An investigation of CEO characteristics on firm performance

Abstract This paper considers the effects of different CEO demographic factors on firm performance in Australia. We investigate the impact of CEO characteristics on firm performance for the period January 2003 to December 2018 via panel regression models and the event study methodology. The results highlight that the CEO characteristics of gender, CEO–chairperson duality, CEO education level and CEO location have significant managerial effects on firm performance following debt‐ and equity‐related announcements. The CEO characteristics findings add support for the Upper Echelon Theory and provide important implications for board members and human resource departments investigating the efficiency and fairness of CEOs.