BIST İmalat Firmalarındaki Mühendis CEO’lar ve Firma Performansı

Bu çalışmada Borsa İstanbul’da 2009-2015 arası işlem gören 122 imalat firmasındaki icra kurulu başkanının (CEO) öğrenim geçmişi ile firma performansı arasındaki ilişki incelenmiştir. Faaliyet performansı ve piyasa bazlı performans olmak üzere iki farklı performans ölçüsü analiz edilmiştir. Bulgularımıza göre icra kurulu başkanı mühendislik kökenli olan firmalar, icra kurulu başkanı diğer öğrenim geçmişlerinden olan firmalara kıyasla varlıkların getirisi bakımından daha yüksek faaliyet performansı göstermektedir. Ayrıca, icra kurulu başkanı mühendis olan firmalar Tobin’s Q oranı bakımından da daha iyi piyasa bazlı performans göstermektedir. Mühendislik kökenli icra kurulu başkanı sahibi olma ile firma performansı arasında göstermiş olduğumuz pozitif ilişki, firma düzeyindeki çeşitli kontrol değişkenlerinin çok değişkenli analizimize dahil edilmesinden etkilenmemektedir. Ayrıca bu pozitif ilişki daha küçük boyutlu halka açık imalat firmaları için daha belirgindir.

___

  • Al-Saleh, Yasser (2014), “Why Engineers Make Great CEOs”, INSEAD Knowledge, April 24.
  • Bach, Seung B. – Smith, Anne D. (2007), “Are Powerful CEOs Beneficial to post-IPO Survival in High Technology Industries? An Empirical Investigation”, Journal of High Technology Management Research, 18, pp. 31-42.
  • Barker, Vincent L. – Mueller, George C. (2002), “CEO Characteristics and Firm R&D Spending”, Management Science, 48, no. 6, pp. 782-801.
  • Belghitar, Yacine – Clark, Ephraim A. (2012), “The Effect of CEO Risk Appetite on Firm Volatility: An Empirical Analysis of Financial Firms”, International Journal of the Economics of Business, 19, no. 2, pp. 195-211.
  • Ben-Mohamed, Ezzeddine – Souissi, Mohamed Naceur – Baccar, Amel – Bouri, Abdelfettah (2014), “CEO‟s Personal Characteristics, Ownership and Investment Cash Flow Sensitivity: Evidence from NYSE Panel Data Firms”, Journal of Economics, Finance and Administrative Science, 19, pp. 98-103.
  • Bhagat, Sanjai – Bolton, Brian – Subramanian, Ajay (2011), “Does CEO Education Matter?”, Director Notes, no. DN-V3N9, pp. 1-9.
  • Bolt, James F. (1993), “Achieving the CEO's Agenda: Education for Executives”, Management Review, 82, no. 5, pp. 44-48.
  • Burrell, Darrell N. (2006), “Emerging Options in Doctoral Study in Management for International Executives”, Vikalpa: The Journal for Decision Makers, 31, no. 3, pp. 13-17.
  • Chandy, P.R. (1991), “Chief Executive Officers: Their Backgrounds and Predictions for the 90s”, Business Forum, 16, no. 1, pp. 18-19.
  • Chevalier, Judith – Ellison, Glenn (1999), “Are Some Mutual Fund Managers Better Than Others? Cross-Sectional Patterns in Behavior and Performance”, Journal of Finance, 54, no. 3, pp. 875-899.
  • Custodio, Claudia – Metzger, Daniel (2014), “Financial Expert CEOs: CEO‟s Work Experience and Firm‟s Financial Policies”, Journal of Financial Economics, 114, pp. 125-154.
  • Daellenbach, Urs S. – McCarthy, Anne M. – Schoenecker, Timothy S. (1999), “Commitment to Innovation: The Impact of Top Management Team Characteristics”, R&D Management, 29, no. 3, pp. 199-208.
  • Fleisher, Belton M. – Hu, Yifan – Li, Haizheng – Kim, Seonghoon (2011), “Economic Transition, Higher Education and Worker Productivity in China”, Journal of Development Economics, 94, pp. 86-94.
  • Gitsham, Matthew (2011), “CEO Perspectives: Management Education in a Changing Context”, Corporate Governance, 11, no. 4, pp. 501-512.
  • Gottesman, Aron A. – Morey, Matthew R. (2006), “Manager Education and Mutual Fund Performance”, Journal of Empirical Finance, 13, pp. 145-182.
  • Gottesman, Aron A. – Morey, Matthew R. (2010), “CEO Educational Background and Firm Financial Performance”, Journal of Applied Finance, no. 2, pp. 70-82.
  • Graham, John R. – Harvey, Campbell R. – Puri, Manju (2013), “Managerial Attitudes and Corporate Actions”, Journal of Financial Economics, 109, pp. 103-121.
  • Hall, James L. (1976), “Organizational Technology and Executive Succession”, California Management Review, 19, no. 1, pp. 35-39.
  • Hambrick, Donald C. – Mason, Phyllis A. (1984), “Upper Echelons: The Organization as a Reflection of Its Top Managers”, Academy of Management Review, 9, no. 2, pp. 193-206.
  • Hamori, Monika – Koyuncu, Burak (2015), “Experience Matters? The Impact of Prior CEO Experience on Firm Performance”, Human Resource Management, 54, no. 1, pp. 23-44.
  • Hansen, Morten T. – Ibarra, Herminia – Peyer, Urs (2010), “The Best-Performing CEOs in the World”, Harvard Business Review, 88, pp. 104-113.
  • Hsu, Wen-Tsung – Chen, Hsiang-Lan – Cheng, Chia-Yi (2013), “Internationalization and Firm Performance of SMEs: The Moderating Effects of CEO Attributes”, Journal of World Business, 48, pp. 1-12.
  • Iqbal, Zahid (2015), “CEO Age, Education, and Introduction of Hedging in the Oil and Gas Industry”, Journal of Economics and Finance, 39, no. 1, pp. 189-200.
  • Jalbert, Terrance – Furumo, Kimberly – Jalbert, Mercedes (2011), “Does Educational Background Affect CEO Compensation And Firm Performance?”, Journal of Applied Business Research, 27, no. 1, pp. 15-39.
  • Jalbert, Terrance – Rao, Ramesh – Jalbert, Mercedes (2002), “Does School Matter? An Empirical Analysis of CEO Education, Compensation, and Firm Performance”, International Business and Economics Research Journal, 1, no. 1, pp. 83-98.
  • Kaplan, Steven N. – Klebanov, Mark M. – Sorensen, Morten (2012), “Which CEO Characteristics and Abilities Matter?”, Journal of Finance, 67, no. 3, pp. 973-1007.
  • King, Timothy – Srivastav, Abhishek – Williams, Jonathan (2016), “What's in an Education? Implications of CEO Education for Bank Performance”, Journal of Corporate Finance, 37, pp. 287-308.
  • Kouaib, Amel – Jarboui, Anis (2016), “The Moderating Effect of CEO Profile on the Link between Cutting R&D Expenditures and Targeting to Meet/Beat Earnings Benchmarks”, Journal of High Technology Management Research, 27, pp. 140-160.
  • Lewis, Ben W. – Walls, Judith L. – Dowell, Glen W. S. (2014), “Difference in Degrees: CEO Characteristics and Firm Environmental Disclosure”, Strategic Management Journal, 35, pp. 712-722.
  • Li, Jiatao – Tang, Yi (2010), “CEO Hubris and Firm Risk Taking in China: The Moderating Role of Managerial Discretion”, Academy of Management Journal, 53, no. 1, pp. 45-68.
  • Lin, Chen – Lin, Ping – Song, Frank M. – Li, Chuntao (2011), “Managerial Incentives, CEO Characteristics and Corporate Innovation in China‟s Private Sector”, Journal of Comparative Economics, 39, pp. 176-190.
  • Lu, Yao – Zhang, Mingyu (2015), “Effects of CEO Education Background on Firm Performance”, Journal of Tsinghua University (Science and Technology), 4, pp. 428-442.
  • Malmendier, Ulrike – Tate, Geoffrey (2005), “CEO Overconfidence and Corporate Investment”, Journal of Finance, 60, no. 6, pp. 2661-2700.
  • Malmendier, Ulrike – Tate, Geoffrey (2008), “Who Makes Acquisitions? CEO Overconfidence and the Market‟s Reaction”, Journal of Financial Economics, 89, pp. 20-43.
  • Manner, Mikko H. (2010), “The Impact of CEO Characteristics on Corporate Social Performance”, Journal of Business Ethics, 93, pp. 53-72.
  • Martelli, Joseph – Abels, Patricia (2010), “The Education of a Leader: Educational Credentials and Other Characteristics of Chief Executive Officers”, Journal of Education for Business, 85, pp. 209-217.
  • McGinn, Daniel (2016), “The Best-Performing CEOs in the World”, Harvard Business Review, 94, pp. 41-51.
  • Morton, Linda P. (2003), “Targeting CEOs”, Public Relations Quarterly, 48, no. 1, pp. 43-44.
  • O‟Donnell, Anthony (2008), “The Technology Education of the CEO”, Insurance and Technology, 33, no. 6, pp. 20-21.
  • Palia, Darius (2000), “The Impact of Regulation on CEO Labor Markets”, RAND Journal of Economics, 31, no. 1, pp. 165-179.
  • Qian, Cuili – Cao, Qing – Takeuchi, Riki (2013), “Top Management Team Functional Diversity and Organizational Innovation in China: The Moderating Effects of Environment”, Strategic Management Journal, 34, pp. 110-120.
  • Rose, Robert E. – Wong, Calvin (1989), “The MBA and Corporate Leadership”, Business Horizons, 32, no. 5, pp. 54-57.
  • Serra, Fernando Ribeiro – Tres, Guilherme – Ferreira, Manuel Portugal (2016), “The „CEO‟ Effect on the Performance of Brazilian Companies: An Empirical Study Using Measurable Characteristics”, European Management Review, 13, pp. 193-205.
  • Slater, Daniel J. – Dixon-Fowler, Heather R. (2010), “The Future of the Planet in the Hands of MBAs: An Examination of CEO MBA Education and Corporate Environmental Performance”, Academy of Management Learning and Education, 9, no. 3, pp. 429-441.
  • Tyler, Beverly B. – Steensma, H. Kevin (1998), “The Effects of Executives‟ Experiences and Perceptions on their Assessment of Potential Technological Alliances”, Strategic Management Journal, 19, pp. 939-965.
  • Walston, Stephen L. – Chou, Ann F. – Khaliq, Amir A. (2010), “Factors Affecting the Continuing Education of Hospital CEOs and their Senior Managers”, Journal of Healthcare Management, 55, no. 6, pp. 413-427.
  • Wang, Gang – Holmes, R. Michael – Oh, In‐Sue – Zhu, Weichun (2016), “Do CEOs Matter to Firm Strategic Actions and Firm Performance? A Meta-Analytic Investigation Based on Upper Echelons Theory”, Personnel Psychology, 69, no. 4, pp. 775-862.
  • Wei, Li-Qun – Chen, Dequin – Young, Michael N. – Wang, Xinran (2014), “Which CEOs Are More Likely to be Fired in China? Demographic Characteristics as an Antecedent”, SAM Advanced Management Journal, 79, no. 3, pp. 37-50.
  • Weng, David H. – Lin, Zhiang (2014), “Beyond CEO Tenure: The Effect of CEO Newness on Strategic Changes”, Journal of Management, 40, no. 7, pp. 2009-2032.
  • Zhang, Yan – Rajagopalan, Nandini (2010), “Once an Outsider, Always an Outsider? CEO Origin, Strategic Change, and Firm Performance”, Strategic Management Journal, 31, pp. 334-346.