IDEAS home Printed from
   My bibliography  Save this article

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


  • 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))


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

    Download full text from publisher

    File URL:
    File Function: Full text
    Download Restriction: no

    More about this item


    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


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ris:joefas:0077. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (ESAN Ediciones). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.