, R. ve Trapani, T. (1996). Outside directors and CEO selection. Journal of Financial and Quantitative Analysis, 31(3), 337-355.
  • Boyd, B. K. (1995). CEO duality and firm performance: A contingency model. Strategic Management Journal, 16(4), 301-312.
  • Brockmann, E. N. ve Simmonds, P. G. (1997). Strategic decision making: The influence of CEO experience and use of tacit knowledge. Journal of Managerial Issues, 454-467.
  • Buchanan, J., Chai , D. ve Deakin, S. (2018). Unexpected corporate outcomes from hedge fund activism in Japan. Socio-Economic Review, 00(0), 1-22. doi:10.1093/ser/mwy007
  • Burke, D. M. ve Light, L. L. (1981). Memory and aging: The role of retrieval processes. Psychological Bulletin, 90(3), 513.
  • Celikyurt, U. ve Donmez, B. (2017). Engineer CEOs and firm performance in BIST manufacturing Firms. Muhasebe ve Finansman Dergisi,75, 207-228.
  • Cernat, L. (2004). The emerging European corporate governance model: Anglo-Saxon, Continental, or still the century of diversity?. Journal of European Public Policy, 11(1), 147-166.
  • Clapham, S. E., Schwenk, C. R. ve Caldwell, C. (2005). CEO perceptions and corporate turnaround. Journal of Change Management, 5(4), 407-428.
  • Clark, T. S. ve Linzer, D. A. (2015). Should I use fixed or random effects?. Political Science Research and Methods, 3(2), 399-408.
  • Cline, B. N. ve Yore, A. S. (2016). Silverback CEOs: Age, experience, and firm value. Journal of Empirical Finance, 35, 169-188.
  • Çarkcı, A. ve Ataman, G. (2016). Impact of the board structure on financial performance by stewardship theory perspective, Social Sciences, 1, 151-164.
  • Doğan, M. ve Topal, Y. (2015). Yönetim kurulu büyüklüğü ile finansal performans arasındaki ilişkiye yönelik literatür taraması. Optimum Ekonomi ve Yönetim Bilimleri Dergisi, 2(1).
  • Donaldson, L. ve Davis, J. H. (1991). Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal Of Management, 16(1), 49-64.
  • Du, Q., Gao, H. ve Levi, M. D. (2012). The relative-age effect and career success: Evidence from corporate CEOs. Economics Letters, 117(3), 660-662.
  • Dursun, İ. T. ve Köseoğlu, Y. (2016). Üst kademe teorisi’ni yeniden düşünmek: Üst yönetim ekiplerinin bilişsel özellikleri & teorik açıdan kapsamı ve önemi. İşletme ve İktisat Çalışmaları Dergisi, 4(4), 117-133.
  • Eduardo, M. ve Poole, B. (2016). CEO age and gender: Subsequent market performance. Cogent Business & Management, 3(1), 1146389.
  • Ersoy, E., Bayrakdaroğlu, A. ve Şamiloğlu, F. (2011). Türkiye’de kurumsal yönetim ve firma performansı (tobin-q ve anormal getiri) arasındaki ilişkinin analizi (The Analysis of the Relationship between Corporate Governance and Firm Performance (Tobin-q and Abnormal Return) in Turkey). Finans Politik & Ekonomik Yorumlar, 48(554).
  • Finkelstein, S. ve Hambrick, D. C. (1990). Top-management-team tenure and organizational outcomes: The moderating role of managerial discretion. Administrative Science Quarterly, 484-503.
  • Fitza, M. A. (2017). How much do CEOs really matter? Reaffirming that the CEO effect is mostly due to chance. Strategic Management Journal, 38(3), 802-811.
  • Forbes, D. P. (2005). Managerial determinants of decision speed in new ventures. Strategic Management Journal, 26(4), 355-366.
  • Geddes, R. R. ve Vinod, H. D. (1997). CEO age and outside directors: A hazard analysis. Review of Industrial Organization, 12(5-6), 767-780.
  • Gujarati, (2004). Basic Econometrics, 4th Ed., McGraw Hill.
  • Hambrick, D. C. ve Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193-206.
  • Henderson, A. D., Miller, D. ve Hambrick, D. C. (2006). How quickly do CEOs become obsolete? Industry dynamism, CEO tenure, and company performance. Strategic Management Journal, 27(5), 447-460.
  • Hill, C. W. ve Phan, P. (1991). CEO tenure as a determinant of CEO pay. Academy of Management Journal, 34(3), 707-717.
  • Hsu, S., Lin, S. W., Chen, W. P. ve Huang, J. W. (2019). CEO duality, information costs, and firm performance. The North American Journal of Economics and Finance, 101011.
  • Iqbal, Z. (2015). CEO age, education, and introduction of hedging in the oil and gas industry. Journal of Economics and Finance, 39(1), 189-200.
  • Isyatirim. (2020a). İşyatırım takip listesi. Erişim Tarihi: 27.02.2020. Erişim adresi: https://www.isyatirim.com.tr/tr-tr/analiz/hisse/Sayfalar/takip-listesi.aspx#page-1, (27.02.2020).
  • Isyatirim. (2020b). İşyatırım takip listesi. Erişim Tarihi: 27.02.2020. Erişim adresi: https://www.isyatirim.com.tr/tr-tr/analiz/hisse/Sayfalar/Temel-Degerler-Ve-Oranlar.aspx#page-1 (01.01.2020).
  • John Harry III, E., Gao, Z., Hwang, Y. ve Wu, W. T. (2018). Performance periods in CEO performance-based equity awards: Theory and evidence. The Accounting Review, 93(2), 161-190.
  • Kaplan, S. N., Klebanov, M. M. ve Sorensen, M. (2012). Which CEO characteristics and abilities matter?. The Journal of Finance, 67(3), 973-1007.
  • Kılıç, M. ve Ayrıçay, Y. (2018). Yönetim kurulu ve sahiplik yapısının finansal performans üzerindeki etkisi: BIST imalat sanayi sektöründe bir alan araştırması. Afyon Kocatepe Üniversitesi Sosyal Bilimler Dergisi, 20(2), 177-192.
  • Kitchell, S. (1997). CEO characteristics and technological innovativeness: A Canadian perspective. Canadian Journal of Administrative Sciences/Revue Canadienne des Sciences de l'Administration, 14(2), 111-121.
  • Loderer, C. F. ve Waelchli, U. (2010). Firm age and performance. Available at SSRN 1342248.
  • Loureiro, G., Makhija, A. K. ve Zhang, D. (2020). One dollar CEOs. Journal of Business Research, 109, 425-439.
  • McKnight, P. J., Tomkins, C., Weir, C. ve Hobson, D. (2000). CEO age and top executive pay: A UK empirical study. Journal of Management and Governance, 4(3), 173-187.
  • Milbourn, T. T. (2003). CEO reputation and stock-based compensation. Journal of Financial Economics, 68(2), 233-262.
  • Nguyen, P., Rahman, N. ve Zhao, R. (2018). CEO characteristics and firm valuation: a quantile regression analysis. Journal of Management & Governance, 22(1), 133-151.
  • Peterson, R. S., Smith, D. B., Martorana, P. V. ve Owens, P. D. (2003). The impact of chief executive officer personality on top management team dynamics: one mechanism by which leadership affects organizational performance. Journal of applied Psychology, 88(5), 795.
  • Quigley, T. J. ve Hambrick, D. C. (2015). Has the “CEO effect” increased in recent decades? A new explanation for the great rise in America's attention to corporate leaders. Strategic Management Journal, 36(6), 821-830.
  • Rajagopalan, N. ve Datta, D. K. (1996). CEO characteristics: does industry matter?. Academy of Management Journal, 39(1), 197-215.
  • Rodenbach, M. ve Brettel, M. (2012). CEO experience as micro‐level origin of dynamic capabilities. Management Decision. 50(4), 611-634
  • Serfling, M. A. (2014). CEO age and the riskiness of corporate policies. Journal of Corporate Finance, 25, 251-273.
  • Simsek, Z. (2007). CEO tenure and organizational performance: An intervening model. Strategic Management Journal, 28(6), 653-662.
  • Sitthipongpanich, T. ve Polsiri, P. (2015). Do CEO and board characteristics matter? A study of Thai family firms. Journal of Family Business Strategy, 6(2), 119-129.
  • Tekin, E. ve Demirel, S. K. (2017). Yönetim kurulu kalitesinin firma performansı üzerindeki etkisi: BİST-100 firmaları üzerine bir araştırma. Yonetim ve Ekonomi, 24(3), 725-740.
  • Tosi, H. L., Misangyi, V. F., Fanelli, A., Waldman, D. A. ve Yammarino, F. J. (2004). CEO charisma, compensation, and firm performance. The Leadership Quarterly, 15(3), 405-420.
  • Tuzcu, A. ve Fıkırkoca, A. (2005). Corporate governance approach of Turkish companies operating in the Istanbul Stock Exchange: The case of an emerging market economy in an age of capitalist diversity. Problems and Perspectives in Management, 4, 154-172.
  • Vintilă, G., Onofrei, M. ve Gherghina, Ş. C. (2015). The effects of corporate board and CEO characteristics on firm value: empirical evidence from listed companies on the Bucharest stock exchange. Emerging Markets Finance and Trade, 51(6), 1244-1260.
  • Whyte, W. H. (1956). The Organization Man. Doubleday: Garden City, NY.
  • Yim, S. (2013). The acquisitiveness of youth: CEO age and acquisition behavior. Journal of Financial Economics, 108(1), 250-273.
  • Zajac, B. ve Stearns, L. B. (1997). CEOs' career backgrounds and corporate long‐term strategic planning. Sociological inquiry, 67(2), 207-226.
  • Zajac, E. J. ve Westphal, J. D. (1996). Who shall succeed? How CEO/board preferences and power affect the choice of new CEOs. Academy of Management Journal, 39(1), 64-90.

Üst Kademe Kuramı Kapsamında Hisse Getirileri Üzerinde CEO’nun Özelliklerinin Etkisi

Year 2021, Volume: 12 Issue: 29, 204 - 223, 20.02.2021
https://doi.org/10.21076/vizyoner.725725

Abstract

1984 yılında oluşturulan üst kademe (upper echelons) kuramı şirketlerin üst yönetim ekiplerinin özelliklerinin şirket performansına etkisini gündeme taşımıştır. Bu konuda birçok araştırma yapılmış olsa da Türkiye’de yapılmış detaylı bir çalışma bulunmamaktadır. Bu çalışmada, Türkiye’deki büyük ölçekli firmaların önemli bir kısmını içeren BİST100 endeksindeki şirketlere ait 2015-2019 yıllarını kapsayan veri seti kullanılarak şirket CEO’larının özelliklerinin şirket performansına etkisi incelenmiştir. Araştırmadan elde edilen sonuçlara CEO yaşı, CEO ikiliği, CEO’nun aynı firmada çalıştığı süre ve CEO’nun aynı firma içinden atanmasının şirket performansına etkisi bulunmamaktadır. CEO’nun mevcut pozisyonda geçirdiği sürenin ve toplam CEO olarak çalışma tecrübesinin istatistiksel olarak anlamlı bir şekilde şirket performansına olumlu yansıdığı görülmüştür. Araştırmada önemli bulgular olarak (1) BİST100’deki şirketlerin %84’ünün CEO pozisyonuna içerden atama yaptıkları, (2) içerden atanan CEO’ların aynı pozisyonda dışarıdan atanan CEO’lara kıyasla üç kat daha fazla kaldığı ve (3) CEO olarak çalışılan süre ile elde edilen performans arasında pozitif ilişki olduğu tespit edilmiştir.

References

  • Acemoglu, D. ve Restrepo, P. (2019). Automation and new tasks: How technology displaces and reinstates labor. Journal of Economic Perspectives, 33(2), 3-30.
  • Agrawal, A., Knoeber, C. R. ve Tsoulouhas, T. (2006). Are outsiders handicapped in CEO successions?. Journal of Corporate Finance, 12(3), 619-644.
  • Andreou, P. C., Louca, C. ve Petrou, A. P. (2017). CEO age and stock price crash risk. Review of Finance, 21(3), 1287-1325.
  • Avcı, E. (2018). Ortaklık yapısı ve şirket performansı: Borsa İstanbul'da bir uygulama. Journal of Research in Business, 3(1), 31-52.
  • Aygün, M. ve İç, S. (2010). Genel müdürün aynı zamanda yönetim kurulu üyesi olması firma performansını etkiler mi?. Muhasebe ve Finansman Dergisi, (47), 192-201.
  • Baltagi, B. (2008). Econometric analysis of panel data. John Wiley & Sons.
  • Bantel, K. A. ve Jackson, S. E. (1989). Top management and innovations in banking: Does the composition of the top team make a difference? Strategic Management Journal, 10, 107 – 124.
  • Barak, O. (2007). Hisse senedi piyasasında halka açıklık oranının piyasa fiyatı üzerine etkisi. Selçuk Üniversitesi Sosyal Bilimler Meslek Yüksekokulu Dergisi, 10(1-2), 59-72.
  • Barker III, V. L. ve Mueller, G. C. (2002). CEO characteristics and firm R&D spending. Management Science, 48(6), 782-801.
  • Bertrand, M. ve Schoar, A. (2003). Managing with style: The effect of managers on firm policies. The Quarterly Journal of Economics, 118(4), 1169-1208.
  • Besler, S. (2006). Characteristics of Top Management Teams in Turkey. South East European Journal of Economics & Business (1840118X), (2),43-53.
  • Borokhovich, K. A., Parrino, R. ve Trapani, T. (1996). Outside directors and CEO selection. Journal of Financial and Quantitative Analysis, 31(3), 337-355.
  • Boyd, B. K. (1995). CEO duality and firm performance: A contingency model. Strategic Management Journal, 16(4), 301-312.
  • Brockmann, E. N. ve Simmonds, P. G. (1997). Strategic decision making: The influence of CEO experience and use of tacit knowledge. Journal of Managerial Issues, 454-467.
  • Buchanan, J., Chai , D. ve Deakin, S. (2018). Unexpected corporate outcomes from hedge fund activism in Japan. Socio-Economic Review, 00(0), 1-22. doi:10.1093/ser/mwy007
  • Burke, D. M. ve Light, L. L. (1981). Memory and aging: The role of retrieval processes. Psychological Bulletin, 90(3), 513.
  • Celikyurt, U. ve Donmez, B. (2017). Engineer CEOs and firm performance in BIST manufacturing Firms. Muhasebe ve Finansman Dergisi,75, 207-228.
  • Cernat, L. (2004). The emerging European corporate governance model: Anglo-Saxon, Continental, or still the century of diversity?. Journal of European Public Policy, 11(1), 147-166.
  • Clapham, S. E., Schwenk, C. R. ve Caldwell, C. (2005). CEO perceptions and corporate turnaround. Journal of Change Management, 5(4), 407-428.
  • Clark, T. S. ve Linzer, D. A. (2015). Should I use fixed or random effects?. Political Science Research and Methods, 3(2), 399-408.
  • Cline, B. N. ve Yore, A. S. (2016). Silverback CEOs: Age, experience, and firm value. Journal of Empirical Finance, 35, 169-188.
  • Çarkcı, A. ve Ataman, G. (2016). Impact of the board structure on financial performance by stewardship theory perspective, Social Sciences, 1, 151-164.
  • Doğan, M. ve Topal, Y. (2015). Yönetim kurulu büyüklüğü ile finansal performans arasındaki ilişkiye yönelik literatür taraması. Optimum Ekonomi ve Yönetim Bilimleri Dergisi, 2(1).
  • Donaldson, L. ve Davis, J. H. (1991). Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal Of Management, 16(1), 49-64.
  • Du, Q., Gao, H. ve Levi, M. D. (2012). The relative-age effect and career success: Evidence from corporate CEOs. Economics Letters, 117(3), 660-662.
  • Dursun, İ. T. ve Köseoğlu, Y. (2016). Üst kademe teorisi’ni yeniden düşünmek: Üst yönetim ekiplerinin bilişsel özellikleri & teorik açıdan kapsamı ve önemi. İşletme ve İktisat Çalışmaları Dergisi, 4(4), 117-133.
  • Eduardo, M. ve Poole, B. (2016). CEO age and gender: Subsequent market performance. Cogent Business & Management, 3(1), 1146389.
  • Ersoy, E., Bayrakdaroğlu, A. ve Şamiloğlu, F. (2011). Türkiye’de kurumsal yönetim ve firma performansı (tobin-q ve anormal getiri) arasındaki ilişkinin analizi (The Analysis of the Relationship between Corporate Governance and Firm Performance (Tobin-q and Abnormal Return) in Turkey). Finans Politik & Ekonomik Yorumlar, 48(554).
  • Finkelstein, S. ve Hambrick, D. C. (1990). Top-management-team tenure and organizational outcomes: The moderating role of managerial discretion. Administrative Science Quarterly, 484-503.
  • Fitza, M. A. (2017). How much do CEOs really matter? Reaffirming that the CEO effect is mostly due to chance. Strategic Management Journal, 38(3), 802-811.
  • Forbes, D. P. (2005). Managerial determinants of decision speed in new ventures. Strategic Management Journal, 26(4), 355-366.
  • Geddes, R. R. ve Vinod, H. D. (1997). CEO age and outside directors: A hazard analysis. Review of Industrial Organization, 12(5-6), 767-780.
  • Gujarati, (2004). Basic Econometrics, 4th Ed., McGraw Hill.
  • Hambrick, D. C. ve Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193-206.
  • Henderson, A. D., Miller, D. ve Hambrick, D. C. (2006). How quickly do CEOs become obsolete? Industry dynamism, CEO tenure, and company performance. Strategic Management Journal, 27(5), 447-460.
  • Hill, C. W. ve Phan, P. (1991). CEO tenure as a determinant of CEO pay. Academy of Management Journal, 34(3), 707-717.
  • Hsu, S., Lin, S. W., Chen, W. P. ve Huang, J. W. (2019). CEO duality, information costs, and firm performance. The North American Journal of Economics and Finance, 101011.
  • Iqbal, Z. (2015). CEO age, education, and introduction of hedging in the oil and gas industry. Journal of Economics and Finance, 39(1), 189-200.
  • Isyatirim. (2020a). İşyatırım takip listesi. Erişim Tarihi: 27.02.2020. Erişim adresi: https://www.isyatirim.com.tr/tr-tr/analiz/hisse/Sayfalar/takip-listesi.aspx#page-1, (27.02.2020).
  • Isyatirim. (2020b). İşyatırım takip listesi. Erişim Tarihi: 27.02.2020. Erişim adresi: https://www.isyatirim.com.tr/tr-tr/analiz/hisse/Sayfalar/Temel-Degerler-Ve-Oranlar.aspx#page-1 (01.01.2020).
  • John Harry III, E., Gao, Z., Hwang, Y. ve Wu, W. T. (2018). Performance periods in CEO performance-based equity awards: Theory and evidence. The Accounting Review, 93(2), 161-190.
  • Kaplan, S. N., Klebanov, M. M. ve Sorensen, M. (2012). Which CEO characteristics and abilities matter?. The Journal of Finance, 67(3), 973-1007.
  • Kılıç, M. ve Ayrıçay, Y. (2018). Yönetim kurulu ve sahiplik yapısının finansal performans üzerindeki etkisi: BIST imalat sanayi sektöründe bir alan araştırması. Afyon Kocatepe Üniversitesi Sosyal Bilimler Dergisi, 20(2), 177-192.
  • Kitchell, S. (1997). CEO characteristics and technological innovativeness: A Canadian perspective. Canadian Journal of Administrative Sciences/Revue Canadienne des Sciences de l'Administration, 14(2), 111-121.
  • Loderer, C. F. ve Waelchli, U. (2010). Firm age and performance. Available at SSRN 1342248.
  • Loureiro, G., Makhija, A. K. ve Zhang, D. (2020). One dollar CEOs. Journal of Business Research, 109, 425-439.
  • McKnight, P. J., Tomkins, C., Weir, C. ve Hobson, D. (2000). CEO age and top executive pay: A UK empirical study. Journal of Management and Governance, 4(3), 173-187.
  • Milbourn, T. T. (2003). CEO reputation and stock-based compensation. Journal of Financial Economics, 68(2), 233-262.
  • Nguyen, P., Rahman, N. ve Zhao, R. (2018). CEO characteristics and firm valuation: a quantile regression analysis. Journal of Management & Governance, 22(1), 133-151.
  • Peterson, R. S., Smith, D. B., Martorana, P. V. ve Owens, P. D. (2003). The impact of chief executive officer personality on top management team dynamics: one mechanism by which leadership affects organizational performance. Journal of applied Psychology, 88(5), 795.
  • Quigley, T. J. ve Hambrick, D. C. (2015). Has the “CEO effect” increased in recent decades? A new explanation for the great rise in America's attention to corporate leaders. Strategic Management Journal, 36(6), 821-830.
  • Rajagopalan, N. ve Datta, D. K. (1996). CEO characteristics: does industry matter?. Academy of Management Journal, 39(1), 197-215.
  • Rodenbach, M. ve Brettel, M. (2012). CEO experience as micro‐level origin of dynamic capabilities. Management Decision. 50(4), 611-634
  • Serfling, M. A. (2014). CEO age and the riskiness of corporate policies. Journal of Corporate Finance, 25, 251-273.
  • Simsek, Z. (2007). CEO tenure and organizational performance: An intervening model. Strategic Management Journal, 28(6), 653-662.
  • Sitthipongpanich, T. ve Polsiri, P. (2015). Do CEO and board characteristics matter? A study of Thai family firms. Journal of Family Business Strategy, 6(2), 119-129.
  • Tekin, E. ve Demirel, S. K. (2017). Yönetim kurulu kalitesinin firma performansı üzerindeki etkisi: BİST-100 firmaları üzerine bir araştırma. Yonetim ve Ekonomi, 24(3), 725-740.
  • Tosi, H. L., Misangyi, V. F., Fanelli, A., Waldman, D. A. ve Yammarino, F. J. (2004). CEO charisma, compensation, and firm performance. The Leadership Quarterly, 15(3), 405-420.
  • Tuzcu, A. ve Fıkırkoca, A. (2005). Corporate governance approach of Turkish companies operating in the Istanbul Stock Exchange: The case of an emerging market economy in an age of capitalist diversity. Problems and Perspectives in Management, 4, 154-172.
  • Vintilă, G., Onofrei, M. ve Gherghina, Ş. C. (2015). The effects of corporate board and CEO characteristics on firm value: empirical evidence from listed companies on the Bucharest stock exchange. Emerging Markets Finance and Trade, 51(6), 1244-1260.
  • Whyte, W. H. (1956). The Organization Man. Doubleday: Garden City, NY.
  • Yim, S. (2013). The acquisitiveness of youth: CEO age and acquisition behavior. Journal of Financial Economics, 108(1), 250-273.
  • Zajac, B. ve Stearns, L. B. (1997). CEOs' career backgrounds and corporate long‐term strategic planning. Sociological inquiry, 67(2), 207-226.
  • Zajac, E. J. ve Westphal, J. D. (1996). Who shall succeed? How CEO/board preferences and power affect the choice of new CEOs. Academy of Management Journal, 39(1), 64-90.
There are 64 citations in total.

Details

Primary Language Turkish
Subjects Finance
Journal Section Research Articles
Authors

Serkan Unal 0000-0002-7060-979X

Çağlar Doğru 0000-0002-4215-8979

Publication Date February 20, 2021
Submission Date April 23, 2020
Published in Issue Year 2021 Volume: 12 Issue: 29

Cite

APA Unal, S., & Doğru, Ç. (2021). Üst Kademe Kuramı Kapsamında Hisse Getirileri Üzerinde CEO’nun Özelliklerinin Etkisi. Süleyman Demirel Üniversitesi Vizyoner Dergisi, 12(29), 204-223. https://doi.org/10.21076/vizyoner.725725

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