How to cite this paper
Azzam, M., Salameh, M., Aryan, L & Haija, A. (2025). The association between CEO characteristics and financial performance: The role of governance quality.Journal of Project Management, 10(1), 43-52.
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Agrawal, A., & Knoeber, C. (1996). Firm performance and mechanisms to control agency problems between managers and shareholders. Journal of Financial and Quantitative Analysis, 3(31), 377-397.
Ahmadi, A., Nakaa, N., & Bouri, A. (2018). Chief Executive Officer attributes, board structures, gender diversity and firm performance among French CAC 40 listed firms. Research in International Business and Finance, 44, 218-226.
Ajili, H., & Bouri, A. (2018). Corporate governance quality of Islamic banks: measurement and effect on financial per-formance. International Journal of Islamic and Middle Eastern Finance and Management, 11(3), 470–487.
Al Farooque, O., Buachoom, W., & Hoang, N. (2019). Interactive effects of executive compensation, firm performance and corporate governance: Evidence from an Asian market. Asia Pacific Journal of Management, 36(4), 1111-1164.
Al-Haddad, W., Alzurqan, S. T., & Al-Sufy, F. J. (2011). The effect of corporate governance on the performance of Jor-danian industrial companies: An empirical study on Amman Stock Exchange. International Journal of Humanities and Social Science, 4(1), 55-69.
Amran, N. A., Yusof, M. A. M., Ishak, R., & Aripin, N. (2014). Do characteristics of CEO and chairman influence gov-ernment-linked companies performance?. Procedia-Social and Behavioral Sciences, 109(1), 799-803.
Barker, V. L., & Mueller, G. C. (2002). CEO characteristics and firm R&D spending. Management Science, 48(6), 782-801.
Beekes, W., Hong, A., & Owen, S. A. (2010). An alternative measure of corporate governance using discrete principal component analysis. Available at SSRN 1623005.
Belenzon, S., Shamshur, A., & Zarutskie, R. (2019). CEO's age and the performance of closely held firms. Stra-tegic Management Journal, 40(6), 917-944.
Boling, J.R., Pieper, T.M. and Covin, J.G. (2015), CEO tenure and entrepreneurial orientation within a family and non-family firms. Entrepreneurship: Theory and Practice, 40(4), 891-913.
Cahaya, Y. F., & Riwayati, H. E. (2016). The Effect of Banking Company Performance toward Good Corporate Govern-ance Listed in Indonesia Stock Exchange. Procedia-Social and Behavioral Sciences, 21(9), 486-492.
Connelly, B. L., Shi, W., Walker, H. J., & Hersel, M. C. (2022). Searching for a sign: CEO successor selection in the wake of corporate misconduct. Journal of management, 48(4), 1035-1066.
Chelogoi, S., Cheboi, J., & Tenai, J. (2020). Moderating Effect of CEO Tenure on the Relationship between Intellectual Capital and Financial Performance of Listed Firms in Nairobi Securities Exchange, Kenya. African Journal of Edu-cation, Science and Technology, 5(4), 16-27.
Chu, H.L, Liu, N.Y& Chiu, S.C. (2023). CEO power and CSR: the moderating role of CEO characteristics. China Ac-counting and Finance Review, 25(1), 101-121.
Cline, B. N., & Yore, A. S. (2016). Silverback CEOs: Age, experience, and firm value. Journal of Empirical Finance, 35(1), 169–188.
Cucculelli, M., & Micucci, G. (2019). The age effect in entrepreneurship: founder tenure, firm performance, and the economic environment. In Handbook of Research on Entrepreneurship and Aging. Edward Elgar Publishing.
Denis, D. J., Denis, D. K., & Sarin, A. (1999). Agency theory and the influence of equity ownership structure on corpo-rate diversification strategies. Strategic Management Journal, 20(11), 1071-1076.
Dikolli, S.S., Mayew, W.J., & Nanda, D. (2014). CEO tenure and the performance-turnover relation. Review of Account-ing Studies, 19(1), 281-327.
Eisfeldt, A. L., & Kuhnen, C. M. (2013). CEO turnover in a competitive assignment framework. Journal of Financial Economics, 109(2), 351-372.
Ellili, N. O. D. (2022). Impact of ESG disclosure and financial reporting quality on investment efficiency. Corporate Governance: The International Journal of Business in Society, 22(5), 1094-1111.
Elsayed, N., & Elbardan, H. (2018). Investigating the associations between executive compensation and firm perfor-mance. Journal of Applied Accounting Research, 19(2), 245-270.
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The journal of law and Economics, 26(2), 301-325.
Firth, M., Fung, P. M., & Rui, O. M. (2006). Corporate performance and CEO compensation in China. Journal of Corpo-rate Finance, 12(4), 693-714.
Fischer, M., & Lindermoyer, J. (2020). Dodd Frank Act: Reporting CEO Compensation Relationship to Worker Ratio and Firm Performance. American Journal of Management, 20(1), 31-45.
Frankel, R., M. Johnson, and K. Nelson. 2002. The relation between auditors’ fees for nonaudit services and earnings management. The Accounting Review. 77(Supplement), 71–105.
Graham, J. R., Harvey, C. R., & Rajgopal, S. (2005). The economic implications of corporate financial reporting. Journal of Accounting and Economics, 40(1-3), 3-73.
Hambrick, D. C., & Fukutomi, G. D. (1991). The seasons of a CEO's tenure. Academy of Management Review, 16(4), 719-742.
Hameed, Z., Khan, I. U., Sheikh, Z., Islam, T., Rasheed, M. I., & Naeem, R. M. (2019). Organizational justice and knowledge sharing behaviour: The role of psychological ownership and perceived organizational support. Personnel Review, 48(3), 748-773.
Henderson, A. D., Miller, D., & Hambrick, D. C. (2006). How quickly do CEOs become obsolete? Industry dynamism, CEO tenure, and company performance. Strategic Management Journal, 27(5), 447-460.
Hill, R. C., Griffiths, W. E., & Lim, G. C. (2018). Principles of econometrics. 4th edn, John Wiley & Sons.
Hsieh, C., Pandey, V., & Wang, H. (2019). Executive compensation of immigrant-founder firms in the USA. In-ternational Journal of Managerial Finance, 15(4), 546-563.
Javeed, S. A., & Lefen, L. (2019). An analysis of corporate social responsibility and firm performance with moderating effects of CEO power and ownership structure: A case study of the manufacturing sector of Pakistan. Sustainability, 11(1), 1-25.
Jebran, K., & Chen, S. (2023). Can we learn lessons from the past? COVID‐19 crisis and corporate governance respons-es. International Journal of Finance & Economics, 28(1), 421-429.
Katper, N. K., Shaikh, S. S., Anand, V., & Ali, N. I. (2018). Analysing the impact of managerial ownership on the per-formance of Shariah-Compliant firms in Pakistan. International Business Research, 11(11), 55-66.
Kawther, B. I. (2023). Impact Of Accounting Disclosures on Financial Statements Users' Confidence. Resmilitaris, 13(2), 408-422.
Khan, R., Khidmat, W. B., Hares, O. A., Muhammad, N., & Saleem, K. (2023). Corporate governance quality, ownership structure, agency costs and firm performance. Evidence from an Emerging Economy. Journal of Risk and Financial Management, 13(7), 154.
Kim, E. H., & Lu, Y. (2011). CEO ownership, external governance, and risk-taking. Journal of Financial Economics, 102(2), 272-292.
Kim, K. A., Kitsabunnarat, P., & Nofsinger, J. R. (2004). Ownership and operating performance in an emerging market: evidence from Thai IPO firms. Journal of Corporate Finance, 10(3), 355-381.
Klein, A. (2002). Audit committees, board of director characteristics and earnings management. Journal of Accounting and Economics, 33(3), 375–400.
Koop, G. (2013). Analysis of Economic Data. 4th ed., Wiley, Hoboken, USA.
Krause, R., & Semadeni, M. (2022). Last dance or second chance? Firm performance, CEO career horizon, and the sepa-ration of board leadership roles. Strategic Management Journal, 35(6), 808-825.
Kuo, H. C., Lin, D., Lien, D., Wang, L. H., & Yeh, L. J. (2023). Is there an inverse U-shaped relationship between pay and performance?. The North American Journal of Economics and Finance, 28(1), 347-357.
Li, D., Moshirian, F., Nguyen, P., & Tan, L. W. (2007). Managerial ownership and firm performance: Evidence from China's privatizations. Research in International Business and Finance, 21(3), 396-413.
Li, H., Hang, Y., Shah, S. G. M., Akram, A., & Ozturk, I. (2020). Demonstrating the Impact of Cognitive CEO on Firms’ Performance and CSR Activity. Frontiers in Psychology, 11(1), 1-14.
Li, M., & Patel, P. C. (2022). Jack of all, master of all? CEO generalist experience and firm performance. The Leader-ship Quarterly, 30(3), 320-334.
Luo, Y., & Jackson, D. (2012). Executive compensation, ownership structure and firm performance in Chinese financial corporations. Global Business and Finance Review, 17(1), 56-74.
Mashayekhi, B., & Bazaz, M. S. (2008). Corporate Governance and Firm Performance in Iran. Journal of Contemporary Accounting & Economics, 4(2), 156-172.
McClelland, P. L., Barker, V. L., & Oh, W.-Y. (2012). CEO career horizon and tenure: Future performance implications under different contingencies. Journal of Business Research, 65(9), 1387–1393.
McGee, R. W. (2010). Corporate Governance in Transition and Developing Economies: A Case Study of Peru. Avail-able at SSRN 1665964.
Miller D. (1991). Stale in the saddle: CEO tenure and the match between organization and environment.
Management Science 37(1): 34–52.
Murwaningsari, E. (2019). The relationship of corporate governance, corporate social responsibilities and corporate fi-nancial performance in one continuum. Indonesian Management and Accounting Research, 9(1), 78- 98.
Najjar, N. J. (2012). The impact of Corporate Governance on the insurance firm’s performance in Bahrain. International Journal of Learning and Development, 2(2), 1-17.
Nguyen, P., Miloud, T., & Zhao, R. (2017). CEO tenure and firm growth: A conditional analysis. Economics Bulletin. 37(4), 2301-2308.
OECD,(2004). Organization for Economic Co-operation and Development, Available at: http://stats.oecd.org/glossary/detail.asp?ID=6778 viewed 25/4/2023.
Ozkan, N. (2011). CEO compensation and firm performance: An empirical investigation of UK panel data. Eu-ropean Financial Management, 17(2), 260-285.
Serfling, M. A. (2014). CEO age and the riskiness of corporate policies. Journal of Corporate Finance, 25(1), 251–273.
Shan, Y. G. (2019). Managerial ownership, board independence and firm performance. Accounting Research Journal, 32(2), 203–220.
Shan, Y. G., Troshani, I., & Loftus, J. (2017). Managerial ownership, audit committees and non-audit services. Aus-tralian Journal of Management, 46(3), 409–436.
Simsek, Z. (2007). CEO tenure and organization performance: An intervening model. Strategic Management Journal, 28(6), 653-662.
Smirnova, A. S., & Zavertiaeva, M. A. (2017). Which came first, CEO compensation or firm performance? The causali-ty dilemma in European companies. Research in International Business and Finance, 42, 658-673.
Tawiah, V. (2023). The effect of IPSAS adoption on governance quality: evidence from developing and developed coun-tries. Public Organization Review, 23(1), 305-324.
Wang, G., Holmes Jr, R. M., Oh, I. S., & Zhu, W. (2016). Do CEOs matter to firm strategic actions and firm perfor-mance? A meta‐analytic investigation based on upper echelons theory. Personnel Psychology, 69(4), 775- 862.
Wu, C. C., & Dong, Y. R. (2020). The Impact of Change in CEO Ownership on Future Firm Performance. Journal of Fi-nance and Economics, 8(3), 100-106.
Wu, S., Levitas, E., & Priem, R. L. (2005). CEO tenure and company invention under differing levels of technological dynamism. Academy of Management Journal, 48(5), 859-873.
Xie, Q. (2014). CEO tenure and ownership mode choice of Chinese firms: The moderating roles of managerial discre-tion. International Business Review, 23(5), 910–919.
Yim, S. (2013). The acquisitiveness of youth: CEO age and acquisition behavior. Journal of financial economics, 108(1), 250-273.
Zoghlami, F. (2022). Does CEO compensation matter in boosting firm performance? Evidence from listed French firms. Managerial and Decision Economics, 42(1), 143-155.
Ahmadi, A., Nakaa, N., & Bouri, A. (2018). Chief Executive Officer attributes, board structures, gender diversity and firm performance among French CAC 40 listed firms. Research in International Business and Finance, 44, 218-226.
Ajili, H., & Bouri, A. (2018). Corporate governance quality of Islamic banks: measurement and effect on financial per-formance. International Journal of Islamic and Middle Eastern Finance and Management, 11(3), 470–487.
Al Farooque, O., Buachoom, W., & Hoang, N. (2019). Interactive effects of executive compensation, firm performance and corporate governance: Evidence from an Asian market. Asia Pacific Journal of Management, 36(4), 1111-1164.
Al-Haddad, W., Alzurqan, S. T., & Al-Sufy, F. J. (2011). The effect of corporate governance on the performance of Jor-danian industrial companies: An empirical study on Amman Stock Exchange. International Journal of Humanities and Social Science, 4(1), 55-69.
Amran, N. A., Yusof, M. A. M., Ishak, R., & Aripin, N. (2014). Do characteristics of CEO and chairman influence gov-ernment-linked companies performance?. Procedia-Social and Behavioral Sciences, 109(1), 799-803.
Barker, V. L., & Mueller, G. C. (2002). CEO characteristics and firm R&D spending. Management Science, 48(6), 782-801.
Beekes, W., Hong, A., & Owen, S. A. (2010). An alternative measure of corporate governance using discrete principal component analysis. Available at SSRN 1623005.
Belenzon, S., Shamshur, A., & Zarutskie, R. (2019). CEO's age and the performance of closely held firms. Stra-tegic Management Journal, 40(6), 917-944.
Boling, J.R., Pieper, T.M. and Covin, J.G. (2015), CEO tenure and entrepreneurial orientation within a family and non-family firms. Entrepreneurship: Theory and Practice, 40(4), 891-913.
Cahaya, Y. F., & Riwayati, H. E. (2016). The Effect of Banking Company Performance toward Good Corporate Govern-ance Listed in Indonesia Stock Exchange. Procedia-Social and Behavioral Sciences, 21(9), 486-492.
Connelly, B. L., Shi, W., Walker, H. J., & Hersel, M. C. (2022). Searching for a sign: CEO successor selection in the wake of corporate misconduct. Journal of management, 48(4), 1035-1066.
Chelogoi, S., Cheboi, J., & Tenai, J. (2020). Moderating Effect of CEO Tenure on the Relationship between Intellectual Capital and Financial Performance of Listed Firms in Nairobi Securities Exchange, Kenya. African Journal of Edu-cation, Science and Technology, 5(4), 16-27.
Chu, H.L, Liu, N.Y& Chiu, S.C. (2023). CEO power and CSR: the moderating role of CEO characteristics. China Ac-counting and Finance Review, 25(1), 101-121.
Cline, B. N., & Yore, A. S. (2016). Silverback CEOs: Age, experience, and firm value. Journal of Empirical Finance, 35(1), 169–188.
Cucculelli, M., & Micucci, G. (2019). The age effect in entrepreneurship: founder tenure, firm performance, and the economic environment. In Handbook of Research on Entrepreneurship and Aging. Edward Elgar Publishing.
Denis, D. J., Denis, D. K., & Sarin, A. (1999). Agency theory and the influence of equity ownership structure on corpo-rate diversification strategies. Strategic Management Journal, 20(11), 1071-1076.
Dikolli, S.S., Mayew, W.J., & Nanda, D. (2014). CEO tenure and the performance-turnover relation. Review of Account-ing Studies, 19(1), 281-327.
Eisfeldt, A. L., & Kuhnen, C. M. (2013). CEO turnover in a competitive assignment framework. Journal of Financial Economics, 109(2), 351-372.
Ellili, N. O. D. (2022). Impact of ESG disclosure and financial reporting quality on investment efficiency. Corporate Governance: The International Journal of Business in Society, 22(5), 1094-1111.
Elsayed, N., & Elbardan, H. (2018). Investigating the associations between executive compensation and firm perfor-mance. Journal of Applied Accounting Research, 19(2), 245-270.
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The journal of law and Economics, 26(2), 301-325.
Firth, M., Fung, P. M., & Rui, O. M. (2006). Corporate performance and CEO compensation in China. Journal of Corpo-rate Finance, 12(4), 693-714.
Fischer, M., & Lindermoyer, J. (2020). Dodd Frank Act: Reporting CEO Compensation Relationship to Worker Ratio and Firm Performance. American Journal of Management, 20(1), 31-45.
Frankel, R., M. Johnson, and K. Nelson. 2002. The relation between auditors’ fees for nonaudit services and earnings management. The Accounting Review. 77(Supplement), 71–105.
Graham, J. R., Harvey, C. R., & Rajgopal, S. (2005). The economic implications of corporate financial reporting. Journal of Accounting and Economics, 40(1-3), 3-73.
Hambrick, D. C., & Fukutomi, G. D. (1991). The seasons of a CEO's tenure. Academy of Management Review, 16(4), 719-742.
Hameed, Z., Khan, I. U., Sheikh, Z., Islam, T., Rasheed, M. I., & Naeem, R. M. (2019). Organizational justice and knowledge sharing behaviour: The role of psychological ownership and perceived organizational support. Personnel Review, 48(3), 748-773.
Henderson, A. D., Miller, D., & Hambrick, D. C. (2006). How quickly do CEOs become obsolete? Industry dynamism, CEO tenure, and company performance. Strategic Management Journal, 27(5), 447-460.
Hill, R. C., Griffiths, W. E., & Lim, G. C. (2018). Principles of econometrics. 4th edn, John Wiley & Sons.
Hsieh, C., Pandey, V., & Wang, H. (2019). Executive compensation of immigrant-founder firms in the USA. In-ternational Journal of Managerial Finance, 15(4), 546-563.
Javeed, S. A., & Lefen, L. (2019). An analysis of corporate social responsibility and firm performance with moderating effects of CEO power and ownership structure: A case study of the manufacturing sector of Pakistan. Sustainability, 11(1), 1-25.
Jebran, K., & Chen, S. (2023). Can we learn lessons from the past? COVID‐19 crisis and corporate governance respons-es. International Journal of Finance & Economics, 28(1), 421-429.
Katper, N. K., Shaikh, S. S., Anand, V., & Ali, N. I. (2018). Analysing the impact of managerial ownership on the per-formance of Shariah-Compliant firms in Pakistan. International Business Research, 11(11), 55-66.
Kawther, B. I. (2023). Impact Of Accounting Disclosures on Financial Statements Users' Confidence. Resmilitaris, 13(2), 408-422.
Khan, R., Khidmat, W. B., Hares, O. A., Muhammad, N., & Saleem, K. (2023). Corporate governance quality, ownership structure, agency costs and firm performance. Evidence from an Emerging Economy. Journal of Risk and Financial Management, 13(7), 154.
Kim, E. H., & Lu, Y. (2011). CEO ownership, external governance, and risk-taking. Journal of Financial Economics, 102(2), 272-292.
Kim, K. A., Kitsabunnarat, P., & Nofsinger, J. R. (2004). Ownership and operating performance in an emerging market: evidence from Thai IPO firms. Journal of Corporate Finance, 10(3), 355-381.
Klein, A. (2002). Audit committees, board of director characteristics and earnings management. Journal of Accounting and Economics, 33(3), 375–400.
Koop, G. (2013). Analysis of Economic Data. 4th ed., Wiley, Hoboken, USA.
Krause, R., & Semadeni, M. (2022). Last dance or second chance? Firm performance, CEO career horizon, and the sepa-ration of board leadership roles. Strategic Management Journal, 35(6), 808-825.
Kuo, H. C., Lin, D., Lien, D., Wang, L. H., & Yeh, L. J. (2023). Is there an inverse U-shaped relationship between pay and performance?. The North American Journal of Economics and Finance, 28(1), 347-357.
Li, D., Moshirian, F., Nguyen, P., & Tan, L. W. (2007). Managerial ownership and firm performance: Evidence from China's privatizations. Research in International Business and Finance, 21(3), 396-413.
Li, H., Hang, Y., Shah, S. G. M., Akram, A., & Ozturk, I. (2020). Demonstrating the Impact of Cognitive CEO on Firms’ Performance and CSR Activity. Frontiers in Psychology, 11(1), 1-14.
Li, M., & Patel, P. C. (2022). Jack of all, master of all? CEO generalist experience and firm performance. The Leader-ship Quarterly, 30(3), 320-334.
Luo, Y., & Jackson, D. (2012). Executive compensation, ownership structure and firm performance in Chinese financial corporations. Global Business and Finance Review, 17(1), 56-74.
Mashayekhi, B., & Bazaz, M. S. (2008). Corporate Governance and Firm Performance in Iran. Journal of Contemporary Accounting & Economics, 4(2), 156-172.
McClelland, P. L., Barker, V. L., & Oh, W.-Y. (2012). CEO career horizon and tenure: Future performance implications under different contingencies. Journal of Business Research, 65(9), 1387–1393.
McGee, R. W. (2010). Corporate Governance in Transition and Developing Economies: A Case Study of Peru. Avail-able at SSRN 1665964.
Miller D. (1991). Stale in the saddle: CEO tenure and the match between organization and environment.
Management Science 37(1): 34–52.
Murwaningsari, E. (2019). The relationship of corporate governance, corporate social responsibilities and corporate fi-nancial performance in one continuum. Indonesian Management and Accounting Research, 9(1), 78- 98.
Najjar, N. J. (2012). The impact of Corporate Governance on the insurance firm’s performance in Bahrain. International Journal of Learning and Development, 2(2), 1-17.
Nguyen, P., Miloud, T., & Zhao, R. (2017). CEO tenure and firm growth: A conditional analysis. Economics Bulletin. 37(4), 2301-2308.
OECD,(2004). Organization for Economic Co-operation and Development, Available at: http://stats.oecd.org/glossary/detail.asp?ID=6778 viewed 25/4/2023.
Ozkan, N. (2011). CEO compensation and firm performance: An empirical investigation of UK panel data. Eu-ropean Financial Management, 17(2), 260-285.
Serfling, M. A. (2014). CEO age and the riskiness of corporate policies. Journal of Corporate Finance, 25(1), 251–273.
Shan, Y. G. (2019). Managerial ownership, board independence and firm performance. Accounting Research Journal, 32(2), 203–220.
Shan, Y. G., Troshani, I., & Loftus, J. (2017). Managerial ownership, audit committees and non-audit services. Aus-tralian Journal of Management, 46(3), 409–436.
Simsek, Z. (2007). CEO tenure and organization performance: An intervening model. Strategic Management Journal, 28(6), 653-662.
Smirnova, A. S., & Zavertiaeva, M. A. (2017). Which came first, CEO compensation or firm performance? The causali-ty dilemma in European companies. Research in International Business and Finance, 42, 658-673.
Tawiah, V. (2023). The effect of IPSAS adoption on governance quality: evidence from developing and developed coun-tries. Public Organization Review, 23(1), 305-324.
Wang, G., Holmes Jr, R. M., Oh, I. S., & Zhu, W. (2016). Do CEOs matter to firm strategic actions and firm perfor-mance? A meta‐analytic investigation based on upper echelons theory. Personnel Psychology, 69(4), 775- 862.
Wu, C. C., & Dong, Y. R. (2020). The Impact of Change in CEO Ownership on Future Firm Performance. Journal of Fi-nance and Economics, 8(3), 100-106.
Wu, S., Levitas, E., & Priem, R. L. (2005). CEO tenure and company invention under differing levels of technological dynamism. Academy of Management Journal, 48(5), 859-873.
Xie, Q. (2014). CEO tenure and ownership mode choice of Chinese firms: The moderating roles of managerial discre-tion. International Business Review, 23(5), 910–919.
Yim, S. (2013). The acquisitiveness of youth: CEO age and acquisition behavior. Journal of financial economics, 108(1), 250-273.
Zoghlami, F. (2022). Does CEO compensation matter in boosting firm performance? Evidence from listed French firms. Managerial and Decision Economics, 42(1), 143-155.