The impact of CEO career concerns on a firm’s investment efficiency - Experiment research in Vietnam

• Main Authors: Lê Thị Hồng Minh, Trương Thúy An
• Format: Article
• Language: Vietnamese
• Published: TẠP CHÍ KHOA HỌC ĐẠI HỌC MỞ THÀNH PHỐ HỒ CHÍ MINH 2020-05-01
• Series: Tạp chí Khoa học Đại học Mở Thành phố Hồ Chí Minh - Kinh tế và Quản trị kinh doanh
• Subjects: ceo mới được bổ nhiệm; hiệu quả đầu tư; quyết định đầu tư; tuổi ceo
• Online Access: https://journalofscience.ou.edu.vn/index.php/econ-vi/article/view/247
• ISSN: 2734-9306; 2734-9578

This paper investigates the impact of CEO career concerns on a firm’s investment efficiency. The research data were collected from 78 companies listed on HNX and HOSE including 13 state-owned enterprises and 65 private enterprises from 2010 to 2017. Using the FGLS regression method, the study finds that older CEOs are prone to invest more efficiently and more cautiously. In addition, most newly appointed CEOs often invest below the optimal level, they are more concerned with their reputation than a firm’s growth strategies.