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Estudos recentes relatam diferenças na performance de empresas com base no status do respetivo CEO. Este estudo examina empiricamente o desempenho das empresas cujo CEO é fundador. Utilizo uma amostra de 96 empresas americanas públicas cujo CEO é fundador ou cofundador para estimar os coeficientes das variáveis explicativas de Fama e French (1992) SMB, HML, WML, RMW e CMA usando o estimador de mínimos quadrados. Os resultados obtidos são emocionantes e esclarecedores. Ambas os portfólios produzem resultados robustos e com significância estatística global. Os portfólios value-weighted e eqaual-weighted obtêm retornos que variam de 1.51% a 2.01%. Isto sugere que existe um nexo de causalidade entre a existência de retornos anormais positivos e a performance de empresas cujo CEO é fundador e é de grande importância para os profissionais que trabalham no setor financeiro.
Research has been conducted that finds differences in firm performance according to the CEO status. This dissertation empirically examines founder-CEO firm’s performance. I use a sample of 96 listed US companies that are either founder or co-founder run to regress Fama and French’s (1992) independent variables SMB, HML, WML, RMW and CMA on equal-weighted and value-weighted excess returns using the OLS regression model. The results obtained are exciting and clarifying. Both portfolios produce very robust results and global statistical significance throughout. I find that the value-weighted and equal-weighted portfolios earn abnormal monthly returns ranging from 1.51% to 2.01%. This finding suggests there is a causal link between the existence of positive abnormal returns and founder-CEO firms and is of high importance for practitioners working in the finance industry.
Research has been conducted that finds differences in firm performance according to the CEO status. This dissertation empirically examines founder-CEO firm’s performance. I use a sample of 96 listed US companies that are either founder or co-founder run to regress Fama and French’s (1992) independent variables SMB, HML, WML, RMW and CMA on equal-weighted and value-weighted excess returns using the OLS regression model. The results obtained are exciting and clarifying. Both portfolios produce very robust results and global statistical significance throughout. I find that the value-weighted and equal-weighted portfolios earn abnormal monthly returns ranging from 1.51% to 2.01%. This finding suggests there is a causal link between the existence of positive abnormal returns and founder-CEO firms and is of high importance for practitioners working in the finance industry.
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Performance CEO fundador Founder-CEO Portfolio