CEO busyness and firm performance: evidence from Indonesia.

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ID: 15645
2019
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Abstract
This study investigates whether busy CEOs are associated with lower firm performance, and if this relationship is moderated by firm growth, CEO tenure and corporate governance practices in Indonesia. This study uses 876 firms-year observations from 268 firms listed on the Indonesia Stock Exchange (IDX) for the period spanning 2014 to 2017. We find that busy CEOs are associated with lower firm performance. This negative relationship is stronger in firms with high growth and when busy CEOs have shorter tenure. We also show that corporate governance practices have no impact on the negative relationship between CEO busyness and firm performance. For firms and shareholders, our findings indicate that it is not a good idea for CEOs to hold two or more outside directorships, particularly in the early years of taking up their CEO position. Our results suggest that restrictions on CEO busyness would be beneficial to shareholders.
Reference Key
harymawan2019ceoheliyon Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Harymawan, Iman;Nasih, Mohammad;Ratri, Melinda Cahyaning;Nowland, John;
Journal Heliyon
Year 2019
DOI
10.1016/j.heliyon.2019.e01601
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