CEO characteristics and capital structure dynamics: evidence from a transitional economy
CEO characteristics and capital structure dynamics: evidence from a transitional economy
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.
CEO characteristics, State-owned enterprises, capital structure, speed of adjustment
Le, Ha Trang
fbd196cf-de71-4ba0-811b-b1968dbcac18
Nguyen, Thao
e2d24b6d-9029-46ba-9ad6-ff2b152eff61
Hunjra, Ahmed Imran
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Truong, Cameron
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Ntim, Collins
1f344edc-8005-4e96-8972-d56c4dade46b
1 January 2025
Le, Ha Trang
fbd196cf-de71-4ba0-811b-b1968dbcac18
Nguyen, Thao
e2d24b6d-9029-46ba-9ad6-ff2b152eff61
Hunjra, Ahmed Imran
19967c87-e3e1-4757-9fec-63b10f92052f
Truong, Cameron
e83e6166-0573-4a6e-95cd-d2f864fa6673
Ntim, Collins
1f344edc-8005-4e96-8972-d56c4dade46b
Le, Ha Trang, Nguyen, Thao, Hunjra, Ahmed Imran, Truong, Cameron and Ntim, Collins
(2025)
CEO characteristics and capital structure dynamics: evidence from a transitional economy.
Emerging Markets Review, 64, [101231].
(doi:10.1016/j.ememar.2024.101231).
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.
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Accepted Paper_EMR_25_11_2024
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Accepted/In Press date: 25 November 2024
e-pub ahead of print date: 26 November 2024
Published date: 1 January 2025
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© 2024
Keywords:
CEO characteristics, State-owned enterprises, capital structure, speed of adjustment
Identifiers
Local EPrints ID: 496532
URI: http://eprints.soton.ac.uk/id/eprint/496532
ISSN: 1566-0141
PURE UUID: 3abc1cdc-406e-49db-b495-a12c5affe122
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Date deposited: 17 Dec 2024 17:48
Last modified: 10 Jan 2025 02:27
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Contributors
Author:
Ha Trang Le
Author:
Thao Nguyen
Author:
Ahmed Imran Hunjra
Author:
Cameron Truong
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