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Working capital management and CEO age

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  • Burney, Robert B.
  • James, Hui Liang
  • Wang, Hongxia

Abstract

The existing literature provides strong evidence that working capital management affects a firm’s performance and value. In this paper, we examine how CEO age affects firms’ working capital decisions. Using a sample of 28,243 firm-year observations of U.S. firms from 1993 to 2018, we find that net operating working capital increases with CEO age, and firms with younger CEOs hold lower levels of inventory and higher levels of payables. The results are robust to various model specifications and variable definitions, providing strong and robust evidence that younger CEOs tend to implement more aggressive working capital management policies (Aggressive strategy hypothesis). The findings provide important insights to the board of directors, investors, and various monitoring groups.

Suggested Citation

  • Burney, Robert B. & James, Hui Liang & Wang, Hongxia, 2021. "Working capital management and CEO age," Journal of Behavioral and Experimental Finance, Elsevier, vol. 30(C).
    • Handle: RePEc:eee:beexfi:v:30:y:2021:i:c:s221463502100040x
    DOI: 10.1016/j.jbef.2021.100496
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    4. Hassan, M. Kabir & Aysan, Ahmet Faruk & Kayani, Umar Nawaz & Choudhury, Tonmoy, 2023. "Working capital as a firm performance savior? Evidence from Scandinavian countries," Research in International Business and Finance, Elsevier, vol. 65(C).
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    More about this item

    Keywords

    CEO age; Level of career concerns; Net operating working capital; Aggressive strategy; Conservative strategy;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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