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Do Generalist CEOs Enhance Restaurant Firm Value?: The Moderating Effect of CEO Power

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초록

Based upon the frameworks of the human capital theory and upper echelons theory, this study investigates the effect of generalist CEOs on firm value in the restaurant sector. In addition, this study examines the moderating effect of CEO power in shaping the relationship between generalist CEO characteristics and firm value. The results of the study indicated that generalist CEOs positively affected financial performance and mitigated the volatility of financial performance. Furthermore, CEO power moderated these relationships, indicating that when CEOs exert a greater influence over the board of directors, their characteristics are more likely to manifest in organizational outcomes. The theoretical implications highlight the importance of generalist CEO traits in influencing organizational performance, especially within the restaurant sector, and the managerial implications provide insights for board governance and investment decision-making.

Abstract

Based upon the frameworks of the human capital theory and upper echelons theory, this study investigates the effect of generalist CEOs on firm value in the restaurant sector. In addition, this study examines the moderating effect of CEO power in shaping the relationship between generalist CEO characteristics and firm value. The results of the study indicated that generalist CEOs positively affected financial performance and mitigated the volatility of financial performance. Furthermore, CEO power moderated these relationships, indicating that when CEOs exert a greater influence over the board of directors, their characteristics are more likely to manifest in organizational outcomes. The theoretical implications highlight the importance of generalist CEO traits in influencing organizational performance, especially within the restaurant sector, and the managerial implications provide insights for board governance and investment decision-making.

참고문헌 (53)

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