The Influence of Ceo Characteristics on Corporate Debt
DOI:
https://doi.org/10.16930/2237-766220243527Keywords:
Debt, Upper Echelons Theory, CEO CharacteristicsAbstract
This study aimed to analyze the relationship between the personal and professional characteristics of CEOs and the corporate debt of publicly traded companies listed on the Brazilian Stock Exchange (Brasil, Bolsa, Balcão). The research was grounded in the Upper Echelons Theory and employed a multiple regression empirical model. A total of 444 companies were analyzed over the period from 2010 to 2021. The personal and professional characteristics investigated included age, gender, professional experience, education level, and tenure. To assess corporate debt, six debt metrics were used: short-term debt, long-term debt, total debt-to-total assets, total debt-to-equity, interest-bearing liabilities-to-total assets, and total interest-bearing liabilities. The findings indicate that gender and tenure positively influence corporate debt, confirming hypotheses 2 and 5 of this study. These findings are valuable for organizations, as these characteristics can be carefully observed and considered when hiring CEOs with profiles aligned to organizational parameters. From a stakeholder perspective, the results may inform investment or engagement decisions with a given organization, as CEO profiles could help infer whether their goals align with those of the stakeholders.
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