@article{Tho:344199,
      recid = {344199},
      author = {Tho, Nguyen Xuan},
      title = {The Moderating Role of CEO Age on the Relationship Between  CEO Characteristics and Tobin’s Q},
      journal = {Asian Journal of Applied Economics},
      address = {2024-01-01},
      number = {2493-2024-3298},
      month = {Jan},
      year = {2024},
      abstract = {This study aims to analyze the impact of chief executive  officer (CEO) characteristics (including gender, ownership,  duality, and tenure) on the Tobin's Q value of firms, while  considering the moderating role of the CEO’s age in this  relationship. Tobin's Q is used as a variable to evaluate  the market efficiency of listed companies. The data,  comprising 380 listed companies on the Vietnam stock market  from 2013-2022, were analyzed using pooled ordinary least  squares (OLS), fixed effects model (FEM), and random  effects model (REM) regressions. The results indicate that  firms with male CEOs exhibit a negative effect on the  Tobin’s Q value. Interestingly, companies with CEOs owning  less than 1% of the stock demonstrate higher market  efficiency compared to those with CEOs owning 1% or more.  Conversely, dual CEOs have a negative effect on firms’  market performance. Furthermore, from a moderating  perspective, CEO’s age strengthens the impact of CEO tenure  on Tobin's Q value but weakens the effect of CEO duality on  market efficiency. The findings suggest that listed  companies should separate the CEO and board chairperson  positions. Investors should pay closer attention to firms'  governance structure and carefully consider CEO-related  issues when making investment decisions to minimize risks  and maximize returns. Additionally, the State Securities  Commission must rigorously regulate listed companies that  violate information disclosure guidelines for the stock  market.},
      url = {http://ageconsearch.umn.edu/record/344199},
      doi = {https://doi.org/10.22004/ag.econ.344199},
}