• The Journal of Asian Finance, Economics and Business
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• v.8 no.12
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• pp.159-167
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• 2021

The objective of this study is to examine the effect of family ownership and family CEO on the dividend policy of family firms by using the demographic characteristics of the CEO as a moderator. Dividend policy is a decision taken by the firm in determining whether the profits earned by the firm will be distributed to shareholders in the form of dividends or will be reinvested in the company as retained earnings for future internal resources. Using samples from non-financial family firms listed on the Indonesian Stock Exchange in 2013-2017, 93 firms were selected based on adequate data. We also used logit regressions to provide robustness. The results show that family ownership and family CEO have a positive effect on the dividend payout ratio. This finding supports the family income hypothesis. Among CEO demographic characters, CEO age significantly strengthens the positive effect of family CEO on dividend payout ratio. While CEO tenure does not significantly strengthen the positive effect of family CEOs on dividend payout ratios. Meanwhile, leverage, ROA, and firm size significantly affect the dividend payout ratio, but firm age does not significantly affect the dividend payout ratio.

• International Journal of Contents
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• v.5 no.1
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• pp.56-61
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• 2009

The main purpose of this study is to examine the effect of ethical management on job performance. For the study, CEO's will, ethical management system and external ethical activity are selected as subordinate variables of ethical management. Therefore, the concrete purpose of this study are four issues: (1) to examine the effects of CEO's will on organizational trust,. (2) to examine the effect of ethical management system on organizational trust, (3) to examine the effects of external ethical activity on organizational trust, (4) to examine the effects of organizational trust on organizational performance. The sample for this empirical study is collected from 334 employees of 5 different companies executing ethical management. The results of analysis are as follows. First, there is a positive effect of CEO's will on organizational trust. Second, there is no effect of ethical management system on organizational trust. Third, there is a positive effect of external ethical activity on organizational trust. Last, there is a positive effect of organizational trust on organizational performance. Based on the results of this study, we suggested implications for business strategies and effective alternatives for ethical management.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.6
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• pp.11-26
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• 2016

Businesses have to survive and thrive in both domestic and international environments. In order to resolve these problems, new alternatives have been presented. These include the importance of women's resources and entrepreneurship of female CEOs. The sensibility, delicacy, creativity as well as the intuitive power of female CEOs, actively enables them to cope with the ever-changing environment. Because of the rapidly changing circumstances, the above mentions women's attributes are highlighted thus, causing women's roles in society to shift from their traditional tendencies to finding careers and their own identities. Due to this change in social roles, social interest and the values of female CEOs are being reevaluated. Accordingly, the conceptual consideration of female entrepreneurship (innovation, enterprise, risk sensitivity) as well as the factors to be considered for the entrepreneurship of female CEOs in order to promote knowledge management performance was derived in this research. The deducted implication of this research is that generally, the enterprise and risk sensitivity of entrepreneurship affect the knowledge management performance of female CEOs. It is therefore proved that in the case of female CEOs, entrepreneurship and self-efficacy are linked, allowing them to achieve the desired outcome for a specific task performance. Female CEOs are capable of company management through the mediating process of their enterprise, risk sensitivity, and self-efficacy and with faith in their knowledge management, will be able to achieve high performance. Therefore, using strengths and nature peculiar to women, women's economic activities derived from knowledge management based on entrepreneurship will not only help overcome the long-term economy crisis but also lead to high economic growth and development. This will be a dynamic force for the nation's new growth with financial means. The comparative study of existing results will also contribute in suggesting the direction of policies that will enable the success of female CEOs in entrepreneurship.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.291-301
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• 2020

This paper aims to investigate the impact of chief executive officer's (CEO) attributes on firms' performance. Specifically, it examines the influence of CEOs' education, professional experience, and tenure on Saudi firms' performance. We look at a sample of 120 listed firms on Tadawul stock exchange from 2014 to 2017. Data on financial and accounting variables are obtained from the annual reports of the selected companies. We follow the existing empirical literature and use a panel model and formulate three different equations using the GMM estimator. Findings prove that CEO educational background does matter. In particular, companies employing CEOs with business administration, economics, finance, or accounting degree will perform outstandingly better. Similarly, stock performance gets improved when the CEO has a postgraduate qualification, i.e., when the CEO holds an MBA, a master, or a PhD degree. Besides, results reveal that executives who have an experience in a related field will positively affect the firm's performance. Finally, evidence shows that high CEOs tenure improves corporate performance. Overall, these findings demonstrate that executives' attributes are key factors that would explain differences in Saudi firms' performance. These results would help shareholders to make the right decision in selecting CEOs to manage the company.

• Journal of Venture Innovation
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• v.5 no.2
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• pp.111-127
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• 2022

With the progress of the 4th industrial revolution, interest in smart factories is increasing. The government is implementing a smart factory support project for small and medium-sized manufacturing companies. Therefore, in this study, factors influencing small and medium-sized enterprises(SME's) intention of smart factory acceptance were analyzed. In particular, it focused on how the perception of government support affects intention of smart factory acceptance. For the empirical analysis, a research model was established by reflecting the characteristics of SMEs and the technical factors of the smart factory centering on the technology acceptance theory. Based on the model set in this way, a questionnaire survey was conducted for employees of SMEs. In this study, a total of 231 samples of valid data were used for analysis. The empirical analysis results are as follows. It was analyzed that performance expectancy, social influence, technology utilization capability, CEO will, and employee resistance to innovation, all introduced as research variables, had a significant effect on the use intention of smart factory acceptance. In particular, it was found that employees' resistance to innovation had a negative (-) effect on their use intention. Meanwhile, to analyze the moderating effect of government support, it was divided into a group with high expectations for government support and a group with low expectations. As a result, it was found that there was a difference in the effect of CEO's will, employees' resistance to innovation, and social influence on the use intention. On the other hand, no significant difference was found in the relationship between performance expectancy, technology utilization capability on the use intention. Based on the empirical analysis results, the academic and practical implications of this study were presented.

• The Journal of the Korea Contents Association
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• v.16 no.3
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• pp.346-353
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• 2016

This research examines the effect of family member in board of directors. In Korea, the ownership and management of a firm is not thoroughly separated and most of firms are managed by controlling family. These family officers have same intent with family CEOs who identify themselves with the firm and want to hand over it to their descendants. Thus, family officers will influence positively on firm performance. Besides, the moderating effect of professional CEO on the above relation will be also positive. It is because professional CEO will be curbed by family officers in board of directors. Under this condition, the potential self-interest seeking behavior will be minimized and the specialty of professional CEO will be manifested. 2,456 firm-year panel data are gathered in manufacturing listed firms from 2004 to 2010 and the result suggests that hypotheses are supported.

• Journal of Family Resource Management and Policy Review
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• v.11 no.4
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• pp.37-53
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• 2007

The purpose of this study was to develop an educational program of leadership for housewives as the CEO of household management. For this purpose, the related concepts of leadership as CEO were analyzed and cases on the educational program for housewives were reviewed. The program developed through this study consists of four subjects: 1. The housewives' identity 2. Household management and the CEO 3. The strategies for the development of leadership and 4. The connection between the individual household, the community, and society. It can be expected that the program will contribute to the activation of various programs in the Healthy Families Center and the strong positioning of research in "family resource management" as a practical science.

• Korean small business review
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• v.41 no.1
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• pp.75-96
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• 2019

This study used age, education, major, working period as CEO's characteristics and examine relationship between these characteristics and R&D Investment. Furthermore this study examined how CEO should react in terms of R&D investment, which is effected by CEO's characteristic in the market. The empirical results are following. (1) When CEO's age are young, they spend much money for R&D investment. And R&D investment which is determined by young CEO has a positive effect on relation of firm value. (2) A higher educational background has a positive effect on R&D investment and will create higher firm value. (3) When CEO's major is competitive in the same industry, it has a positive relationship with R&D investment and its firm value is bigger than though. (4) When CEO working period is long, they showed active to R&D investment. On the other hand, the firm value decreased. This study focused on analyzing the relationship between characteristics of CEO and R&D Investment, furthermore, how R&D investment which effected by CEO's characteristic is contributing in creating the firm value. This results indicate that CEO's characteristics reflect R&D investment and value of venture business. Therefore, CEO's characteristics should be considered financial information and firm value in the market.

• International journal of advanced smart convergence
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• v.12 no.3
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• pp.168-174
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• 2023

The purpose of this paper is to analyze entrepreneurship and to find out the impact of CEOs in the restaurant industry on corporate performance when they have entrepreneurship. Entrepreneurs need entrepreneurship to take risks and jump into the market to generate profits. Entrepreneurship is not limited to the abilities or resources held, but it is not limited to the ability or resources held, and entrepreneurship to act means the spirit to take uncertainty and preempt opportunities through innovative activities [1]. In this study, the CEO's entrepreneurship was set as an independent variable and corporate performance as a dependent variable. By applying and analyzing how the CEO's entrepreneurship affects corporate performance in the restaurant industry, the importance of entrepreneurship in the restaurant industry and the impact relationship on corporate performance are analyzed. To this end, 100 CEOs working in the restaurant industry will be surveyed using the Likert 5-point scale[2]. And an empirical analysis will be conducted through the SPSS program[3]. Entrepreneurship is a spirit that can take risks and seize opportunities through bold challenges to generate profits. Therefore, it has been confirmed that it affects corporate performance as a key factor for improving corporate performance, and from related studies, the entrepreneurship of the CEO of the restaurant industry is expected to have a positive (+) effect on corporate performance.

• Journal of Venture Innovation
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• v.6 no.2
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• pp.41-65
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• 2023

This study was conducted to empirically analyse the factors that influence SMEs' intention to adopt ESG. For this purpose, we first derived the variables of usefulness of ESG and ease of adoption. In addition, we adopted CEO's will because of the importance of CEO's role in decision-making in SMEs. In addition, we added customer's request, government support, and credit evaluation reflection as institutional factors for ESG management. To examine the mediating role of attitudes and employees' innovation resistance in these relationships and how they affect ESG adoption, we set up a research model. These factors were used in the empirical analysis with 368 valid responses from the survey. Hierarchical regression analysis method using SPSS 24.0 was used for statistical analysis, and Process Macro 4.0 based on SPSS 24 was used for mediation and moderation effects. The results of the empirical analysis of this study showed that the usefulness of ESG adoption, ease of adoption, CEO's will, customer's request, government support, and credit evaluation reflection all had a positive and significant effect on the intention to adopt ESG management. In particular, among the variables affecting ESG adoption, CEO's will was found to be the most influential. Attitudes were also found to play a mediating role between the influencing factors and intention to adopt ESG management, as well as the mediating effect of employee' innovation resistance. The academic implications of this study include the identification and empirical testing of each of the influencing variables of ESG management adoption in the scarce literature on ESG in SMEs, and the prioritisation of the influence of these factors on adoption intention, which can be used to promote the adoption of ESG management. In terms of practical implications, it is important for SMEs to have a win-win relationship with large corporations, an ecosystem such as government support, in order to improve CEO awareness and motivate the CEO's will, and for smooth introduction of ESG management, it is necessary to find ways to reduce resistance through sufficient communication with organizational members to make them aware of the need.