Investigating the Nonlinear Relationship between CEO Power and Capital Structure

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Aslani Manarebazari Maryam; MIRASKARI SEYED REZA; MAHFOOZI GHOLAMREZA

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Journal: INVESTMENT KNOWLEDGE Year:2020 | Volume:9 | Issue:35 Page(s): 65-83

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Information Journal Paper

Title

Investigating the Nonlinear Relationship between CEO Power and Capital Structure

Author(s)

Aslani Manarebazari Maryam | MIRASKARI SEYED REZA | MAHFOOZI GHOLAMREZA | Issue Writer Certificate

Keywords

CEO PowerQ1

Capital StructureQ1

Agency theoryQ1

principle component analysisQ1

Robust EstimationQ1

Abstract

Nowadays in the world of business, one of the issues that companies are facing is making decision about Capital Structure. After the Industrial Revolution, separation of owners and management in the companies was raised. This issue reflects the importance of managerial power as the source of important decisions in choosing the appropriate Capital Structure. This paper investigates the nonlinear power of CEO and Capital Structure of 100 companies accepted in Tehran Stock Exchange during the period of 2011-2011 based on the Agency theory. The power index of the CEO has been constructed through the principle component analysis. The three dimensions of CEO Power (Expert Power, Ownership Power and Referent Power) are considered as constructing the variable of executive power. We used econometric approach and panel data models in testing the hypothesis. The result of this paper showed that there is a parabola-shape association between CEO Power and leverage; meaning that there is a nonlinearity relationship between these two variables.

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APA: Copy

Aslani Manarebazari, Maryam, MIRASKARI, SEYED REZA, & MAHFOOZI, GHOLAMREZA. (2020). Investigating the Nonlinear Relationship between CEO Power and Capital Structure. INVESTMENT KNOWLEDGE, 9(35 ), 65-83. SID. https://sid.ir/paper/399821/en

Vancouver: Copy

Aslani Manarebazari Maryam, MIRASKARI SEYED REZA, MAHFOOZI GHOLAMREZA. Investigating the Nonlinear Relationship between CEO Power and Capital Structure. INVESTMENT KNOWLEDGE[Internet]. 2020;9(35 ):65-83. Available from: https://sid.ir/paper/399821/en

IEEE: Copy

Maryam Aslani Manarebazari, SEYED REZA MIRASKARI, and GHOLAMREZA MAHFOOZI, “Investigating the Nonlinear Relationship between CEO Power and Capital Structure,” INVESTMENT KNOWLEDGE, vol. 9, no. 35 , pp. 65–83, 2020, [Online]. Available: https://sid.ir/paper/399821/en

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