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CEO attributes, investment decisions and firm performance: new insights from upper echelons theory

CEO attributes, investment decisions and firm performance: new insights from upper echelons theory
CEO attributes, investment decisions and firm performance: new insights from upper echelons theory
The study examines the role of a CEO in enhancing a firm’s performance through the mediating effect of investment decisions in the emerging economy of Pakistan. Distinctly, fixed-effects panel regression method is employed to examine the said-nexus of non-financial firms listed at the Pakistan Stock Exchange. It is empirically unearthed that CEO attributes, namely age, tenure, ownership, financial education, and career experience are positively related to firm performance in general and capital investment decisions in particular. Secondly, capital investment decisions partially and significantly mediate the nexus between CEO attributes and firm performance with few exceptions that confirm the theoretical implications of upper echelons theory in an emerging economy context.
CEO attributes, Investment decision, Firm performance, Pakistan, Upper echelons theory
0143-6570
Ali, Rizwan
e9419873-e278-4105-a7fa-989f2647ce2f
Rehman, Ramiz ur
86dc877b-d0e0-487d-afb5-4eccfd56280a
Suleman, Sana
1d5b52cd-3994-48eb-962d-0ec1cb0fc77d
Ntim, Collins
1f344edc-8005-4e96-8972-d56c4dade46b
Ali, Rizwan
e9419873-e278-4105-a7fa-989f2647ce2f
Rehman, Ramiz ur
86dc877b-d0e0-487d-afb5-4eccfd56280a
Suleman, Sana
1d5b52cd-3994-48eb-962d-0ec1cb0fc77d
Ntim, Collins
1f344edc-8005-4e96-8972-d56c4dade46b

Ali, Rizwan, Rehman, Ramiz ur, Suleman, Sana and Ntim, Collins (2021) CEO attributes, investment decisions and firm performance: new insights from upper echelons theory. Managerial and Decision Economics. (doi:10.1002/mde.3389).

Record type: Article

Abstract

The study examines the role of a CEO in enhancing a firm’s performance through the mediating effect of investment decisions in the emerging economy of Pakistan. Distinctly, fixed-effects panel regression method is employed to examine the said-nexus of non-financial firms listed at the Pakistan Stock Exchange. It is empirically unearthed that CEO attributes, namely age, tenure, ownership, financial education, and career experience are positively related to firm performance in general and capital investment decisions in particular. Secondly, capital investment decisions partially and significantly mediate the nexus between CEO attributes and firm performance with few exceptions that confirm the theoretical implications of upper echelons theory in an emerging economy context.

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More information

Accepted/In Press date: 31 May 2021
e-pub ahead of print date: 18 June 2021
Keywords: CEO attributes, Investment decision, Firm performance, Pakistan, Upper echelons theory

Identifiers

Local EPrints ID: 449973
URI: http://eprints.soton.ac.uk/id/eprint/449973
ISSN: 0143-6570
PURE UUID: 07cca432-0d93-4181-a51b-422fe7834019
ORCID for Collins Ntim: ORCID iD orcid.org/0000-0002-1042-4056

Catalogue record

Date deposited: 01 Jul 2021 16:30
Last modified: 02 Jul 2021 01:27

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Contributors

Author: Rizwan Ali
Author: Ramiz ur Rehman
Author: Sana Suleman
Author: Collins Ntim ORCID iD

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