CEO characteristics and capital structure dynamics: Evidence from a transitional economy

Ha Trang Le, Thao Nguyen, Ahmed Hunjra (), Cameron Truong and Collins Ntim

Emerging Markets Review, 2025, vol. 64, issue C

Abstract: We investigate the relationship between CEO characteristics and the speed of adjustment (SOA) of capital structure for listed firms in Vietnam over the period 2000–2023. Our findings demonstrate that CEO gender, age, and education increase the SOA, but CEO tenure decreases the SOA. State ownership and firm size are closely associated with adjustment costs of capital structure. Our findings reveal that in State-Owned Enterprises (SOEs), long-tenured CEOs have a positive effect on the SOA, while the impact of CEO qualifications on the SOA is negative. The role of CEO characteristics is more pronounced during the COVID-19 pandemic.

Keywords: CEO characteristics; Capital structure; Speed of adjustment; State-owned enterprises (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ememar:v:64:y:2025:i:c:s1566014124001262

DOI: 10.1016/j.ememar.2024.101231

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