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CEO’s personal characteristics, ownership and investment cash flow sensitivity: Evidence from NYSE panel data firms

Author

Listed:
  • Ben Mohamed, Ezzeddine

    () (University of Sfax (Tunisia))

  • Naceur , Mohamed

    (University of Sfax (Tunisia))

  • Baccar, Amel

    (University of Sfax (Tunisia))

  • Bouri, Abdelfettah

    (University of Sfax (Tunisia))

Abstract

This study tries to extend previous works on behavioral corporate finance by examining the interaction between investment cash flow sensitivity and various CEO characteristics in either the existence or inexistence of managerial optimism. Using a Q-investment model and departing from a sample of 475 annual observations, our results highlight that CEO’s financial education, CEO’s ownership and their optimism bias can explain distortions in corporate investment policy since they affect investment cash flow’s relationship.

Suggested Citation

  • Ben Mohamed, Ezzeddine & Naceur , Mohamed & Baccar, Amel & Bouri, Abdelfettah, 2014. "CEO’s personal characteristics, ownership and investment cash flow sensitivity: Evidence from NYSE panel data firms," Journal of Economics, Finance and Administrative Science, Universidad ESAN, vol. 19(37), pages 98-103.
  • Handle: RePEc:ris:joefas:0077
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    More about this item

    Keywords

    Financial education; Technical education; Ownership; Managerial optimism; Corporate investment;

    JEL classification:

    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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