• Korean small business review
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• v.41 no.1
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• pp.75-96
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• 2019

This study used age, education, major, working period as CEO's characteristics and examine relationship between these characteristics and R&D Investment. Furthermore this study examined how CEO should react in terms of R&D investment, which is effected by CEO's characteristic in the market. The empirical results are following. (1) When CEO's age are young, they spend much money for R&D investment. And R&D investment which is determined by young CEO has a positive effect on relation of firm value. (2) A higher educational background has a positive effect on R&D investment and will create higher firm value. (3) When CEO's major is competitive in the same industry, it has a positive relationship with R&D investment and its firm value is bigger than though. (4) When CEO working period is long, they showed active to R&D investment. On the other hand, the firm value decreased. This study focused on analyzing the relationship between characteristics of CEO and R&D Investment, furthermore, how R&D investment which effected by CEO's characteristic is contributing in creating the firm value. This results indicate that CEO's characteristics reflect R&D investment and value of venture business. Therefore, CEO's characteristics should be considered financial information and firm value in the market.

• Journal of Digital Convergence
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• v.10 no.6
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• pp.83-92
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• 2012

The purpose of this current study is to examine CEO image presented in messages of CEO twitter and perceived by CEO twit followers. To conduct this study, we selected two CEOs, ChanJin Lee and HyeonMyeong Pyo who are top ranking based on a number of followers in Korea. We investigated each CEO's Tweet, RT, Reply, and RT+Reply using three CEO image factors: CEO personality, CEO quality, and CEO outward characteristics. Also, followers were asked what image mostly they have based on those three image factors. The results showed that for ChanJin Lee, CEO quality were more presented in twitter than CEO personality and CEO outward characteristics, and CEO Lee's followers also perceived that Lee has more CEO quality image than others. Pyo, HyeonMyeong has CEO quality image in twitter than others, and his followers thought that he had more CEO outward characteristics image than others.

• The Journal of Industrial Distribution & Business
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• v.9 no.11
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• pp.93-104
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• 2018

Purpose - For small and medium sized firms, CEO characteristics are main factor influencing firms' prosperity as well as performance. So it is quite natural that many people are interested in factors of CEO that matters. In this research, CEO characteristics in terms of capabilities and skill or special knowledge necessary to run the business are invested for manufacturing firms. Precedent studies reveal that CEO characteristics such as psychological factors including desire to succeed, tendency to take risks, personal factors including age, year of running business, and task related factors including managing capability, communication skills, network influence firm performance for manufacturing firms. However, these studies simply verify whether or not those factors affect firm's managing performance. This study, however, goes further to investigate how is the affecting process from CEO's capabilities and organization characteristics to firm's core competence, and from core competence to advantages, and from advantages to managing performance. Research design, data, and methodology - We make a questionnaire and surveyed manufacturing firm CEO's in Gyeonggi-do area. General characteristics analysis, factor analysis, regression analysis, and control effect analysis was conducted. SPSS 2.0 Win, version was used. Results - The CEO characteristics including basic capability, task capability, leadership, and organization characteristics affect core competence at the statistically significant level. And, core competence affect both price advantage and differentiation advantage at the significant level. Some unique finding is that while differentiation advantage affects both financial achievement and non-financial achievement, price advantage does not affect both financial and non-financial achievement. And firm characteristics mainly measured by CEO characteristics of skills has control effects on the trace from core competence to price advantage. Conclusions - For small and medium sized firms CEO characteristics is the most important factor influencing firm's prosperity. For manufacturing firms, whether CEO has the skill or special knowledge to run the firm is critical factor. The study results show that CEO's for manufacturing firms put importance on price and price advantage which seems to be familiar to them. However, the price advantage does not influential to financial and non-financial achievement. This result suggests that small and medium sized manufacturing firms' CEO's should make effort to improve other aspects of advantages to be more competitive.

• Journal of Technology Innovation
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• v.22 no.1
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• pp.23-58
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• 2014

This study investigates the effects of product strategies and CEO characteristics on the growth of venture firms. These factors are related with strategic behaviors and managerial capabilities of small and dynamic firms. According to empirical results of FGLS regression with the data of the Korean venture firms, both product strategies and CEO characteristics have significant effects on firm growth and additionally explanatory powers. In general, the growth rates of venture firms tend to increase with the level of product's diversity and marketing-enhancing strategy, but decrease with the degree of product's innovation-enhancing strategy. The growth rates are higher when CEO is non-founder and has sufficient experience related to current business, and CEO's career development is focused on general management area. The effects of product strategies and CEO characteristics are moderated by the firm-internal factor such as organizational growth stage. The positive effects of some product strategies (e.g. marketing-enhancing strategy) and CEO characteristics(e.g. career focused on general management) become stronger for firms operating in the stage of start-up or initial growth, while their effects become negative or insignificant for firms operating in the mature or declining stage in which the negative effect of innovation-enhancing strategy does not exist.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.787-796
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• 2021

This study investigates the effect of chief executive officers (CEO) demographic characteristics such as age, functional experience, education, and gender, on corporate leverage decisions. This study investigates the independent commissioner's role in moderating the relationship between CEO demographic characteristics and leverage decisions. The data used is panel data with a sample of 283 non-financial companies listed on the Indonesia Stock Exchange (BEI) from 2010-2017. Moderated regression analysis is used as an analytical technique, with the selected model fixed effects model. The results showed that male and young CEOs were more risk-averse, so they tended to use debt more. However, this study found no evidence of the effect of CEO experience and education on leverage. This study finds evidence that independent commissioners reduce the influence of CEO age and gender on leverage decisions. It shows the role of independent commissioners in controlling risk-taking from male and young CEOs related to leverage decisions. These results become input for companies to consider demographic characteristics in choosing a CEO. Also, companies need a board (in this study seen from independent commissioners) that is strong enough to control the CEO regarding risky decision making, such as leverage decisions.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.12
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• pp.159-167
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• 2021

The objective of this study is to examine the effect of family ownership and family CEO on the dividend policy of family firms by using the demographic characteristics of the CEO as a moderator. Dividend policy is a decision taken by the firm in determining whether the profits earned by the firm will be distributed to shareholders in the form of dividends or will be reinvested in the company as retained earnings for future internal resources. Using samples from non-financial family firms listed on the Indonesian Stock Exchange in 2013-2017, 93 firms were selected based on adequate data. We also used logit regressions to provide robustness. The results show that family ownership and family CEO have a positive effect on the dividend payout ratio. This finding supports the family income hypothesis. Among CEO demographic characters, CEO age significantly strengthens the positive effect of family CEO on dividend payout ratio. While CEO tenure does not significantly strengthen the positive effect of family CEOs on dividend payout ratios. Meanwhile, leverage, ROA, and firm size significantly affect the dividend payout ratio, but firm age does not significantly affect the dividend payout ratio.

• The Journal of the Korea Contents Association
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• v.13 no.5
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• pp.377-386
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• 2013

The purposes of this study is to examine the effect of fitness Among Characteristics of CEO, Company's innovation and Management Control on Organization Performance. CEO characteristics are investigated by the risk-taking propensity, need for achievement. Company's Innovation are measured by product innovation, technological innovation. Management control are applied by action control and result control. Organization performances are analyzed by internal performance, growth performance, financial performance. the research methodology applied in this paper is contingency theory by Drazin and Van de Ven(1985) - selective approach, Interaction approach, system approach. This paper was applied by the Three way interaction term among CEO characteristics, Company's Innovation and Management control to analyze the influences to the organization performances. As a result of this paper, there are the differences between Two way interaction terms or three way interaction terms to affect the organization performances. this paper can confirm the desirable combinations between two or three variables(CEO characteristics, Company's Innovation and Management control) to affect significantly to the particular organization performance.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.6 no.4
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• pp.1-20
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• 2011

Although it is a limited and exploratory study, it is focused on figuring out correlations between characteristics of female CEOs who founded a company and their managerial achievements. Toward this end, the study is focused on generating such determinants as background characteristics, behavioral features and competence traits that characterize female CEOs based on previous studies and existing literature while suggesting study models and assumptions on correlations between these factors and managerial achievements and conducting empirical analyses. Results of the empirical analyses are as follows. First, regression analyses that verified relationships between background characteristics of female corporate founders and managerial achievements have found that major subjects had a significant effect, but that their experiences in corporate foundation and careers did not. Second, regression analyses that verified behavioral characteristics of female corporate CEOs and their managerial achievements have found that credibility and the motive for corporation foundation had a significant impact, but that efforts to counter risks factors did not. Third, regression analyses that verified relationships between competence features of female corporate CEOs and managerial achievements have found that managerial control capability had a significant impact, but that entrepreneurial capability and technical capability.

• Journal of Korea Multimedia Society
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• v.18 no.11
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• pp.1408-1418
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• 2015

As the CEO`s of game companies should be ready for the rapid change of technical environment of game industry, highly skilled employees and the social capital become very important factors in doing game business. 2013 Korea Game White Paper shows that many game companies prefer employees with job experience. The social capital and network help game companies get industrial information easily. This study empirically examines the relationship among CEO`s related business experience, corporate performance and social capital based on 134 Korean game companies. CEO`s characteristics are measured by using demographic characteristics including age, amount of education, and prior job experience and psychological characteristics, but this study focuses on related business experience. The results of this study show some significant relationship between the related business experience of CEO and nonfinancial performance of the firm. Secondly, this study verifies the moderating effect of the social capital between the related business experience of CEO and non-financial performance of the firm. The results of the moderating effect of the social capital show that social capital increases the non-financial performance.

• The Journal of the Korea Contents Association
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• v.14 no.5
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• pp.364-372
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• 2014

In order to improve organization performance by CEO's leadership, the control systems have to be designed in accordance with CEO's strategic orientation. A management control systems (MCS) is a system which gathers and uses information to evaluate the performance of different organizational resources like human, physical, financial and also the organization as a whole considering the organizational strategies. Present study explored the effects of CEO's Characteristics and control on organization performance. So this study adopted 'Risk-taking tendency', 'Achievement motivation' during psychological characteristics of CEO. For the control variable of this study, 'behavior control' and 'result control' were adopted. And for the variable of performance, financial performance was selected. As result of the study, Behavior control affects financial performance highly than result control. Through additional studies conducted during the same period, there is a significant indirect effect of achievement motivation and behavior control.