CEO characteristics and firm performance: evidence from private listed firms in China

Abstract

Purpose This study aims to examine the effect of the chief executive officer (CEO) characteristics on corporate performance in private listed firms in China. Design/methodology/approach Fixed effects regressions are used to explore the connection of CEO age, tenure, political connection, duality and gender with firm performance. The final panel data sample consists of 16,010 firm-year observations from 2010 to 2020, including A-share private firms listed in the Shenzhen and Shanghai Stock Exchanges. Findings Five hypotheses are proposed, and results show that certain CEO characteristics, such as age, tenure and political connection, are positively related to corporate performance. Contrary to expectations, CEO duality and gender do not affect firm performance. Originality/value Findings present implications for future research on corporate governance and political connections of private listed firms.