voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2017-8-149-157voprecotest-39Research ArticleНАУЧНЫЕ СООБЩЕНИЯRESEARCH NOTESВлияние личностных качеств генеральных директоров на доходность акций российских компанийInfluence of CEO’s personal characteristicson stock returns of Russian companiesОванесоваЮ. С.OvanesovaY.

к. э. н., преподаватель департамента финансов, факультета экономики Национального исследовательского университета «Высшая школа экономики» (НИУ ВШЭ, Москва)

julia.ovanesova@yandex.ruЗотовЕ. В.ZotovE.

магистрант НИУ ВШЭ (Москва)

noemail@neicon.ruНациональный исследовательский университет «Высшая школа экономики» (НИУ ВШЭ)РоссияNational Research University Higher School of EconomicsRussian Federation20172008201708149157Copyright © Voprosy Ekonomiki, NP, 20172017Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/39

Данная работа посвящена анализу влияния личностных характеристик генеральных директоров (CEO) на доходность акций российских компаний. В работе рассмотрены 100 руководителей компаний, акции которых прошли процедуру листинга на Московской бирже. Значимыми факторами оказались прежнее место работы генерального директора, количество детей, возраст и срок нахождения в должности.

модель ценообразования активовроссийский фондо- вый рыноканормальная доходность акцийCapital Asset Pricing ModelRussian stock marketabnormal stock returnCEO’s personal characteristicsReferencesAmran N., Yosuf A., Aripin R. (2014). Do characteristics of CEO and chairman influence government linked companies performance? Procedia - Social and Behavioral Sciences, Vol. 109, pp. 799-803.Amran N., Yosuf A., Aripin R. (2014). Do characteristics of CEO and chairman influence government linked companies performance? Procedia - Social and Behavioral Sciences, Vol. 109, pp. 799-803.Ben Mohamed E., Jarboui S., Baccar A., Bouri A. (2015). On the effect of CEOs’ personal characteristics in transport firm value? A stochastic frontier model. Case Studies on Transport Policy, Vol. 3, No. 2, pp. 176-181.Ben Mohamed E., Jarboui S., Baccar A., Bouri A. (2015). On the effect of CEOs’ personal characteristics in transport firm value? A stochastic frontier model. Case Studies on Transport Policy, Vol. 3, No. 2, pp. 176-181.Ben Mohamed E., Souissi M.E., Baccar A., Bouri A. (2014). CEO’s personal characteristics, ownership and investment cash flow sensitivity: Evidence from NYSE panel data firms. Journal of Economics, Finance and Administrative Science, Vol. 19, No. 37, pp. 98-103.Ben Mohamed E., Souissi M.E., Baccar A., Bouri A. (2014). CEO’s personal characteristics, ownership and investment cash flow sensitivity: Evidence from NYSE panel data firms. Journal of Economics, Finance and Administrative Science, Vol. 19, No. 37, pp. 98-103.Bertrand M. (2009). CEOs. Annual Review of Economics, Vol. 1, pp. 121-149. Elsaid E., Wang X., Davidson W. (2011). Does experience matter? CEO successions by former CEOs. Managerial Finance, Vol. 37, No. 10, pp. 915-939.Bertrand M. (2009). CEOs. Annual Review of Economics, Vol. 1, pp. 121-149. Elsaid E., Wang X., Davidson W. (2011). Does experience matter? CEO successions by former CEOs. Managerial Finance, Vol. 37, No. 10, pp. 915-939.Finkelstein S., Hambrick D. (1990). Top-management-team tenure and organizational outcomes: the moderating role of managerial discretion. Administrative Science Quarterly, Vol. 35, No. 3, pp. 484-503.Finkelstein S., Hambrick D. (1990). Top-management-team tenure and organizational outcomes: the moderating role of managerial discretion. Administrative Science Quarterly, Vol. 35, No. 3, pp. 484-503.Ю. Ованесова, Е. Зотов / Вопросы экономики. 2017. № 8. С. 149-157 Frye M., Pham D. (2015). CEO gender and Corporate board structure. Unpublished manuscript, University of Central Florida.Ю. Ованесова, Е. Зотов / Вопросы экономики. 2017. № 8. С. 149-157 Frye M., Pham D. (2015). CEO gender and Corporate board structure. Unpublished manuscript, University of Central Florida.Guthrie J., Olian J. (1991). Does context affect staffing? The case of general managers. Personnel Psychology, Vol. 44, No. 2, pp. 263-292.Guthrie J., Olian J. (1991). Does context affect staffing? The case of general managers. Personnel Psychology, Vol. 44, No. 2, pp. 263-292.Haleblian J., Finkelstein S. (1993). Top management team size, CEO dominance, and firm performance: The moderating roles of environmental turbulence and discretion. Academy of Management Journal, Vol. 36, No. 4, pp. 844-863.Haleblian J., Finkelstein S. (1993). Top management team size, CEO dominance, and firm performance: The moderating roles of environmental turbulence and discretion. Academy of Management Journal, Vol. 36, No. 4, pp. 844-863.Hambrick D., Mason P. (1984). Upper echelons: the organization as a reflection of its top managers. Academy of Management Review, Vol. 9, No. 2, pp. 193-206.Hambrick D., Mason P. (1984). Upper echelons: the organization as a reflection of its top managers. Academy of Management Review, Vol. 9, No. 2, pp. 193-206.Helmich D., Brown W. (1972). Successor type and organizational change in corporate enterprise. Administrative Science Quarterly, Vol. 17, No. 3, pp. 371-378.Helmich D., Brown W. (1972). Successor type and organizational change in corporate enterprise. Administrative Science Quarterly, Vol. 17, No. 3, pp. 371-378.Hermalin B., Weisbach S. (1998). Endogenously chosen boards of directors and their monitoring of the CEO. American Economics Review, Vol. 88, No. 1, pp. 96-118.Hermalin B., Weisbach S. (1998). Endogenously chosen boards of directors and their monitoring of the CEO. American Economics Review, Vol. 88, No. 1, pp. 96-118.Hirshleifer D. (1993). Managerial reputation and corporate investment decisions. Financial management, Vol. 22, No. 2, pp. 145-160.Hirshleifer D. (1993). Managerial reputation and corporate investment decisions. Financial management, Vol. 22, No. 2, pp. 145-160.Hofstede G. (1980). Culture’s consequences: international differences in work-related values. Beverly Hills, CA: Sage Publications.Hofstede G. (1980). Culture’s consequences: international differences in work-related values. Beverly Hills, CA: Sage Publications.Jensen M., Meckling W. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, Vol. 3, No. 4, pp. 305-360.Jensen M., Meckling W. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, Vol. 3, No. 4, pp. 305-360.Martin A., Nishikava T., Williams M. (2009). CEO gender: effects on valuation and risk. Quarterly Journal of Finance and Accounting, Vol. 48, No. 3, pp. 23-40.Martin A., Nishikava T., Williams M. (2009). CEO gender: effects on valuation and risk. Quarterly Journal of Finance and Accounting, Vol. 48, No. 3, pp. 23-40.Miller D. (1991). Stale in the saddle: CEO tenure and the match between organization and environment. Management Science, Vol. 37, No. 1, pp. 34-52.Miller D. (1991). Stale in the saddle: CEO tenure and the match between organization and environment. Management Science, Vol. 37, No. 1, pp. 34-52.Roussanov N., Savor P. (2012). Status, marriage and managers’ attitudes to risk. NBER Working Paper, No. 17904.Roussanov N., Savor P. (2012). Status, marriage and managers’ attitudes to risk. NBER Working Paper, No. 17904.Sharpe W. F. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. Journal of Finance, Vol. 19, No. 3, pp. 425-442.Sharpe W. F. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. Journal of Finance, Vol. 19, No. 3, pp. 425-442.Wiersema M., Bantel K. (1992). Top management team demography and corporate strategic change. Academy of Management Journal, Vol. 35, No. 1, pp. 91-121.Wiersema M., Bantel K. (1992). Top management team demography and corporate strategic change. Academy of Management Journal, Vol. 35, No. 1, pp. 91-121.

The authors declare that there are no conflicts of interest present.