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The purpose of this paper is to analyse the market reaction to the appointments of chief executive officers (CEOs) in companies listed on the Warsaw Stock Exchange. The authors focussed on the relationship between the characteristics of a newly appointed CEO and the shareholders’ reactions to the appointment of a CEO.

To measure shareholder reaction, the authors apply an event study methodology. The determinants of reaction are identified on the basis of multi-regression analysis.

The results reveal a negative market reaction to all CEO appointments, both new appointments and reappointments. Investor reaction is driven more by the financial condition of the company, the company’s market performance and the free float, than by the characteristics of a newly appointed CEO. Neither the origins and generation (age) nor the gender of a CEO influence share prices. The relationship between the educational background of a CEO and shareholders’ reactions is mixed. Furthermore, the appointment of an inexperienced CEO seems to be preferred by investors.

The study is restricted by certain limitations related to the adopted measures, the single-market research, data gaps and the selection of variables for regression analysis. A further cross-country study including Central and Eastern Europe and/or the transition economies of the Baltic Region is recommended. The relationship between the operating performance of a firm and its internal control mechanisms could be explored.

The findings might influence the decisions made by company owners and supervisory boards when appointing top executives, and might contribute to a better understanding of how CEO appointments can affect shareholder value creation. The results also provide important guidelines for institutions that oversee the financial system.

The findings of this study are expected to the findings are expected to contribute to the literature on the empirical analysis of the shareholder wealth effect, on signalling theory, on the phenomenon of information asymmetry and on corporate governance. The study covers a full economic cycle of the capital market, including the financial crisis and financial bubbles, and it fills a gap in the research regarding emerging markets and transition economies in Europe.

The paper aims to investigate how the governance practices of public-sector entities (PSEs) in Tanzania are shaped by competing institutional logics and strategies used to manage the logics.

In the paper, empirical evidence was gathered through documentary sources, non-participant observations and in-depth interviews with members of boards of directors (BoDs), chief executive officers (CEOs), internal and external auditors, senior executives and ministry officials. The data were analyzed using thematic and pattern-matching approaches.

The paper shows that bureaucratic and market logics co-exist and variations in governance practices within and across categories of PSEs. These are reflected in CEO appointments, multiple roles of CEOs, board member appointments, board composition, multiple board membership, board roles and evaluation of board performance. External audits also foster market logic in governance practices. The two competing logics are managed by actors through selective coupling, compromise, decoupling and compartmentalization. Despite competing logics, the bureaucratic logic remains dominant and is largely responsible for variations between the underlying logics and governance practices.

The findings suggest that public-sector reforms in emerging economies (EEs) must account for the fact that governance practices in PSEs are shaped by different institutional logics embedded in socioeconomic, political and organizational contexts and their corresponding management strategies.

Few previous studies explicitly report relationships between institutional logics and the governance practices of PSEs in EEs. The current study is one of few empirical studies to connect competing institutional logics and the associated management strategies, as well as governance practices in EEs in the context of public-sector reforms.

The purpose of this study is to examine the organizational and environmental antecedents to the appointment of a woman to a non-CEO top management team (TMT) position.

This study uses a conditional fixed effects logistic regression model to analyze non-CEO TMT appointment data collected from the S&P 500 between 2008 and 2016.

Women were more likely to be appointed to non-CEO TMT positions when a firm was undergoing strategic change, had slack resources, and was in a less munificent environment.

This article contributes to the literature concerning the antecedents of the selection of women to executive leadership (e.g. the glass cliff) roles by examining organizational and environmental contexts at the non-CEO TMT unit of analysis.

All that we know about the Chief Executive Officer (CEO) labour market in China comes from the studies of public listed companies and State-owned Enterprises (SOEs). This is the first attempt to examine the operation of the CEO labour market across all industrial sectors of the Chinese economy. We find that the influence of the State extends beyond SOEs into many privately owned firms. Government is often involved in CEO appointments in domestic firms and, when this is the case, the CEO has less job autonomy and is less likely to have pay linked to firm performance. Nevertheless, we find that incentive schemes are commonplace and include contracts linking CEO pay directly to firm performance, annual bonus schemes, the posting of performance bonds, and holding company stock. The elasticity of pay with respect to company performance is one or more in two-fifths of the cases where CEOs have performance contracts, suggesting many face high-powered incentives. We also show that State-owned and domestic privately owned firms are more likely than foreign-owned firms to use incentive contracts.

To understand if certain board traits can contribute to attract CEO directors

Panel data model with firm fixed effects of individual and firm level attributes from 450 public firms in Argentina, Brazil, Chile, Colombia, Mexico and Peru

Higher levels of masters abroad, board ties, government experience and foreign members are all negatively related to the appointment of CEO directors

The use of non-performance outcome variable such as CEO experience in the family led emergent environment of Latin America

Entender si hay características de un consejo que ayudan a atraer consejeros CEOs

Modelo con datos panel y efectos fijos usando información individual y de empresa de 450 empresas públicas en Argentina, Brasil, Chile, Colombia, México y Perú

Mayores niveles de maestrías en el extranjero, lazos de consejo, experiencia de gobierno y presencia de extranjeros están relacionados negativamente con el nombramiento de nuevos consejeros CEOs

El uso de una variable que no es de desempeño como experiencia de CEOs en el contexto de empresa familiar en Latinoamérica

Highlights the historical set‐up of Canadian boards of directors, why and how women were first appointed to corporate boards. Examines factors related to women serving on corporate boards, detailing advantages and barriers to the appointments. Reports on a survey of Canadian Chief Executive Officers (CEOs) which considers factors related to the appointment of women to corporate boards. Results indicated the CEOs′ opinions on, for example, how important a variety of qualifications is to the appointment of female directors; the women with difficulties in finding women with these qualifications; preferred candidate profiles; issues which would benefit from a female perspective; effects of women on boards and companies; and the question of why there are not more women directors. Finally, with the survey as a background, looks at why there are so few women on the boards of directors of Canadian private sector organizations; and the future prospects of women as board members.

The purpose of this study is to examine the impact of chief executive officer (CEO) personal characteristics on the performance of Indian commercial banks. Additionally, it also analyses the nonlinear relationship of CEO age and CEO tenure on the bank performance.

A balanced panel data approach has been used in this study. Particularly, the fixed effect estimation technique is used to examine the relationship between CEO characteristics and bank performance during the period 2009–2010 to 2016–2017.

The authors find that professional qualification of CEOs in finance stream enhances performance. Additionally, the impact of CEO duality is found to be positive and significant on performance. Male CEOs are beneficial for bank performance. Well experienced CEOs contribute to higher performance. The results are robust across the various proxies of bank performance, and sub-samples based on ownership, size of the bank and board size.

This study provides insights to policy regulators and policymakers who are entrusted with the appointment of the CEOs in the banks in the light of the ongoing regulatory reforms.

This study can be considered as one of the early studies, which examines the association between CEO characteristics and bank performance from an emerging economy perspective. It also extends the existing study by considering both public and private banks operating in India.

CEO duality occurs when the same individual holds both the CEO and board Chair positions. In some countries (such as Britain) CEO duality is considered to impair good corporate governance. In the United States, however, CEO duality is still a common practice. The Sarbanes–Oxley Act (SOX) included many corporate governance reforms, but the Act did not address the issue of CEO duality. However, we suggest that the corporate governance environment surrounding the passage of SOX may have influenced corporate board decisions regarding CEO duality when appointing new CEOs. In this study, we seek to determine whether CEO duality changed in the post-Sox environment by investigating the likelihood of CEO duality when CEO changes took place before and after SOX. Using a sample of 182 CEO succession events before and after the passage of SOX, we find that the likelihood of combining the CEO and Chair positions for newly appointed CEOs significantly decreased in the post-SOX period relative to the pre-SOX period. Our results suggest the SOX environment fostered a greater focus on governance issues even beyond the specific provisions of SOX.

The role of chief executive officer (CEO) personal characteristics in shaping corporate policies has attracted increasing academic attention in the past two decades. In this review, the authors synthesize extant research on CEO attributes by reviewing 232 articles published in 29 journals from the accounting, finance and management literature. This review provides an overview of existing findings, highlights current trends and interdisciplinary differences in research approaches and identifies potential avenues for future research.

To review the literature on CEO attributes, the authors manually collected peer-reviewed articles in accounting, finance and management journals from 2000 to 2021. The authors conducted in-depth analysis of each paper and manually recorded the theories, data sources, country of study, study period, measures of CEO attributes and dependent variables. This procedure helped the authors group the selected articles into themes and sub-themes. The authors compared the findings in various disciplines and provided direction for future research.

The authors highlight the role of CEO personal attributes in influencing corporate decision-making and firm outcomes. The authors categorize studies of CEO traits into three main research themes: (1) demographic attributes and experience (including age, gender, culture, experience, education); (2) CEO interactions with others (social and political networks) and (3) underlying attributes (including personality, values and ideology). The evidence shows that CEO characteristics significantly affect a wide range of specific corporate policies that serve as mechanisms through which individual CEOs determine firm success and performance.

CEO selection is one of the most crucial decisions made by corporations. The study findings provide valuable insights to corporate executives, boards, investors and practitioners into how CEOs’ personal characteristics can impact future firm decisions and outcomes that can, in turn, inform the high-stake process of CEO recruitment and selection. The study findings have significant practical implications for corporations, such as contributing to executive training programs, to assist executives and directors attain a greater level of self-awareness.

Building on the theoretical foundation of upper echelons theory, the authors offer an integrated theoretical framework to consolidate existing empirical research on the impacts of CEO personal attributes on firm outcomes across accounting and finance (A&F) and management literature. The study findings provide a roadmap for scholars to bridge the interdisciplinary divide between A&F and management research. The authors advocate a more holistic and multifaceted approach to examining CEOs, each of whom embodies a myriad of personal characteristics that comprise their unique identity. The study findings encourage future researchers to expand the investigation of the boundary conditions that magnify or moderate the impacts of CEO idiosyncrasies.

This study examines the impact of female CEO on firm community engagement. By drawing on the stakeholder-agency paradigm, the author proposes that female CEOs feel more pressure to deliver favorable firm performance, thus resulting in less community engagement in firms with female CEOs. The author also examines circumstances surrounding the CEO as boundary conditions that can promote the extent that female CEOs engage in community initiatives.

The author collected panel data on a sample of firms listed in the S&P 500 index during the years 2009–2013. The author tested the hypotheses using firm fixed-effects models.

The results show that firms with female CEOs pursue less community engagement. CEO career horizon and CEO unexercisable stock options are boundary conditions that weaken the negative relationship between female CEOs and community engagement, while board independence does not have a significant moderating effect.

This study sheds light on the roles of female CEOs on firm community engagement as a distinct firm strategic action. Furthermore, this study provides a better understanding of the relationship by examining different factors that can promote community engagement by female CEOs, which include CEO career horizon and compensation incentive.