What roles do CEOs play in firm performance? To address this question, the management field has accumulated a substantial amount of research over the past three decades built on upper echelons theory (UET), which posits that CEO characteristics manifest in firm strategic actions and, in this way, future firm performance. Hence, there is a need to systematically amass and take stock of prior empirical findings for UET testing and development. We use meta-analytic techniques to synthesize prior UET research on the relationships among commonly studied CEO characteristics, firm strategic actions, and future firm performance. Based on 308 studies, metaanalytic results generally support UET’s predictions with a few exceptions: CEO characteristics (i.e., tenure, formal education, prior career experience, and positive self-concept) are significantly associated with firm strategic actions, which in turn are significantly related to future firm performance. Moreover, CEO characteristics (i.e., age, tenure, formal education, and prior career experience) are positively related to future firm performance. In addition, finegrained analyses have revealed interesting and important relationships between specific measures of CEO characteristics (e.g., CEO prior task experience) and firm outcomes (e.g., firm strategic actions that match with CEO prior task experience). Implications for theory, future research, and practice are discussed.

Do CEOs Matter to Firm Strategic Actions and Firm Performance? A Meta-Analytic Investigation Based on Upper Echelons Theory

Purpose – The purpose of this paper is to examine the effect of ownership structure and board composition on bank performance as measured by Tobin's Q and market to book value in Gulf Co-Operation Council (GCC) countries. Design/methodology/approach – A dataset of 58-listed banks of GCC countries for the period 2010 is used. The methodology is based on multivariate regression analysis. Findings – The result shows that the extent of family ownership, foreign ownership and institutional ownership has a significant positive association with bank performance. However, government ownership does not have a significant impact on performance. Other governance variables such as CEO duality and board size appear to have an insignificant impact on performance. Practical implications – Better corporate governance mechanisms are imperative for every company and should be encouraged for the interest of the investors and other stakeholders. The study implies that ownership by corporate governance is more effective for G...

Effects of board and ownership structure on corporate performance: Evidence from GCC countries

THE PROVERBIAL wandering scholar of the Middle Ages, to whom we refer invariably as we sketch the history of student exchange, must have had a relatively easy time preparing his period of foreign study. There were, after all, but a handful of seats of learning to choose from, their teachings and teachers were world renowned, and the young scholars' needs in those days were few. The prospective foreign student of this age has a much harder time in coming by the necessary advance information. He must make his choice from thousands of institutions, teaching the widest range of subjects, their courses varying in aims and content, both within one country and from country to country. He has to overcome language barriers and familiarize himself with visa regulations and currency restrictions. Since he is usually dependent on financial assistance, he has to find out whether or not the schooling and credentials obtained abroad will be acceptable back home. How and where does he procure this information ? There are, of course, international reference works and masses of printed descriptive literature, but unless the student knows pretty much what he is after and unless he is familiar with the educational terminology, he needs someone to interpret the information for him and help him to relate it to his own situation. If he is lucky, he lives within reach of the embassy or consulate of the country concerned, which usually maintains a reference library and often has a counsellor at the disposal of those who need advice. Some organizations in the field of international exchange maintain offices in other countries-the British Council, the Deutsche Akademische Austauschdienst, the Institute of International Education, among them. Some professional organizations operate foreign centres, e.g. the Council for Foreign Medical Graduates, which holds examinations in o103 foreign centres. However, judging from the vast number of calls for help sent all over the world and from complaints regularly voiced, information sources in most countries are highly inadequate. A very busy office in New York, the Counselling Division of the Institute of International Education, one of the major exchange organizations, is one of the recipients of such requests for factual and evaluative information. It processes between 70,000 and 80,ooo inquiries per year. "May I have information on study opportunities in England ... Scandinavia ... Latin America ... China ... New Zealand ?" "Where in the United States can a Korean study for a Master of Business Administration ?" "Where does one apply for a post-doctoral research grant to India ... a teaching post in Uganda ?" "Do you have the catalogue of Monash University... a bibliography of books on education in the Middle East ?" "What is the equivalent in other countries of the German "Abitur" ... the "Certificat d'mtudes superieures" awarded in the Congo ?" "Can one get a degree by correspondence ?" "Is XYZ a bona fide organization ?"

The Institute of International Education

This paper analyzes the relationship between board structure, in terms of board size and composition, and bank performance. Unlike previous studies, the present analysis is carried out within a stochastic frontier framework. To this end, bank performance is proxied by both cost and profit efficiency, measures that present considerable advantages over simple accounting ratios. The empirical framework formed is applied to a panel of large European banks operating during the period 2002-2006. We find that board size negatively affects banks’ cost and profit efficiency, while the impact of board composition on profit efficiency is non-linear. Finally, introducing risk-taking (credit risk) as an interaction component of board size and composition does not affect the robustness of the results.

The effect of board size and composition on bank efficiency

The purpose of this mixed methods study was to investigate and test the factors contributing to new faculty members' success. In the first phase, qualitative analysis of focus groups revealed four prominent themes affecting new faculty members: expectations, collegiality, balance, and location. In the second phase, new faculty members completed an online survey using scales developed from the qualitative themes. Factor analysis revealed five distinct factors (qualitative theme ‘balance’ split into professional and personal), each demonstrating construct validity, reliability, and significant intercorrelations. Female faculty reported less personal balance, self-reported health, and general life satisfaction. Also, faculty with more years of service had lower job satisfaction and perceived departmental support. Finally, multiple regressions revealed professional balance had the greatest predictive effect on faculty members' self-perception of success at work; alternatively, expectations, collegiality, and ...

Exploring and testing the predictors of new faculty success: a mixed methods study

This study examines the relation between CEO ownership and bank performance. In contrast to Pi and Timme (1993), we find that, when economic measures of performance are used, the relation between ownership and the performance of commerical banks is nonlinear. Additionally, in contrast to previous studies, we find the question of whether or not the CEO also holds the title of chairman of the board has an insignificant impact on bank performance. We conclude that, in commercial banks, management entrenchment may offset the effects predicted by Jensen and Meckling's (1976) convergence-of-interest hypothesis.

CEO ownership, corporate control, and bank performance

Real estate brokers develop their own sense of style and methods for entering listings into the MLS. Anecdotally, they may have their own take on what works and what does not, but there is very lit...

The Impact of Broker Vernacular in Residential Real Estate

Purpose – Cross-listed firms may face unique incentives for establishing dividend policies in comparison to US firms. This study aims to test the implications of the lifecycle and signaling theories of dividend policy in the context of non-US firms cross-listed on US stock exchanges via American depository receipts (ADRs). Design/methodology/approach – ADRs are classified according to the firms' dividend paying histories as regular payers, non-payers, former payers, new payers and switchers. Multinomial logit regressions measure the likelihood of dividend payers to pay dividends, as well as the possibility of a dividend amount increase, decrease, or no change, based upon previously identified determinants of dividend payments and a measure of economic conditions in the home country. Findings – The results indicate that firm size, growth opportunities, and the mix of earned and contributed capital partially explain observed dividend policies for ADR firms. Multinomial logit regressions reveal profitability...

Determinants of dividend policies for ADR firms

This study examines what influences the changes in REIT CEO compensation using the following performance measures: average three-year total returns to shareholders, market value added, Tobin's q, and change in funds from operations. The impact of managerial power on the change in compensation is also examined. The empirical evidence indicates that firm performance and size do not influence the change in CEO salary, while risk, tenure, title, ownership, and age have significant impacts. Bonuses are not influenced by risk, size, or CEO power; however, they are influenced by performance. Option awards are affected by performance and CEO power.

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What Influences the Changes in REIT CEO Compensation? Evidence from Panel Data

Real estate listings typically include objective, factual information about property characteristics, along with subjective, descriptive language. How the agent constructs the content of t...

H. Shelton Weeks

Papers

CEO ownership, corporate control, and bank performance

The Impact of Broker Vernacular in Residential Real Estate

Determinants of dividend policies for ADR firms

What Influences the Changes in REIT CEO Compensation? Evidence from Panel Data

Connotation and Textual Analysis in Real Estate Listings