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We investigate whether and when highly trained human capital constitutes a rent-sustaining resource. Our study of 444 CEOs celebrated on the covers of major U.S. business magazines found an advantage accruing to graduates of selective universities. Such CEOs led firms with higher and more sustained market valuations. The advantage was strongest for undergraduate programs as these related to the kinds of talent demanded of a CEO. The advantage also was greatest in smaller firms where CEO discretion might be highest and for younger CEOs who may benefit most from college and are less able to appropriate rents. Finally, the advantage accrued to graduates of more recent years, when selective schools had become less socially elitist and increasingly meritocratic, thus favoring human versus social capital.

The present study utilizes agency theory and the upper echelons theory (UET) to investigate whether there is a moderating effect of family ownership concentration (FOWC) on the association between CEO demographic attributes and two forms of earnings management (EM), specifically accruals earnings management (AEM) and real earnings management (REM). Additionally, this study investigates whether CEO demographic attributes affect EM (AEM and REM) in Jordanian companies. The study sample includes 137 companies listed on the Amman Stock Exchange (ASE) from 2017 to 2021, with the banking and insurance sectors excluded, resulting in 685 company-year observations. To accomplish the study's goals, feasible generalized least squares estimation (FGLS) regressions were applied. The findings indicate that CEO non-duality and age decrease REM and improve the quality of financial reporting (QFR). However, they indicate that CEO age increases AEM, and family ownership concentration enhances the power of older CEOs to engage in AEM and affects QFR. The study finds that a CEO with high education does not affect EM but that the presence of family ownership increases a CEO's capacity with high education to reduce EM (AEM and REM) and generate trustworthy financial reports. However, we don't find any relationship between CEO gender and EM (AEM &REM), but family ownership increases male CEOs' power to engage in AEM. In addition, the outcome shows that family ownership concentration interacts with CEO non-duality and leads to restricting REM and engagement in AEM practices. This study is among the earliest attempts to examine how family ownership concentration affects the connection between CEO demographic attributes and EM, using both types of EM (AEM and REM). Thus, the results of this study are significant in providing meaningful insights for various stakeholders, such as management, investors, and owners, about the QFR and EM practices in emerging markets. Also, the outcomes of this study can contribute significantly to the existing literature on CEO characteristics, family ownership concentration, and EM practices. The findings can be used by the board of directors, policymakers, and regulators to re-evaluate the selection criteria for CEOs based on specific characteristics that can affect QFR. However, the results may not be applicable to markets that are characterized by dispersed ownership structures, where family ownership is not a dominant factor.

This study investigates how CEO demographic characteristics, including age, gender, and nationality, and cognitive characteristics, including tenure, education, and multiple directorships, influence firms’ ESG performance, with a focus on the moderating role of Worldwide Governance Indicators (WGIs). Using a regime/smooth transition approach with panel data from STOXX Europe 600 firms spanning the years 1999 and 2023, the results show that demographic characteristics exert a more consistent effect than cognitive effects in the full sample and in non-sensitive industries. In sensitive industries, however, both demographic and cognitive CEO traits significantly affect ESG performance. Older and female CEOs enhance ESG performance under strong worldwide governance indicators (WGIs) in the full sample and sensitive industries, whereas foreign CEOs perform better under weaker worldwide governance conditions. In non-sensitive industries, the patterns for female and foreign CEOs are reversed. Cognitive traits such as tenure and multiple directorships show limited influence, while higher educational qualifications improve ESG outcomes under weak governance but reduce them under strong governance across all samples. Overall, the findings highlight the importance of aligning CEO characteristics with the institutional governance environment to enhance corporate sustainability performance. This study contributes by examining how CEO demographic and cognitive characteristics affect ESG performance under varying country-level governance conditions. It also highlights sectoral differences between sensitive and non-sensitive industries and, by using a nonlinear (PSTR) approach, uncovers regime-dependent effects with implications for governance-aware CEO selection and ESG strategy. This study extends upper echelons and institutional theories by showing that the effect of CEO characteristics on ESG performance depends on country governance quality, offering insights for boards and policymakers seeking to align leadership selection with governance contexts to strengthen sustainability and accountability.

The International Accounting Standard Boards highlighted financial reporting timeliness (FRT), as one of the qualitative attributes taken into consideration when measuring financial reporting quality (FRQ). Considering that the board is the main internal corporate governance (CG) mechanism, the attributes of Chief Executive Officers (CEOs) are predicted to be associated with the FRT. The study aims to analyse the impact of CEO demographic characteristics on the FRT of non-financial listed companies in Nigeria. The sample consisted of 86 listed non-financial companies’ annual reports on the Nigeria Stock Exchange (NSE) for 2015–2021. Multiple linear regressions were used in analysing the collected data via STATA software. Results revealed that 6 out of 10 hypotheses were significantly related to FRT. Findings indicated that CEO characteristics may encourage managers to reduce reporting lag, increase the quality of financial reports, and signal good news to shareholders, which may significantly affect the company’s performance. It is recommended that stakeholders review CG and accounting standards reform to improve FRT and deter managers from late submission of financial statements to the NSE. The study contributes to stakeholders like managers, regulatory bodies, policymakers, and professional bodies to enhance current standards, and regulations in Nigeria. Finally, agency theory and upper echelons theory were used to delve into new findings based on the Nigerian setting and enhance the rigour, coherence, and impact of this study within its academic or practical domain.

This article proposes that key CEO demographic factors reflect alternative modes of rationalizing the choice to engage in and/or facilitate accounting fraud. Specifically the authors theorize that younger, less functionally experienced CEOs and CEOs without business degrees will be more likely to rationalize accounting fraud as an acceptable decision. Based on a sample of 312 fraud-committing and control firms, the study finds support for the authors' predictions. It also finds that CEO stock options (a form of executive equity incentive) also predict fraud, and that this relationship is not moderated by CEO demographics. The study thus extends upper echelon theory by demonstrating how key demographic variables influence CEO decisions to rationalize accounting fraud.

Purpose The purpose of this paper was to examine the effect of CEO tenure, gender, age and education on corporate social responsibility (CSR) performances, notably their societal and environmental commitment. Design/methodology/approach The paper checks the hypotheses on the relationship between CEO demographic characteristics and CSR categories. Feasible Generalized Least Square was performed on a sample of 215 European firm-year-observations indexed on STOXX Europe 600 Index from 2014 to 2021. Findings Results provide strong evidence that CEO characteristics are significantly and positively associated with corporate social and environmental performance. The findings specify that CEOs in their early years of service and firms led by female CEOs invest more in social and environmental activities. The authors also found that older CEO age and higher educational level are positively related to CSR categories. Practical implications Drawn on upper echelons theory, this study suggests that strategic environmental and social decisions in the firm are significantly influenced by the CEO’s demographic characteristics. Originality/value This paper provides a comprehensive picture by inculcating different CEO characteristics and CSR categories (product responsibility, community and human rights, emission reduction, product innovation and resource reduction) in European companies.

Purpose The purpose of this research is to account for the internationalization of restaurants. The conceptual framework of upper echelons theory is applied to identify the demographic determinants of internationalization among chief executive officers (CEOs). Design/methodology/approach Data from 30 restaurant firms for the period 1999-2013 were collected from a variety of sources, primarily Compustat and Execucomp, based on Standard Industrial Classification (SIC) code 5812, the annual 10-K and public information. A panel feasible generalized least squares model was used as the main instrument of analysis. Findings The findings indicate that the CEO gender and share ownership negatively affect the internationalization of restaurant companies, whereas size, the extent of franchising, the type of restaurant and stock options positively affect the degree of internationalization. Additionally, an inverted U-shaped relation exists between CEO tenure and the degree of internationalization. Practical implications The presented information may provide shareholders and boards of directors with valuable guidelines regarding the assignment of appropriate managers depending on the extent to which their companies are pursuing internationalization strategies. Originality/value Most studies in hospitality sectors have focused only on accounting-based measures to explain strategic decision-making, although proponents of upper echelons theory have argued that CEO attributes influence strategic decisions/changes. This study contributes to the literature on hospitality by identifying the effects of CEO characteristics on internationalization decisions.

Purpose – Drawing on upper echelons theory, the purpose of this paper is to examine whether CEOs place their distinctive marks on the design of planning, control and evaluation systems (i.e. management control systems (MCS)) in small- and medium-sized enterprises (SMEs). Design/methodology/approach – The authors use survey data from 189 Belgian SMEs and perform regression analyses to investigate the relation between the CEO demographics tenure, education and experience and various aspects of MCS design, controlling for the classical contingent variables. Findings – CEO tenure and education are related to evaluation system design, but there is no link between CEO demographics and planning and control system design. The lack of managerial discretion concerning planning and control systems could be explained by their more external and observable character, giving rise to pressures to comply with institutional norms (“good practices”). The presence of discretion concerning the design of evaluation systems could be due to their internal character. Practical implications – Since evaluation systems are an important determinant of work-related attitudes and can lead to dysfunctional behavior, it is important for company owners and board members to consider the demographics of present or new CEOs, and to understand the associated inclinations reflected in evaluation systems. Originality/value – The authors apply a more comprehensive approach than (the few) existing SME studies by relating a larger number of CEO demographics to a more comprehensive set of MCS elements, controlling for a larger group of contingent variables. Moreover, the authors fill gaps in the upper echelons and MCS literature.

The authors identified and described the CEOs of Fortune 500 companies in terms of several education-related and other demographic variables. Specifically, they identified the type and level of degrees earned, including specific majors, and additionally explored several demographic variables, including age, gender and ethnicity. They also identified trends among CEOs and across industries in order to further understand the educational profile of these leaders. Secondary data covering more than 50 variables and 500 cases were collected from various business-related and research databases.

Investor stock market response has received a great deal of attention in the marketing literature. However, firms are not faceless corporations; individuals such as CEOs set their strategies. Upper echelon and strategic leadership theories hold that chosen strategies derive from these individuals’ opinions, which are a function of their personalities, demographics, experiences, and values. Building on recent literature, the authors propose how CEO characteristics can influence innovation and stock returns. Investors are motivated by cash flow expectations—in particular, the prospect of increasing and accelerating future cash flows, reducing associated risks, and increasing residual value. This systematic review focuses on four main characteristics—personality, demographics, experience and compensation—to arrive at a set of propositions on innovation and stock returns. After reviewing the extensive literature on CEO characteristics, the authors outline the emerging findings on CMO characteristics; propose future research directions on CEO and CMO characteristics, innovations, and stock returns; and offer implications for practice.