CEO’s personal characteristics, ownership and investment cash flow sensitivity: Evidence from NYSE panel data firms

Ezzeddine Ben Mohamed, Mohamed Naceur, Amel Baccar and Abdelfettah Bouri
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Mohamed Naceur: University of Sfax (Tunisia)
Abdelfettah Bouri: University of Sfax (Tunisia)

Journal of Economics, Finance and Administrative Science, 2014, vol. 19, issue 37, 98-103

Abstract: This study tries to extend previous works on behavioral corporate finance by examining the interaction between investment cash flow sensitivity and various CEO characteristics in either the existence or inexistence of managerial optimism. Using a Q-investment model and departing from a sample of 475 annual observations, our results highlight that CEO’s financial education, CEO’s ownership and their optimism bias can explain distortions in corporate investment policy since they affect investment cash flow’s relationship.

Keywords: Financial education; Technical education; Ownership; Managerial optimism; Corporate investment (search for similar items in EconPapers)
JEL-codes: G02 G30 G31 G32 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:ris:joefas:0077

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