From "0 to 1" - What is the "Financial Sophistication" of the CEO?
DOI:
https://doi.org/10.17524/repec.v15i1.2735Keywords:
Conhecimento acadêmico, Experiência profissional, Sofisticação Financeira, Diretor Presidente, ExpertiseAbstract
Objetivo: A literatura aponta evidências acerca da importância da expertise financeira do CEO para subsidiar a tomada de decisão visando maximizar o valor da empresa. Assim, o objetivo do artigo é respaldar teoricamente a formação do construto “Sofisticação Financeira”, propondo três métricas para mensurá-la, além de compartilhar proposições de estudos contemporâneos.
Método: Estudos anteriores deram suporte para a elaboração do constructo de Sofisticação Financeira. Após a identificação e coleta das características acadêmicas e profissionais, aplicou-se a técnica de Análise Fatorial do tipo Análise de Componentes Principais para efetuar a composição dos índices.
Resultados: As características de formação acadêmica e experiência profissional relacionado a finanças que alicerçaram a formação do construto foram: Formação – Internacional e Financeira; e Experiência – Ramo, Setor Financeiro, Diretor Financeiro, CEO, Internacional, e Elevada Hierarquia em Outra Empresa. A partir desses, o estudo desenvolve três índices: Sofisticação Financeira Acadêmica, Sofisticação Financeira Profissional e Sofisticação Financeira (contemplando ambas as dimensões).
Contribuições: A literatura mostrava-se carente de uma métrica mais completa para a mensuração da expertise do CEO, que pudesse captar o impacto destas na tomada de decisões. Assim, o estudo se preocupou com o avanço da ciência, e apresenta prospecção de estudos aplicáveis ao contexto nacional.
References
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Barbosa Filho, F. D. H., Pessoa, S. D. A., & Veloso, F. A. (2010). Evolução da Produtividade Total dos Fatores na Economia Brasileira com Ênfase no Capital Humano – 1992 – 2007. Revista Brasileira de Economia, 64(2), 91 – 113. https://doi.org/10.1590/S0034-71402010000200002
Barros, L. A. B. D. C. (2005). Decisões de financiamento e de investimento das empresas sob a ótica de gestores otimistas e excessivamente confiantes. Tese (Doutorado em Administração) – Programa de Pós-Graduação em Administração, Faculdade de Economia, Administração e Contabilidade de São Paulo.
Barzegar, N., & Farjad, S. (2011). A study on the Impact of on the job training Courses on the Staff Performance (A Case Study). Procedia – Social and Behavioral Sciences, 29, 1942 – 1949. https://doi.org/10.1016/j.sbspro.2011.11.444
Batalla-Busquets, J., & Martínez-Argüelles, M. (2014). Determining factors in online training in companies. The International Journal of Management Education, 12(2), 68 – 79. https://doi.org/10.1016/j.ijme.2014.01.002
Choo, A. S., Nag, R., & Xia, Y. (2015). The role of executive problem solving in knowledge accumulation and manufacturing improvements. Journal of Operations Management, 36, 63 – 74. https://doi.org/10.1016/j.jom.2015.03.001
Curi, C., & Lozano-Vivas, A. (2020). Managerial ability as a tool for Prudential regulation. Journal of Economic Behavior & Organization, 174(1), 87-107. https://doi.org/10.1016/j.jebo.2020.03.023
Custódio, C., Ferreira, M. A., & Matos, P. (2013). Generalists versus specialists: Lifetime work experience and chief executive officer pay. Journal of Financial Economics, 108, 471 – 492.
https://doi.org/10.1016/j.jfineco.2013.01.001
Custódio, C., & Metzger, D. (2014). Financial expert CEOs: CEO׳ s work experience and firm׳s financial policies. Journal of Financial Economics, 114(1), 125-154. https://doi.org/10.1016/j.jfineco.2014.06.002
Dauth, T., Pronobis, P., & Schmid, S. (2017). Exploring the link between internationalization of top management and accounting quality: The CFO’s international experience matters. International Business Review, 26(1), 71 – 88. https://doi.org/10.1016/j.ibusrev.2016.05.007
Davis, S. A., DeBode, J. D., & Ketchen Jr., D. J. (2013). Dollars and sense: The implications of CEO compensation for organizational performance. Business Hor, 56(5), 537 – 542. https://doi.org/10.1016/j.bushor.2013.05.008
Dickel, D., & Moura, G. L. (2016). Organizational performance evaluation in intangible: a model based on knowledge management and innovation management. RAI – Revista de Administração e Inovação, 13(3), 211 – 220. https://doi.org/10.1016/j.bushor.2013.05.008
Dutta, D. K., Malhotra, S., & Zhu, P-C. (2016). Internationalization process, impact of slack resources, and role of the CEO: The duality of structure and agency in evolution of cross-border acquisitions decisions. Journal of World Business, 51(2), 212 – 225. https://doi.org/10.1016/j.jwb.2015.07.001
Duan, T., Hou, W., & e Ress, W. (2020). CEO international experience and foreign IPOs. Economic Modelling, 87(1), 461 – 170. https://doi.org/10.1016/j.econmod.2019.11.033
Faulconbridge, J. R., Beaverstock, J. V., Hall, S., & Hewitson, A. (2009). The ‘war for talent’: The gatekeeper role of executive search firms in elite labour markets. Geoforum, 40 (5), 800 – 808. https://doi.org/10.1016/j.geoforum.2009.02.001
Field, A. (2009). Descobrindo a estatística usando o SPSS. 2º ed. Porto Alegre: Artmed.
Fran, D., Gui, L., Li, Y., & Zhu, C. J. (2016). Localized learning by emerging multinational enterprises in developed host countries: A fuzzy-set analysis of Chinese foreign direct investment in Australia. International Business Review, 25(1), 187 – 203. https://doi.org/10.1016/j.ibusrev.2014.12.005
Galvêas, E. (2008). O Mercado Brasileiro de Capitais. Revista de Direito Bancário e do Mercado de Capitais, 41, 14 – 19.
Godoy, A. S., & D’Amelio, M. (2012). Competências Gerenciais desenvolvidas por profissionais de diferentes formações. Organizações & Sociedade, 19(63), 621-639. https://portalseer.ufba.br/index.php/revistaoes/article/view/11216/8125
Georgakakis, D., Heyden, M. L. M., Oehmichen, J. D. R., & Ekanayake, U. I. K. (2019). Four decades of CEO-TMT interface research: A review inspired by role theory. The Leadership Quarterly, 17. https://doi.org/10.1016/j.leaqua.2019.101354
Gounopoulos, D., & Pham, H. (2018a). Specialist CEO’s and IPO survival. Journal of Corporate Finance, 48(1), 217 – 243. https://doi.org/10.1016/j.jcorpfin.2017.10.012
Gounopoulos, D., & Pham, H. (2018b). Financial Expert CEO’s and Earnings Management Around Initial Public Offerings. The International Journal of Accounting, 53(2), 102 – 117. https://doi.org/10.1016/j.intacc.2018.04.002
Grip, A. D., & Sauermann, J. (2013). The effect of training on productivity: The transfer of on-the-job training from the perspective of economics. Educational Research Review, 8, 28 – 36. https://doi.org/10.1016/j.edurev.2012.05.005
Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of management review, 9(2), 193-206. https://www.jstor.org/stable/258434
Huang, S. (2014). Managerial expertise, corporate decisions and firm value: evidence from corporate refocusing. Journal of Financial Intermediation, 23(3), 348 -375. https://doi.org/10.1016/j.jfi.2014.04.003
Jiang, F., Zhu, B., & Huang, J. (2013). CEO’s financial experience and earnings management. Journal of Multinational Financial Management, 23(3), 134 – 145. https://doi.org/10.1016/j.mulfin.2013.03.005
Kahneman, D. (2012). Rápido e devagar: duas formas de pensar. Tradução Cássio de Arantes Leite. – Rio de Janeiro: Objetiva.
Kao, L., Chen, A. (2020). CEO characteristics and R&D expenditure of IPOs in emerging markets: Evidence from Taiwan. Asia Pacific Management Review, In Press. https://doi.org/10.1016/j.apmrv.2020.01.001
Kuenzer, A. Z. (2002). Pedagogia da fábrica: as relações de produção e a educação do trabalhador, 6, 205 São Paulo: Cortez.
Leite M. P. (1997). O Trabalho em Movimento - Reestruturação produtiva e sindicatos no Brasil. Campinas: Papirus.
Li, C.; Sun, L., & Ettredge, M. (2010). Financial executive qualifications, financial executive turnover, and adverse SOX 404 opinions. Journal of Accounting and Economics, 50, 93 – 110. https://doi.org/10.1016/j.jacceco.2010.01.003
Li, J., Wei, M., & Lin, B. (2016). Does top executives’ US experience matter? Evidence from US-listed Chinese firms. China Jornal of Accounting Research, 9(4), 267 – 282. https://doi.org/10.1016/j.cjar.2015.11.002
Liderman, K., Schroeder, R. G., & Sanders, J. (2010). A Knowledge Framework Underlying Process Management. A Journal of the Decision Sciences Institute, 41(4), 689 – 719. https://doi.org/10.1111/j.1540-5915.2010.00286.x
Manfredi, S. M. (1998). Trabalho, qualificação e competência profissional - das dimensões conceituais e políticas. Educação & Sociedade, 19(64), 13-49.
Murphy, K. J. (1999). In: Ashenfelter, O., Card, D. (Eds.), Executive compensation. Handbook of Labor Economics, North-Holland, Amsterdam, 3, 2485 – 2563. https://doi.org/10.1016/S1573-4463(99)30024-9
Nakabashi, L., & Figueiredo, L. D. (2008). Mensurando os impactos diretos do capital humano sobre o crescimento. Economia Aplicada, 12(1), 151 – 171. https://doi.org/10.1590/S1413-80502008000100007
Paraskevas, A., Altinay, L.; McLean, J., & Cooper, C. (2013). Crisis knowledge in tourism: Types, flows and governance. Annals of Tourism Research, 41, 130- 152. https://doi.org/10.1016/j.annals.2012.12.005
Paton, R. A., & Wagner, R. (2014). Management Education Makes a Difference: Enhancing German Engineering Performance. Long Range Planning, 47(5), 277 – 298. https://doi.org/10.1016/j.lrp.2012.06.002
Pereira, B. S, Theiss, V., Lunkes, R. J., Schnorrenberger, D., Gasparetto, V. (2016). Relação entre características observáveis do CEOs e a remuneração. Contabilidad Y Negocios, 11 (21). https://doi.org/10.18800/contabilidad.201601.001
Rezende, Y. (2002). Informação para negócios: os novos agentes do conhecimento e a gestão do capital intelectual. Ciência da Informação, 31(1), 75 – 83.
Saxena, P., & Bendale, S. (2014). The Management Education (MBA) Challenge a Study Of Managerial Competency Needs & How Well MBA’s Differentiate. Procedia Economics and Finance, 11, 642 – 653. https://doi.org/10.1016/S2212-5671(14)00230-5
Song, W.-L., & Wan, K.-M. (2017). Explicit employment contracts and CEO compensation. Journal of Corporate Finance, 44, 540 – 560. https://doi.org/10.1016/j.jcorpfin.2014.11.002
Torres, P., & Augusto, M. (2017). The impacto f experiential learning on managers’ strategic competencies and style. Journal of Innovation & Knowledge, 2(1), 10 – 14.
https://doi.org/10.1016/j.jik.2016.06.001
Trejo, J. M., Gutiérrez, J. S., & Guzman, G. M. (2016). The customer knowledge management and innovation. Contaduría y Administración, 61(3), 456 – 477. https://doi.org/10.1016/j.cya.2015.11.011
Tronco, P. B., Lobler, M. L., Santos, L. G., & Nishi, J. M. (2019). Heurística da Ancoragem na Decisão de Especialistas: Resultados Sob Teste de Manipulação. Revista de Administração Contemporânea, 23(3), 331 – 350. http://doi.org/10.1590/1982-7849rac2019170347
Antia, M., Pantzalis, C., & Park, J. C. (2010). CEO decision horizon and firm performance: An empirical investigation. Journal of Corporate Finance, 16(3), 2010. https://doi.org/10.1016/j.jcorpfin.2010.01.005
Barbosa Filho, F. D. H., Pessoa, S. D. A., & Veloso, F. A. (2010). Evolução da Produtividade Total dos Fatores na Economia Brasileira com Ênfase no Capital Humano – 1992 – 2007. Revista Brasileira de Economia, 64(2), 91 – 113. https://doi.org/10.1590/S0034-71402010000200002
Barros, L. A. B. D. C. (2005). Decisões de financiamento e de investimento das empresas sob a ótica de gestores otimistas e excessivamente confiantes. Tese (Doutorado em Administração) – Programa de Pós-Graduação em Administração, Faculdade de Economia, Administração e Contabilidade de São Paulo.
Barzegar, N., & Farjad, S. (2011). A study on the Impact of on the job training Courses on the Staff Performance (A Case Study). Procedia – Social and Behavioral Sciences, 29, 1942 – 1949. https://doi.org/10.1016/j.sbspro.2011.11.444
Batalla-Busquets, J., & Martínez-Argüelles, M. (2014). Determining factors in online training in companies. The International Journal of Management Education, 12(2), 68 – 79. https://doi.org/10.1016/j.ijme.2014.01.002
Choo, A. S., Nag, R., & Xia, Y. (2015). The role of executive problem solving in knowledge accumulation and manufacturing improvements. Journal of Operations Management, 36, 63 – 74. https://doi.org/10.1016/j.jom.2015.03.001
Curi, C., & Lozano-Vivas, A. (2020). Managerial ability as a tool for Prudential regulation. Journal of Economic Behavior & Organization, 174(1), 87-107. https://doi.org/10.1016/j.jebo.2020.03.023
Custódio, C., Ferreira, M. A., & Matos, P. (2013). Generalists versus specialists: Lifetime work experience and chief executive officer pay. Journal of Financial Economics, 108, 471 – 492.
https://doi.org/10.1016/j.jfineco.2013.01.001
Custódio, C., & Metzger, D. (2014). Financial expert CEOs: CEO׳ s work experience and firm׳s financial policies. Journal of Financial Economics, 114(1), 125-154. https://doi.org/10.1016/j.jfineco.2014.06.002
Dauth, T., Pronobis, P., & Schmid, S. (2017). Exploring the link between internationalization of top management and accounting quality: The CFO’s international experience matters. International Business Review, 26(1), 71 – 88. https://doi.org/10.1016/j.ibusrev.2016.05.007
Davis, S. A., DeBode, J. D., & Ketchen Jr., D. J. (2013). Dollars and sense: The implications of CEO compensation for organizational performance. Business Hor, 56(5), 537 – 542. https://doi.org/10.1016/j.bushor.2013.05.008
Dickel, D., & Moura, G. L. (2016). Organizational performance evaluation in intangible: a model based on knowledge management and innovation management. RAI – Revista de Administração e Inovação, 13(3), 211 – 220. https://doi.org/10.1016/j.bushor.2013.05.008
Dutta, D. K., Malhotra, S., & Zhu, P-C. (2016). Internationalization process, impact of slack resources, and role of the CEO: The duality of structure and agency in evolution of cross-border acquisitions decisions. Journal of World Business, 51(2), 212 – 225. https://doi.org/10.1016/j.jwb.2015.07.001
Duan, T., Hou, W., & e Ress, W. (2020). CEO international experience and foreign IPOs. Economic Modelling, 87(1), 461 – 170. https://doi.org/10.1016/j.econmod.2019.11.033
Faulconbridge, J. R., Beaverstock, J. V., Hall, S., & Hewitson, A. (2009). The ‘war for talent’: The gatekeeper role of executive search firms in elite labour markets. Geoforum, 40 (5), 800 – 808. https://doi.org/10.1016/j.geoforum.2009.02.001
Field, A. (2009). Descobrindo a estatística usando o SPSS. 2º ed. Porto Alegre: Artmed.
Fran, D., Gui, L., Li, Y., & Zhu, C. J. (2016). Localized learning by emerging multinational enterprises in developed host countries: A fuzzy-set analysis of Chinese foreign direct investment in Australia. International Business Review, 25(1), 187 – 203. https://doi.org/10.1016/j.ibusrev.2014.12.005
Galvêas, E. (2008). O Mercado Brasileiro de Capitais. Revista de Direito Bancário e do Mercado de Capitais, 41, 14 – 19.
Godoy, A. S., & D’Amelio, M. (2012). Competências Gerenciais desenvolvidas por profissionais de diferentes formações. Organizações & Sociedade, 19(63), 621-639. https://portalseer.ufba.br/index.php/revistaoes/article/view/11216/8125
Georgakakis, D., Heyden, M. L. M., Oehmichen, J. D. R., & Ekanayake, U. I. K. (2019). Four decades of CEO-TMT interface research: A review inspired by role theory. The Leadership Quarterly, 17. https://doi.org/10.1016/j.leaqua.2019.101354
Gounopoulos, D., & Pham, H. (2018a). Specialist CEO’s and IPO survival. Journal of Corporate Finance, 48(1), 217 – 243. https://doi.org/10.1016/j.jcorpfin.2017.10.012
Gounopoulos, D., & Pham, H. (2018b). Financial Expert CEO’s and Earnings Management Around Initial Public Offerings. The International Journal of Accounting, 53(2), 102 – 117. https://doi.org/10.1016/j.intacc.2018.04.002
Grip, A. D., & Sauermann, J. (2013). The effect of training on productivity: The transfer of on-the-job training from the perspective of economics. Educational Research Review, 8, 28 – 36. https://doi.org/10.1016/j.edurev.2012.05.005
Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of management review, 9(2), 193-206. https://www.jstor.org/stable/258434
Huang, S. (2014). Managerial expertise, corporate decisions and firm value: evidence from corporate refocusing. Journal of Financial Intermediation, 23(3), 348 -375. https://doi.org/10.1016/j.jfi.2014.04.003
Jiang, F., Zhu, B., & Huang, J. (2013). CEO’s financial experience and earnings management. Journal of Multinational Financial Management, 23(3), 134 – 145. https://doi.org/10.1016/j.mulfin.2013.03.005
Kahneman, D. (2012). Rápido e devagar: duas formas de pensar. Tradução Cássio de Arantes Leite. – Rio de Janeiro: Objetiva.
Kao, L., Chen, A. (2020). CEO characteristics and R&D expenditure of IPOs in emerging markets: Evidence from Taiwan. Asia Pacific Management Review, In Press. https://doi.org/10.1016/j.apmrv.2020.01.001
Kuenzer, A. Z. (2002). Pedagogia da fábrica: as relações de produção e a educação do trabalhador, 6, 205 São Paulo: Cortez.
Leite M. P. (1997). O Trabalho em Movimento - Reestruturação produtiva e sindicatos no Brasil. Campinas: Papirus.
Li, C.; Sun, L., & Ettredge, M. (2010). Financial executive qualifications, financial executive turnover, and adverse SOX 404 opinions. Journal of Accounting and Economics, 50, 93 – 110. https://doi.org/10.1016/j.jacceco.2010.01.003
Li, J., Wei, M., & Lin, B. (2016). Does top executives’ US experience matter? Evidence from US-listed Chinese firms. China Jornal of Accounting Research, 9(4), 267 – 282. https://doi.org/10.1016/j.cjar.2015.11.002
Liderman, K., Schroeder, R. G., & Sanders, J. (2010). A Knowledge Framework Underlying Process Management. A Journal of the Decision Sciences Institute, 41(4), 689 – 719. https://doi.org/10.1111/j.1540-5915.2010.00286.x
Manfredi, S. M. (1998). Trabalho, qualificação e competência profissional - das dimensões conceituais e políticas. Educação & Sociedade, 19(64), 13-49.
Murphy, K. J. (1999). In: Ashenfelter, O., Card, D. (Eds.), Executive compensation. Handbook of Labor Economics, North-Holland, Amsterdam, 3, 2485 – 2563. https://doi.org/10.1016/S1573-4463(99)30024-9
Nakabashi, L., & Figueiredo, L. D. (2008). Mensurando os impactos diretos do capital humano sobre o crescimento. Economia Aplicada, 12(1), 151 – 171. https://doi.org/10.1590/S1413-80502008000100007
Paraskevas, A., Altinay, L.; McLean, J., & Cooper, C. (2013). Crisis knowledge in tourism: Types, flows and governance. Annals of Tourism Research, 41, 130- 152. https://doi.org/10.1016/j.annals.2012.12.005
Paton, R. A., & Wagner, R. (2014). Management Education Makes a Difference: Enhancing German Engineering Performance. Long Range Planning, 47(5), 277 – 298. https://doi.org/10.1016/j.lrp.2012.06.002
Pereira, B. S, Theiss, V., Lunkes, R. J., Schnorrenberger, D., Gasparetto, V. (2016). Relação entre características observáveis do CEOs e a remuneração. Contabilidad Y Negocios, 11 (21). https://doi.org/10.18800/contabilidad.201601.001
Rezende, Y. (2002). Informação para negócios: os novos agentes do conhecimento e a gestão do capital intelectual. Ciência da Informação, 31(1), 75 – 83.
Saxena, P., & Bendale, S. (2014). The Management Education (MBA) Challenge a Study Of Managerial Competency Needs & How Well MBA’s Differentiate. Procedia Economics and Finance, 11, 642 – 653. https://doi.org/10.1016/S2212-5671(14)00230-5
Song, W.-L., & Wan, K.-M. (2017). Explicit employment contracts and CEO compensation. Journal of Corporate Finance, 44, 540 – 560. https://doi.org/10.1016/j.jcorpfin.2014.11.002
Torres, P., & Augusto, M. (2017). The impacto f experiential learning on managers’ strategic competencies and style. Journal of Innovation & Knowledge, 2(1), 10 – 14.
https://doi.org/10.1016/j.jik.2016.06.001
Trejo, J. M., Gutiérrez, J. S., & Guzman, G. M. (2016). The customer knowledge management and innovation. Contaduría y Administración, 61(3), 456 – 477. https://doi.org/10.1016/j.cya.2015.11.011
Tronco, P. B., Lobler, M. L., Santos, L. G., & Nishi, J. M. (2019). Heurística da Ancoragem na Decisão de Especialistas: Resultados Sob Teste de Manipulação. Revista de Administração Contemporânea, 23(3), 331 – 350. http://doi.org/10.1590/1982-7849rac2019170347
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Published
2021-03-31
How to Cite
Bortoli, C., & Oliveira Soares, R. (2021). From "0 to 1" - What is the "Financial Sophistication" of the CEO?. Journal of Education and Research in Accounting (REPeC), 15(1). https://doi.org/10.17524/repec.v15i1.2735
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