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The purpose of this paper is to analyze the Brexit effect – pre-Brexit and post-Brexit referendum periods – on the co-movements between the British pound (GBP), the euro (EUR) and the yen (JPY) against the US dollar (USD).

To ascertain the asymmetric behavior of dynamic correlations, the authors use the dynamic conditional correlation (DCC) model, the asymmetric dynamic conditional correlation (A-DCC) model and the diagonal BEKK model assuming Gaussian and Student’s t distribution. Several dummy variables have been included in order to identify the main periods related to Brexit.

Findings show a negative impact of the pre-Brexit referendum period on the correlation between GBP and EUR, while there is no significant effect on GBP–JPY and EUR–JPY pairs. The loss of correlation in the GBP–EUR pairing has not recovered during the post-Brexit referendum period, which could be attributed to the uncertainty about the final impact of Brexit on British and Eurozone economies.

The loss of correlation in the GBP–EUR pair has important implications for individual investors, portfolio managers and traders with respect to hedging activities, international trading and investment strategies.

The results are the first to address how Brexit has impacted on the co-movements between exchange rates using different multivariate models that allow for correlations to change over time.

The purpose of this paper is to provide an extension of the behavioral agency model (BAM) by focusing on the moderating role of CEO gender on the relationship between CEO stock options and risk “systematic vs idiosyncratic” and the performance consequences “positive vs negative” of these option incentives.

Data on CEO’s stock option portfolios are collected from the Standard & Poor’s (S&P’s) ExecuComp. This paper uses a panel data analysis for matched samples of CEOs in S&P’s 1,500 listed firms over the period 2006-2013.

The results indicate a more conservative, risk-averse posture in the case of female CEOs than for male CEOs when they are compensated with stock options for idiosyncratic (firm-specific) risk. The results also confirm that female CEOs in low systematic risk contexts, although more conservative, take more prudent risks that produce better long-term outcomes as compared to their male counterparts.

Important implications for the design of optimal CEO’s compensation packages emanate from this study. Findings provide useful tools for board of directors to design CEO’s pay packages that take into account the different risk behavior of male and female CEOs with the aim of enhancing firm performance.

This paper provides new evidence within the area of stock option-based compensation by focusing on the distinction between systematic and idiosyncratic risk when the effect of CEO stock option is analyzed and performance implications of awarding options to male and female CEOs.

El objetivo de este trabajo es proporcionar una extensión del modelo comportamental de agencia o Behavioral Agency Model (BAM) centrada en el papel moderador del género del CEO en la relación entre la retribución basada en opciones o stock options y los niveles de riesgo –sistemático e idiosincrático– y en las consecuencias –positivas o negativas– sobre el resultado de la empresa.

Los datos sobre stock options de CEOs se recopilan de la base de datos Standard and Poor’s ExecuComp. Este estudio utiliza un análisis de datos de panel para muestras emparejadas de empresas incluidas en S&P 1500 durante el período 2006-2013.

Los resultados indican una postura más conservadora de las mujeres CEO en términos de niveles de riesgo idiosincrático en comparación con la llevada a cabo por los CEOs hombres cuando se les retribuye con stock options. Los resultados también confirman que las mujeres CEO en contextos de riesgo sistemático bajo, aunque más conservadoras, asumen riesgos “de mayor calidad” que producen mejores resultados a largo plazo en comparación con sus homólogos masculinos.

Importantes implicaciones para el diseño de paquetes de retribución óptimos para el CEO emanan de este estudio. Los resultados mostrados proporcionan herramientas útiles para el Consejo de Administración a la hora de diseñar paquetes de retribución para CEOs. Se deben tener en cuenta los diferentes comportamientos relacionados con la asunción de riesgos de CEOs hombres y mujeres con el objetivo de mejorar el resultado de la empresa.

Esta investigación proporciona nueva evidencia dentro del área de la retribución basada en stock options al centrarse tanto en la distinción de riesgos (sistemático e idiosincrático) como en las implicaciones sobre el resultado de la empresa de las stock options dadas como parte de su retribución a hombres y mujeres que ocupan la posición de CEO.

Palabras clave Modelo comportamental de agencia, Opciones sobre acciones, Género, Riesgo sistemático, Riesgo idiosincrático, Resultado

Artículo de investigación

O objetivo deste artigo é fornecer uma extensão da perspectiva do Modelo de Agência Comportamental (BAM) focada nas opções de ações examinando as influências e consequências do desempenho do CEO, considerando a distinção entre risco sistemático e idiossincrático sobre o efeito das opções de ações. em comportamento de risco.

Os dados sobre portfólios de opções de ações do CEO são coletados do Standard and Poor’s ExecuComp. Este documento utiliza uma análise de dados em painel para amostras correspondentes de empresas listadas no S&P 1500 no período 2006-2013.

Os resultados indicam uma postura mais conservadora, avessa ao risco, no caso de CEOs do sexo feminino do que para CEOs do sexo masculino, quando eles são compensados com opções de ações para o risco idiossincrático (específico da empresa). Os resultados também confirmam que as CEOs do sexo feminino em contextos de baixo risco sistemático, embora mais conservadoras, assumem riscos mais prudentes que produzem melhores resultados a longo prazo, em comparação com os seus homólogos masculinos.

Implicações importantes para o projeto de pacotes de remuneração de CEOs ideais emanam deste estudo. Os resultados fornecem ferramentas úteis para o conselho de diretores, a fim de projetar pacotes de remuneração do CEO que levem em conta o comportamento de risco diferente dos CEOs do sexo feminino e masculino, com o objetivo de melhorar o desempenho da empresa.

Este documento fornece novas evidências dentro da área de remuneração baseada em opções de ações, concentrando-se tanto no tipo de risco como determinante do seu efeito de risco quanto nas implicações de desempenho da concessão de opções a CEOs do sexo feminino e masculino.

Palavras-chave Modelo de agência comportamental, Opções de ações, Gênero, risco sistemático, Risco idiossincrático, Atuação

Artigo de pesquisa

This paper aims to analyze the effect of family control and influence dimension of the socioemotional wealth (SEW) on capital structure of large listed firms in the North African region.

The study uses panel data of the top 98 largest listed firms in the North African capital markets over the period from 2018 to 2022. The analysis is conducted employing random effects models.

Findings suggest that large listed firms in North African region rely on more use of equity rather than debt financing. Further, results show that family control and influence dimension of the SEW, has no significant impact on the capital structure of North African large listed firms. This implies that the financing behavior of large firms listed in the North African countries is driven by financial and rationale factors rather than non-economic considerations. Indeed, findings support assumptions of the pecking order theory.

This transnational study provides new insights into relevancy of socioemotional theory in explaining capital structure decisions within large family businesses in emerging markets. Findings have the potential to enhance analysts', investors' and practitioners' understanding of financing decisions by large listed firms in this region. This, in turn, can aid in conceiving adapted financing solutions.

In this paper the authors study how sociodemographic characteristics and personality traits of the Chief Executive Officer (CEO) impact financial performance in small and medium enterprises (SMEs) in an emerging economy such as Chile.

The authors applied a questionnaire to 185 Chilean SME CEOs during 2017 concerning sociodemographic characteristics (gender, age, experience and marital status), personality traits (extraversion, responsibility, openness to experience, agreeableness, and neuroticism) and firm characteristics.

The authors find that some sociodemographic characteristics (gender and age) significantly impact SME performance. The authors find no significant connection between personality traits and firm performance.

This paper contributes to the business literature by investigating how sociodemographic variables and personality traits of the CEO are related to SME financial performance; by providing new evidence on the relationship between CEO characteristics and firm performance, mostly centered on developed economies, in the context of an emerging economy; and allowing for a better understanding of how CEO decisions impact firm performance.

Este artículo estudia cómo las características sociodemográficas y los rasgos de personalidad del gerente general (CEO) afectan el desempeño financiero de Pequeñas y Medianas Empresas (PYMEs) en una economía emergente como Chile.

Se aplicó un cuestionario a 185 gerentes generales de PYMEs chilenas en 2017 acerca de sus características sociodemográficas (género, edad, experiencia, estado civil), rasgos de personalidad (extraversión, responsabilidad, apertura a la experiencia, amabilidad y neuroticismo) y características de la empresa.

Se encontró que ciertas características sociodemográficas (género, edad) afectan significativamente el desempeño de las PYMEs. No se encontraron asociaciones significativas entre rasgos de personalidad y desempeño de la empresa.

Este trabajo contribuye a la literatura de negocios al investigar cómo las variables sociodemográficas y los rasgos de personalidad del gerente general se relacionan con el desempeño financiero de las PYMEs; al entregar nueva evidencia sobre la relación entre características del gerente general y el desempeño de la empresa, mayoritariamente centrada en economías desarrolladas, en el contexto de una economía emergente; y al permitir una mejor comprensión de cómo las decisiones del gerente general afectan el desempeño de las empresas.