Взаимосвязь личностных характеристик CEO и эффективности деятельности компаний на разных стадиях жизненного цикла

Юлия Сергеевна Ованесова; Сергей Сергеевич Житихин

doi:10.21638/spbu18.2020.405

Авторы

Юлия Сергеевна Ованесова Факультет экономических наук, Национальный Исследовательский Университет «Высшая Школа Экономики», Россия
Сергей Сергеевич Житихин Факультет экономических наук, Национальный Исследовательский Университет «Высшая Школа Экономики», Россия

DOI:

https://doi.org/10.21638/spbu18.2020.405

Аннотация

В статье рассматривается вопрос о влиянии личностных характеристик CEO на деятельность технологических компаний в зависимости от разных стадий жизненного цикла. Объектом исследования выступают технологические компании США как компании-драйверы нового цикла экономики. Сектор технологий тесно связан с яркими харизматичными личностями СЕО, которые во многом определяют вектор развития компаний, а также особенности их повседневной деятельности и функционирования. Поэтому в работе проводится анализ личностных характеристик СЕО 244 технологических компаний, находящихся на различных стадиях жизненного цикла.

Ключевые слова:

личностные характеристики CEO, технологические компании, эффективность компаний, теория жизненного цикла организаций

Скачивания

Данные скачивания пока недоступны.

Библиографические ссылки

ЛИТЕРАТУРА НА РУССКОМ ЯЗЫКЕ

Адизес И. 2007. Управление жизненным циклом корпораций. СПб.: Манн, Иванов и Фербер.

Ивашковская И. В., Константинов Г. Н., Филонович С. Р. 2004. Становление корпорации в контексте жизненного цикла организации. Российский журнал менеджмента 2 (4): 19–34.

Ивашковская И. В., Янгель Д. О. 2007. Жизненный цикл организации и агрегированный показатель роста. Корпоративные финансы 1 (4): 97–110.

Ованесова Ю. С. 2013. Финансовые показатели определения стадий жизненного цикла организаций: исторический аспект. Аудит и финансовый анализ 5: 387–391.

Широкова Г. В. 2007а. Жизненный цикл организации: эмпирические исследования и теоретические подходы. Российский журнал менеджмента 5 (3): 85–90.

Широкова Г. В. 2007б. Характеристики стадий жизненного цикла российских компаний, созданных «с нуля». Российский журнал менеджмента 5 (4): 3–20.

Широкова Г. В., Меркурьева И. С., Серова О. Ю. 2006. Особенности формирования жизненных циклов российских компаний (эмпирический анализ). Российский журнал менеджмента 4 (3): 3–26.

REFERENCES IN LATIN ALPHABET

Abdullah S. N. 2004. Board composition, CEO duality and performance among Malaysian listed companies. Corporate Governance 4 (4): 47–61.

Adams R., Almeida H., Ferreira D. 2005. Powerful CEOs and their impact on corporate performance. Review of Financial Studies 18: 1403–1432.

Amran N. A., Yusof M. A., Ishak R., Aripin N. 2014. Do characteristics of CEO and chairman influence government-linked companies performance? Procedia-Social and Behavioral Sciences 109: 799–803.

Anthony J. H., Ramesh K. 1992. Association between accounting performance measures and stock prices: a test of the life-cycle hypothesis. Journal of Accounting and Economics 15 (2–3): 203–227.

Bellini H., Grant M., Lin T., Liu C. 2018. With ads in one hand, what’s in Google’s “other” Goldman Sachs Equity Research. Alphabet Inc.

Bellini H., Kennedy S., Church D., Liu C. 2020. Ad upside falls short of heightened expectations — 4Q19 results Goldman Sachs Equity Research. Facebook Inc.

Bellini H., Liu C., Grant M., Church D. 2019. Transforming the market for communication — initiate at Neutral Goldman Sachs Equity Research. Zoom Video Communications Inc.

Bellini H., Terry P. H., Alam S., Kilgallen J. 2017. Framing the debate on Facebook for 2017 Goldman Sachs Equity Research.

Black E. L. 1998. Life-cycle impacts on the incremental value-relevance of earnings and cash flow measures. Journal of Financial Statement Analysis 4: 40–57.

Boyd B. K. 1995. CEO duality and firm performance: A contingency model. Strategic Management Journal 16 (4): 301–312.

Chaganti R. S., Zimmerman M., Kumaraswamy A., Maggitti P. G., Black J. 2016. TMT characteristics, time-to-IPO and firm performance. Journal of Management and Public Policy 7 (2): 37–56.

Chiarello T. C., Pletsch S. C., Da Silva A., Da Silva T. P. 2014. Financial performance, intangible assets and value creation of brazilian and chilian companies of information technology. Revista Galega de Economía, University of Santiago de Compostela. Faculty of Economics and Business 23 (4): 73–88.

Chen S.-S., Ho K.-Y., Ho P.-H. 2014. CEO overconfidence and the long-term performance following unexpected R&D increases. Financial Management 43 (2): 245–269.

Collins‐Dodd C., Gordon I. M., Smart C. 2004. Further evidence on the role of gender in financial performance. Journal of Small Business Management 42 (4): 395–417.

Cooper M. J., Gulen H., Rau P. R. 2016. Performance for pay? The relation between CEO incentive compensation and future stock price performance. Behavioral & Experimental Finance eJournal.

Cui Y., Zhan Y., Guo J., Hu H., Meng H. 2019. Top management team knowledge heterogeneity, ownership structure and financial performance: Evidence from Chinese IT listed companies. Technological Forecasting and Social Change 140: 14–21.

Dickinson V. 2011. Cash flow patterns as a proxy for firm life cycle. The Accounting Review 86 (6): 1969–1994.

Elsaid E., Wang X., Davidson W. N. 2011. Does experience matter? CEO successions by former CEOs. Managerial Finance 37 (10): 915–939

Ezzeddine B. M., Jarboui S., Baccar A., Bouri A. 2015. On the effect of CEOs’ Personal Characteristics in Transport Firm Value? a Stochastic Frontier Model. Case Studies on Transport Policy 3 (2):176–181.

Finkelstein S., Hambrick D. C. 1990. Top-management-team tenure and organizational outcomes: The moderating role of managerial discretion. Administrative Science Quarterly 35 (3): 484–503.

Galasso A., Simcoe T. S. 2011. CEO overconfidence and innovation. Management Science 57 (8): 1469–1484.

Gan K., Saleh Z. 2008. Intellectual capital and corporate performance of technology-intensive companies: Malaysia evidence. Asian Journal of Business and Accounting 1 (1): 113–130.

Gerhart B., Milkovich G. T. 1990. Organizational differences in managerial compensation and financial performance. The Academy of Management Journal 33 (4): 663–691.

Hambrick D. C., Mason P. A. 1984. Upper echelons: The organization as a reflection of its top managers. Academy of Management Review 9 (2): 193–206.

Han S., Nanda V. K., Silveri S. 2016. CEO power and firm performance under pressure. Financial Management 45 (2): 369–400.

Hirshleifer D., Low A., Teoh S. H. 2012. Are overconfident CEOs better innovators? The Journal of Finance 67 (4): 1457–1498.

Kaplan S. N., Klebanov M. M., Sorensen M. 2012. Which CEO characteristics and abilities matter? The Journal of Finance 67 (3): 973–1007.

Kaur R., Singh B. 2018. CEOs’ characteristics and firm performance: A study of Indian firms. Indian Journal of Corporate Governance 11 (2): 185–200.

Lovata L. M., Schoenecker T. S., Costigan M. L. 2016. CEO characteristics, compensation and real activity management in manufacturing companies. Academy of Accounting and Financial Studies Journal 20 (3): 103–114.

Malmendier U., Tate G. 2015. Behavioral CEOs: The role of managerial overconfidence. Journal of Economic Perspectives 29 (4): 37–60.

Martin A. D., Nishikawa T., Williams M. A. 2009. CEO gender: Effects on valuation and risk. Quarterly Journal of Finance and Accounting 48 (3): 23–40.

Miller D., Friesen P. 1984. A longitudinal study of the corporate life cycle. Management Science 30 (10): 1161–1183.

Mehran H. 1995. Executive compensation structure, ownership, and firm performance. Journal of Financial Economics 38 (2): 163–184.

Müller V.-O., Ienciu I.-A., Bonaci C. G., Filip C. I. 2014. Board characteristics best practices and financial performance: Evidence from the European Capital Market. Amfiteatru Economic Journal 16 (36): 672–683.

Peni E. 2014. CEO and Chairperson characteristics and firm performance. Journal of Management & Governance 18 (1): 185–205.

Steyn Bruwer W., Hamman W. 2008. Cash-flow Tells a Story: How Can Cash-flow Patterns Assist Analysts in Investigating a Company’s Financial Health? University of Stellenbosch Business School: Stellenbosch.

Scott M., Bruce R. 1987. Five stages of growth in small business. Long Range Planning 20 (3): 45–52.

Shin T. 2016. Fair pay or power play? Pay equity, managerial power, and compensation adjustments for CEOs. Journal of Management 42 (2): 419–448

Wales W. J., Patel P. C., Lumpkin G. T. 2013. In pursuit of greatness: CEO narcissism, entrepreneurial orientation, and firm performance variance. Journal of Management Studies 50 (6): 1041–1069.

Translation of references in Russian into English

Adizes I. 2007. Managing Corporate Lifecycles. SPb: Mann, Ivanov & Ferber. (In Russian)

Ivashkovskaya I. V., Konstantinov G. N., Filonovich S. R. 2004. Corporate governance problems in the context of corporate life cycle. Russian Management Journal 2 (4): 19–34. (In Russian)

Ivashkovskaya I. V., Yangel D. O. 2007. The cycle of organization and the average growth factor. Korporativnie Finantsy 1 (4): 97–110. (In Russian)

Ovanesova Y. S. 2013. Financial determinants to define stages of life cycle of organizations: Historical aspect. Audit i Finantsoviy Analis 5: 387–391. (In Russian)

Shirokova G. V. 2007. Organizational life-cycle: Empirical research and theoretical justification. Russian Management Journal 5 (3): 85–90. (In Russian)

Shirokova G. V. 2007. Life-cycle stage characteristics of the Russian companies. Russian Management Journal 5 (4): 3–20. (In Russian)

Shirokova G. V., Merkurieva I. S., Serova O. Y. 2006. Specifics of life cycle formation in the Russian companies (the results of empirical analysis). Russian Management Journal 4 (3): 3–26. (In Russian)