In Search of the “Steve Jobs Effect”: How Influential Are Managers in Iranian Firms’ Decisions and Performance?
This paper aims to estimate the influence of managers, including CEOs and members of the board, on changing the firms’ policies and performances. To this end, we first assemble a hand-collected database on the composition of the boards of directors and CEOs across 488 firms listed on the Tehran Stoc...
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| Format: | Article |
| Language: | fas |
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Institute for Management and Planning Studies
2021-05-01
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| Series: | برنامهریزی و بودجه |
| Subjects: | |
| Online Access: | http://jpbud.ir/article-1-1992-en.html |
| _version_ | 1797937892364910592 |
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| author | Ali Ebrahimnejad Mahdi Barakchian Niloofar Bahadori |
| author_facet | Ali Ebrahimnejad Mahdi Barakchian Niloofar Bahadori |
| author_sort | Ali Ebrahimnejad |
| collection | DOAJ |
| description | This paper aims to estimate the influence of managers, including CEOs and members of the board, on changing the firms’ policies and performances. To this end, we first assemble a hand-collected database on the composition of the boards of directors and CEOs across 488 firms listed on the Tehran Stock Exchange and Iran Fara Bourse Co. for the period 2010-2018. We attempt to provide an overview of the characteristics of the top executives of the Iranian firms for the first time. Correspondingly, some of the findings point out an average of two-year tenure for managers in companies, the presence of the majority of the board members in only one company over our sample period, the inverse relationship between the managers’ tenure and their level of education, and low participation of women as managers Having combined these data with the data from the financial statements, we ran a set of regressions on a sample period of 2010-2016 to identify whether managers have significant effects on the firms’ behavior and performance. The results show a significant increase in the adjusted for the regressions of the firms’ performance - in contrast to the regressions of the firms’ policies - after adding managers fixed effects. Meanwhile, only a small fraction of managers have significant effects in the regressions, and for a small fraction of them the magnitude of the effects is large. |
| first_indexed | 2024-04-10T18:52:21Z |
| format | Article |
| id | doaj.art-4e882b37a1dd4a25817a12e7f05796ed |
| institution | Directory Open Access Journal |
| issn | 2251-9092 2251-9106 |
| language | fas |
| last_indexed | 2024-04-10T18:52:21Z |
| publishDate | 2021-05-01 |
| publisher | Institute for Management and Planning Studies |
| record_format | Article |
| series | برنامهریزی و بودجه |
| spelling | doaj.art-4e882b37a1dd4a25817a12e7f05796ed2023-02-01T06:26:31ZfasInstitute for Management and Planning Studiesبرنامهریزی و بودجه2251-90922251-91062021-05-01261143168In Search of the “Steve Jobs Effect”: How Influential Are Managers in Iranian Firms’ Decisions and Performance?Ali Ebrahimnejad0Mahdi Barakchian1Niloofar Bahadori2 Graduate School of Management and Economics, Sharif University of Technology, Tehran, Iran Institute for Management and Planning Studies, Tehran, Iran. Graduate School of Management and Economics, Sharif University of Technology, Tehran, Iran This paper aims to estimate the influence of managers, including CEOs and members of the board, on changing the firms’ policies and performances. To this end, we first assemble a hand-collected database on the composition of the boards of directors and CEOs across 488 firms listed on the Tehran Stock Exchange and Iran Fara Bourse Co. for the period 2010-2018. We attempt to provide an overview of the characteristics of the top executives of the Iranian firms for the first time. Correspondingly, some of the findings point out an average of two-year tenure for managers in companies, the presence of the majority of the board members in only one company over our sample period, the inverse relationship between the managers’ tenure and their level of education, and low participation of women as managers Having combined these data with the data from the financial statements, we ran a set of regressions on a sample period of 2010-2016 to identify whether managers have significant effects on the firms’ behavior and performance. The results show a significant increase in the adjusted for the regressions of the firms’ performance - in contrast to the regressions of the firms’ policies - after adding managers fixed effects. Meanwhile, only a small fraction of managers have significant effects in the regressions, and for a small fraction of them the magnitude of the effects is large.http://jpbud.ir/article-1-1992-en.htmlcorporate financemanager-specific effectsfinancial policiesfirm performanceinvestment decisionspanel data. |
| spellingShingle | Ali Ebrahimnejad Mahdi Barakchian Niloofar Bahadori In Search of the “Steve Jobs Effect”: How Influential Are Managers in Iranian Firms’ Decisions and Performance? برنامهریزی و بودجه corporate finance manager-specific effects financial policies firm performance investment decisions panel data. |
| title | In Search of the “Steve Jobs Effect”: How Influential Are Managers in Iranian Firms’ Decisions and Performance? |
| title_full | In Search of the “Steve Jobs Effect”: How Influential Are Managers in Iranian Firms’ Decisions and Performance? |
| title_fullStr | In Search of the “Steve Jobs Effect”: How Influential Are Managers in Iranian Firms’ Decisions and Performance? |
| title_full_unstemmed | In Search of the “Steve Jobs Effect”: How Influential Are Managers in Iranian Firms’ Decisions and Performance? |
| title_short | In Search of the “Steve Jobs Effect”: How Influential Are Managers in Iranian Firms’ Decisions and Performance? |
| title_sort | in search of the steve jobs effect how influential are managers in iranian firms decisions and performance |
| topic | corporate finance manager-specific effects financial policies firm performance investment decisions panel data. |
| url | http://jpbud.ir/article-1-1992-en.html |
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