University of Twente Student Theses


The impact of CEO-characteristics on firm performance : Evidence from Dutch listed firms

Ikink, Sam (2023) The impact of CEO-characteristics on firm performance : Evidence from Dutch listed firms.

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Abstract:This study uses a longitudinal data set of firm-year observations to test several hypotheses that CEO characteristics have an effect on firm performance. The independent variables in this study are CEO gender, age, tenure, compensation, and experience. The dependent variable, firm performance, is measured by two accounting-based measurements (ROA and ROE) and one market-based measurement (Tobin's Q). This study uses a sample of Dutch-listed firms for a sample period of 2016 to 2019. Panel regression analysis is conducted to test the hypotheses. The panel regression included firm-fixed and time-fixed effects to control for specific factors related to each firm or period that do not change randomly. The results show that CEO characteristics do not have a significant effect on the performance of Dutch-listed firms. When a significant effect was found in the study, this statistically significant effect usually did not persist when another metric measured firm performance. Furthermore, robustness tests were conducted to test the results of the main model. The robustness tests were conducted from a sample of manufacturing and non-manufacturing firms. The results of the robustness test showed similar results than the main model. Future research has to be done to assess the validity of these results. Additionally, addressing the limitations of this study and making recommendations for future research can further advance this research subject in organisational studies.
Item Type:Essay (Master)
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:85 business administration, organizational science
Programme:Business Administration MSc (60644)
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