CEO characteristics and capital structure dynamics: Evidence from a transitional economy

Abstract

We investigate the relationship between CEO characteristics and the speed of adjustment (SOA) of capital structure for listed firms in Vietnam over the period 2000–2023. Our findings demonstrate that CEO gender, age, and education increase the SOA, but CEO tenure decreases the SOA. State ownership and firm size are closely associated with adjustment costs of capital structure. Our findings reveal that in State-Owned Enterprises (SOEs), long-tenured CEOs have a positive effect on the SOA, while the impact of CEO qualifications on the SOA is negative. The role of CEO characteristics is more pronounced during the COVID-19 pandemic.

RAS ID

76517

Document Type

Journal Article

Date of Publication

1-1-2025

Volume

64

School

School of Business and Law

Copyright

subscription content

Publisher

Elsevier

Identifier

Thao Nguyen: https://orcid.org/0009-0002-9839-8629

Comments

Le, H. T., Nguyen, T., Hunjra, A. I., Truong, C., & Ntim, C. (2025). CEO characteristics and capital structure dynamics: Evidence from a transitional economy. Emerging Markets Review, 64. https://doi.org/10.1016/j.ememar.2024.101231

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Link to publisher version (DOI)

10.1016/j.ememar.2024.101231