Modelling the Causal Relationship between Seniority of the CEO in the Enterprise and the Debt in USA

Chafik Kammoun () and Younes Boujelbene ()
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Chafik Kammoun: University of Sfax, Tunisia
Younes Boujelbene: University of Sfax, Tunisia

Acta Universitatis Danubius. OEconomica, 2012, issue 2(2), 27-33

Abstract: This paper develops a model in which the interaction of Seniority of the C.E.O in the enterprise and the debt can be analyzed. Multiple securities arise as optimal in the model. This allows for a meaningful analysis of interaction effects between Seniority of the C.E.O in the enterprise and the debt for a panel of USA firms from 2000 to 2009. There is a predicted (positive) relationship between Seniority of the C.E.O in the enterprise and the debt. Finally, this paper uses the recent developments in the econometrics of non-stationary dynamic panels to reassess the relationship between Seniority of the C.E.O in the enterprise and the debt.

Keywords: Seniority of the C.E.O; debt; cointegration; unit root; FMOLS (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:dug:actaec:y:2012:i:2:p:27-33

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