CEO power and matching leverage preferences

Timo Korkeamäki, Eva Liljeblom, Daniel Pasternack

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7 Citeringar (Scopus)

Sammanfattning

We study the effect of managerial power on CEOs’ tendency to imprint their personal leverage preferences upon the firms they manage. Using a unique data source that allows us to measure personal wealth and indebtness in great detail, we find a connection between CEOs’ personal leverage and that of their firms. The connection is driven by the CEOs with a longer tenure and the CEOs who serve in a dual role. The connection is significantly weaker for those CEOs who have a proportion of their personal wealth tied to the firm. Presence of block holders also weakens the connection.
OriginalspråkEngelska
Referentgranskad vetenskaplig tidskriftJournal of corporate finance
Volym45
UtgåvaAugust
Sidor (från-till)19-30
Antal sidor12
ISSN0929-1199
DOI
StatusPublicerad - 12.04.2017
MoE-publikationstypA1 Originalartikel i en vetenskaplig tidskrift

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