RESEARCH ARTICLE
The Impact of CEO Attributes on Working Capital Management: Insight From Gender, Financial Literacy, and Experience
Muhammad Azeem Naz,
Rizwan Ali,
Ahmed Elamer,
Muhammad Azeem Naz
Lahore Business School, The University of Lahore, Lahore, Punjab, Pakistan
Search for more papers by this authorCorresponding Author
Rizwan Ali
Lahore Business School, The University of Lahore, Lahore, Punjab, Pakistan
Correspondence:
Rizwan Ali ([email protected])
Search for more papers by this authorAhmed Elamer
Brunel Business School, Brunel University, London, UK
College of Business, Alfaisal University, Riyadh, Saudi Arabia
Gulf Financial Center, Gulf University for Science and Technology (GUST), Mubarak Al-Abdullah Area/West Mishref, Kuwait
Search for more papers by this authorMuhammad Azeem Naz,
Rizwan Ali,
Ahmed Elamer,
Muhammad Azeem Naz
Lahore Business School, The University of Lahore, Lahore, Punjab, Pakistan
Search for more papers by this authorCorresponding Author
Rizwan Ali
Lahore Business School, The University of Lahore, Lahore, Punjab, Pakistan
Correspondence:
Rizwan Ali ([email protected])
Search for more papers by this authorAhmed Elamer
Brunel Business School, Brunel University, London, UK
College of Business, Alfaisal University, Riyadh, Saudi Arabia
Gulf Financial Center, Gulf University for Science and Technology (GUST), Mubarak Al-Abdullah Area/West Mishref, Kuwait
Search for more papers by this authorFirst published: 16 June 2025
Funding: The authors received no specific funding for this work.
ABSTRACT
This study investigates the impact of Chief Executive Officer (CEO) attributes on working capital management (WCM) along with the moderating role of family ownership on this relationship. This study employed the generalized method of moments (GMM) estimation to test the hypotheses and to address potential endogeneity concerns, complemented by ordinary least squares regression on a sample of 1900 firm-year observations from non-financial firms listed on the Pakistan Stock Exchange. The empirical results of the study indicate that CEO gender, education, and experience are positively associated with WCM. Additionally, the findings of the current study reveal that family ownership negatively and significantly moderates the relationship between CEO attributes and WCM. These findings provide novel evidence and extend empirical support to upper echelon theory in the context of an emerging economy. The study findings outline insights for the managers, investors, regulatory authorities, and policymakers.
Conflicts of Interest
The authors declare no conflicts of interest.
Open Research
Data Availability Statement
The data that support the findings of this study are available from the corresponding author upon reasonable request.
References
- Abatecola, G., and M. Cristofaro. 2018. “Hambrick and Mason's “Upper Echelons Theory”: Evolution and Open Avenues.” Journal of Management History 26, no. 1: 116–136.
- Adhikari, B. K., A. Agrawal, and J. Malm. 2019. “Do Women Managers Keep Firms Out of Trouble? Evidence from Corporate Litigation and Policies.” Journal of Accounting and Economics 67, no. 1: 202–225.
- Agustin, M., A. R. Moch Dzulkirom, and A. Darmawan. 2019. “Analysis of the Effect of Firm Size, Financial Leverage, Profitability, Diversification on Market Risk and Stock Return (Case Study of Manufacturing Companies in the Consumer Goods Industry Sector Listed on the Indonesia Stock Exchange in 2007-2016).” International Journal of Accounting and Business Society 27, no. 3: 28–55.
10.21776/ub.ijabs.2019.27.3.3 Google Scholar
- Ahmed, S., M. Naeem, A. Awan, and A. A. Shahzad. 2024. “The Economic Consequences of Political Instability: Insights from the Economy of Pakistan.” Bulletin of Business and Economics (BBE) 13, no. 2: 1080–1089.
10.61506/01.00426 Google Scholar
- Aktas, N., E. Croci, and D. Petmezas. 2015. “Is Working Capital Management Value-Enhancing? Evidence From Firm Performance and Investments.” Journal of Corporate Finance 30: 98–113.
- Ali, A., T. Y. Chen, and S. Radhakrishnan. 2007. “Corporate Disclosures by Family Firms.” Journal of Accounting and Economics 44, no. 1–2: 238–286.
- Alós-Ferrer, C., and F. Farolfi. 2019. “Trust Games and Beyond.” Frontiers in Neuroscience 13: 469238.
- Amin, A., R. Ali, R. Ur Rehman, and C. G. Ntim. 2024. “CEO Personal Characteristics and Firms' Risk-Taking Behaviour: The Moderating Role of Family Ownership.” Gender in Management: An International Journal 39, no. 2: 165–187.
- Amin, A., R. U. Rehman, and R. Ali. 2023. “Lone Founders, Family Owners and Borrowing Cost: Are Female Directors Influential?” International Journal of Manpower 44, no. 5: 900–917.
- Anderson, R. C., and D. M. Reeb. 2003. “Founding-Family Ownership and Firm Performance: Evidence From the S&P 500.” Journal of Finance 58, no. 3: 1301–1328.
- Anggraini, P. G., and M. Sholihin. 2023. “What Do We Know About Managerial Ability? A Systematic Literature Review.” Management Review Quarterly 73, no. 1: 1–30.
10.1007/s11301-021-00229-6 Google Scholar
- Aras, G., and M. F. Yildirim. 2018. “The Impact of Corporate Finance Decisions on Market Value in Emerging Markets.” International Journal of Productivity and Performance Management 67, no. 9: 1959–1976.
10.1108/IJPPM-11-2017-0285 Google Scholar
- Armitage, S., W. Hou, S. Sarkar, and T. Talaulicar. 2017. “Corporate Governance Challenges in Emerging Economies.” Corporate Governance: An International Review 25, no. 3: 148–154.
- Baker, H. K., I. Jabbouri, and C. Dyaz. 2017. “Corporate Finance Practices in Morocco.” Managerial Finance 43, no. 8: 865–880.
10.1108/MF-12-2016-0359 Google Scholar
- Banerjee, P., and S. Guha Deb. 2024. “Working Capital Management Efficiency, Managerial Ability, and Firm Performance: New Insights.” Applied Economics 56, no. 33: 4001–4018.
- Barua, A., L. F. Davidson, D. V. Rama, and S. Thiruvadi. 2010. “CFO Gender and Accruals Quality.” Accounting Horizons 24, no. 1: 25–39.
- Beber, A., and D. Fabbri. 2012. “Who Times the Foreign Exchange Market? Corporate Speculation and CEO Characteristics.” Journal of Corporate Finance 18, no. 5: 1065–1087.
- Behera, S. N., and M. Sethi. 2024. “Corporate Borrowings: A Conceptual Perspective.” European Economic Letters (EEL) 14, no. 1: 396–404.
10.52783/eel.v14i1.1036 Google Scholar
- Belenzon, S., A. Shamshur, and R. Zarutskie. 2019. “CEO'S Age and the Performance of Closely Held Firms.” Strategic Management Journal 40, no. 6: 917–944.
- Ben-Nasr, H. 2016. “State and Foreign Ownership and the Value of Working Capital Management.” Journal of Corporate Finance 41, no. 1: 217–240.
10.1016/j.jcorpfin.2016.09.002 Google Scholar
- Bertrand, M., and A. Schoar. 2003. “Managing With Style: The Effect of Managers on Firm Policies.” Quarterly Journal of Economics 118, no. 4: 1169–1208.
- Bin-Feng, C., S. Sikandar Mirza, T. Ahsan, R. Safdar, A. Iqbal, and M. Hayat. 2022. “Family Control and Corporate Risk-Taking in China: Does Working Capital Strategy Matter?” Economic Research-Ekonomska Istraživanja 35, no. 1: 4280–4299.
10.1080/1331677X.2021.2013270 Google Scholar
- Boczko, T. 2024. “ Accounting Information Systems: Transaction Processing Cycles (II).” In Information Systems in Accounting and Finance: A European Perspective, 339–389. Springer Nature.
10.1007/978-3-031-48586-2_10 Google Scholar
- Bouaziz, D., B. Salhi, and A. Jarboui. 2020. “CEO Characteristics and Earnings Management: Empirical Evidence From France.” Journal of Financial Reporting and Accounting 18, no. 1: 77–110.
- Brecorder. 2024. “MSCI Adds 19 Pakistani Companies to Small Cap, 3 to Frontier Markets Indexes.” https://www.brecorder.com/news/40288611.
- Bufarwa, I. M., A. A. Elamer, C. G. Ntim, and A. AlHares. 2020. “Gender Diversity, Corporate Governance and Financial Risk Disclosure in the UK.” International Journal of Law and Management 62, no. 6: 521–538.
- Burney, R. B., H. L. James, and H. Wang. 2021. “Working Capital Management and CEO Age.” Journal of Behavioral and Experimental Finance 30, no. 1: 100496.
10.1016/j.jbef.2021.100496 Google Scholar
- Chakraborty, D., and J. Mahakud. 2023. “CEO Attributes and Foreign Shareholdings: Evidence From an Emerging Economy.” Journal of Financial Reporting and Accounting. ahead-of-print.
- Chen, S., X. A. Chen, and Q. Cheng. 2008. “Do Family Firms Provide More or Less Voluntary Disclosure?” Journal of Accounting Research 46, no. 3: 499–536.
- Custódio, C., and D. Metzger. 2014. “Financial Expert CEOs: CEO's Work Experience and Firm's Financial Policies.” Journal of Financial Economics 114, no. 1: 125–154.
- DeAngelo, H., and R. M. Stulz. 2015. “Liquid-Claim Production, Risk Management, and Bank Capital Structure: Why High Leverage Is Optimal for Banks.” Journal of Financial Economics 116, no. 2: 219–236.
- Deloof, M. 2003. “Does Working Capital Management Affect Profitability of Belgian Firms?” Journal of Business Finance & Accounting 30, no. 3–4: 573–588.
10.1111/1468-5957.00008 Google Scholar
- Dhole, S., S. Mishra, and A. M. Pal. 2019. “Efficient Working Capital Management, Financial Constraints and Firm Value: A Text-Based Analysis.” Pacific-Basin Finance Journal 58: 101212.
- Diéguez-Soto, J. M.-R. 2022. “The Impact of the CEO'S Financial Literacy on Family Smes' Growth: The Moderating Role of Generational Stage.” Baltic Journal of Management 17, no. 1: 89–106.
- Ding, S., A. Guariglia, and J. Knight. 2013. “Investment and Financing Constraints in China: Does Working Capital Management Make a Difference?” Journal of Banking & Finance 37, no. 5: 1490–1507.
- Enqvist, J., M. Graham, and J. Nikkinen. 2014. “The Impact of Working Capital Management on Firm Profitability in Different Business Cycles: Evidence From Finland.” Research in International Business and Finance 32: 36–49.
10.1016/j.ribaf.2014.03.005 Google Scholar
- Erickson, M. H. 2006. “Is There a Link Between Executive Equity Incentives and Accounting Fraud?” Journal of Accounting Research 44, no. 1: 113–143.
- Farag, H., C. Mallin, and K. Ow-Yong. 2018. “Corporate Governance in Islamic Banks: New Insights for Dual Board Structure and Agency Relationships.” Journal of International Financial Markets, Institutions and Money 54: 59–77.
- Franzoi, F. 2021. “The Influence of Family Board Involvement on Working Capital Management.” Corporate Board: Role, Duties and Composition 17, no. 3: 42–60.
10.22495/cbv17i3art4 Google Scholar
- García-Meca, E., and I. M. García-Sánchez. 2018. “Does Managerial Ability Influence the Quality of Financial Reporting?” European Management Journal 36, no. 4: 544–557.
- Giovannini, R. 2010. “Corporate Governance, Family Ownership and Performance.” Journal of Management & Governance 14: 145–166.
10.1007/s10997-009-9093-x Google Scholar
- Gottardo, P., and A. M. Moisello. 2014. “The Capital Structure Choices of Family Firms: Evidence From Italian Medium-Large Unlisted Firms.” Managerial Finance 40, no. 3: 254–275.
- Guillet, B. D., K. Seo, D. Kucukusta, and S. Lee. 2013. “CEO Duality and Firm Performance in the US Restaurant Industry: Moderating Role of Restaurant Type.” International Journal of Hospitality Management 33: 339–346.
- Guizani, M., and C. Larabi. 2025. “Exploring the Nexus Between CEO Characteristics and the Value of Excess Cash Holdings Through the Lens of the Resource-Based View Theory.” Corporate Governance: The International Journal of Business in Society 25, no. 3: 586–605.
- Gupta, V. K., S. Mortal, B. Chakrabarty, X. Guo, and D. B. Turban. 2020. “CFO Gender and Financial Statement Irregularities.” Academy of Management Journal 63, no. 3: 802–831.
- Hambrick, D. C. 2007. “Upper Echelons Theory: An Update.” Academy of Management Review 32, no. 2: 334–343.
- Hambrick, D. C., and P. A. Mason. 1984. “Upper Echelons: The Organization as a Reflection of Its Top Managers.” Academy of Management Review 9, no. 2: 193–206.
- Hamori, M., and B. Koyuncu. 2015. “Experience Matters? The Impact of Prior CEO Experience on Firm Performance.” Human Resource Management 54, no. 1: 23–44.
- Harymawan, I., M. Nasih, M. Madyan, and D. Sucahyati. 2019. “The Role of Political Connections on Family Firms' Performance: Evidence From Indonesia.” International Journal of Financial Studies 7, no. 4: 55.
10.3390/ijfs7040055 Google Scholar
- Hashmi, M. A., and M. S. Iqbal. 2022. “Impact of Working Capital Management on Firm Profitability and Liquidity: The Moderating Role of Family Ownership.” Accounting Research Journal 35, no. 5: 676–697.
- Hassan, M., and S. K. Shrivastava. 2019. “ Working Capital Management and Its Impact on the Profitability of Tata Motors.” In Proceedings of the 10th International Conference on Digital Strategies for Organizational Success, 1–14. Prestige Institute of Management.
10.2139/ssrn.3308602 Google Scholar
- Hill, M. D., G. W. Kelly, and M. J. Highfield. 2010. “Net Operating Working Capital Behavior: A First Look.” Financial Management 39, no. 2: 783–805.
- Hillman, A. J., C. Shropshire, and J. A. Cannella. 2007. “Organizational Predictors of Women on Corporate Boards.” Academy of Management Journal 50, no. 4: 941–952.
- Hu, Q., M. U. Bhuiyan, and M. N. Houqe. 2024. “CFO Demographics and Working Capital Management in China.” Journal of Emerging Market Finance 23, no. 1: 56–82. https://doi.org/10.1177/09726527231190692.
- Jamalinesari, S., and H. Soheili. 2015. “The Relationship Between the Efficiency of Working Capital Management Companies and Corporate Rule in Tehran Stock Exchange.” Procedia-Social and Behavioral Sciences 205: 499–504.
10.1016/j.sbspro.2015.09.052 Google Scholar
- Javeed, S. A., R. Latief, and L. Lefen. 2020. “An Analysis of Relationship Between Environmental Regulations and Firm Performance With Moderating Effects of Product Market Competition: Empirical Evidence From Pakistan.” Journal of Cleaner Production 254: 120197.
- Jensen, M. C., and W. H. Meckling. 1976. “Theory of the Firm: Managerial Behaviour, Agency Costs and Ownership Structure.” Journal of Financial Economics 3, no. 4: 305–360.
- Jones, D. A. 2019. “Advances in Employee-Focused Micro-Level Research on Corporate Social Responsibility: Situating New Contributions Within the Current State of the Literature.” Journal of Business Ethics 157, no. 1: 293–302.
10.1007/s10551-018-3792-7 Google Scholar
- Kang, E., and A. Zardkoohi. 2005. “Board Leadership Structure and Firm Performance.” Corporate Governance: An International Review 13, no. 6: 785–799.
- Khan, S. K. 2022. “Board of Directors and Earnings Manipulation: Evidence From Regulatory Change.” Future Business Journal 8, no. 1: 63.
- Khanchel, I., and N. Lassoued. 2022. “ESG Disclosure and the Cost of Capital: Is There a Ratcheting Effect Over Time?” Sustainability 14, no. 15: 9237.
- Laghari, F., and Y. Chengang. 2019. “Investment in Working Capital and Financial Constraints: Empirical Evidence on Corporate Performance.” International Journal of Managerial Finance 15, no. 2: 164–190.
10.1108/IJMF-10-2017-0236 Google Scholar
- Lara, J. G., B. G. Osma, A. Mora, and M. Scapin. 2017. “The Monitoring Role of Female Directors Over Accounting Quality.” Journal of Corporate Finance 45: 651–668.
- Lewis, B. W. 2014. “Difference in Degrees: CEO Characteristics and Firm Environmental Disclosure.” Strategic Management Journal 35, no. 5: 712–722.
- Liang, S. N. 2024. “CEO Foreign Experience and Corporate Financial Investment.” International Review of Economics & Finance 93: 929–946.
- Malik, F., F. Wang, M. A. Naseem, A. Ikram, and S. Ali. 2020. “Determinants of Corporate Social Responsibility Related to CEO Attributes: An Empirical Study.” SAGE Open 10, no. 1: 2158244019899093.
- Mardones, J. G. 2022. “Working Capital Management and Business Performance: Evidence from Latin American companies.” Economic Research-Ekonomska Istraživanja 35, no. 1: 3189–3205.
- Memili, E. F. 2015. “The Impact of Small- and Medium-Sized Family Firms on Economic Growth.” Small Business Economics 45: 771–785.
- Minichilli, A. C. 2010. “Top Management Teams in Family-Controlled Companies:‘Familiness’,‘Faultlines’, and Their Impact on Financial Performance.” Journal of Management Studies 47, no. 2: 205–222.
- Moussa, A. A. 2019. “Determinants of Working Capital Behavior: Evidence from Egypt.” International Journal of Managerial Finance 15, no. 1: 39–61.
- Moreno-Menéndez, A. M., and J. C. Casillas. 2021. “How Do Family Businesses Grow? Differences in Growth Patterns Between Family and Non-Family Firms.” Journal of Family Business Strategy 12, no. 3: 100420.
10.1016/j.jfbs.2021.100420 Google Scholar
- Mukherjee, T., and S. S. Sen. 2022. “Impact of CEO Attributes on Corporate Reputation, Financial Performance, and Corporate Sustainable Growth: Evidence From India.” Financial Innovation 8, no. 1: 40.
- Mun, S., S. H. Han, and D. Seo. 2020. “The Impact of CEO Educational Background on Corporate Cash Holdings and Value of Excess Cash.” Pacific-Basin Finance Journal 61, no. 1: 101339.
10.1016/j.pacfin.2020.101339 Google Scholar
- Murthi, B. P. S., Y. K. Choi, and P. Desai. 1996. “Controlling for Observed and Unobserved Managerial Skills in Determining First-Mover Market Share Advantages.” Management Science 42, no. 5: 641–658.
- Nastiti, P. Y., A. R. Atahau, and S. Supramono. 2019. “Working Capital Management Policy: Female Top Managers and Firm Profitability.” Central European Management Journal 27, no. 3: 107–127.
10.7206/cemj.2658-0845.5 Google Scholar
- Nekhili, M., H. Chakroun, and T. Chtioui. 2018. “Women's Leadership and Firm Performance: Family Versus Nonfamily Firms.” Journal of Business Ethics 153, no. 2: 291–316.
- Ngari, A. R., and C. G. Kamau. 2022. “The Effect of Working Capital Management Cycle on Profitability of Retail Supermarkets in Mombasa, Kenya: A Case Study of Binathman Household Supermarket in Mombasa City.” Asian Journal of Economics, Business and Accounting 22, no. 14: 54–70.
10.9734/ajeba/2022/v22i1430623 Google Scholar
- Padachi, D. K., and H. Carole. 2014. “Focus on Working Capital Management Practices Among Mauritian SMEs: Survey Evidence and Empirical Analysis.” E3 Journal of Business Management and Economics 5, no. 4: 97–108.
- Page, T. B. 2018. “CEO Attributes, Compensation, and Firm Value: Evidence From a Structural Estimation.” Journal of Financial Economics 128, no. 2: 378–401.
- Palvia, A. V. 2015. “Are Female CEOs and Chairwomen More Conservative and Risk Averse? Evidence From the Banking Industry During the Financial Crisis.” Journal of Business Ethics 131: 577–594.
- Poza, E. J. 2010. “ Late Stage Entrepreneurial Activity: What Students Should Know About Family-Owned and Family-Controlled Companies.” In Entrepreneurship and Family Business, 359–366. Emerald Group Publishing Limited.
10.1108/S1074-7540(2010)0000012020 Google Scholar
- Rahman, J. M., and L. Yilun. 2021. “Firm Size, Firm Age, and Firm Profitability: Evidence From China.” Journal of Accounting, Business and Management 28, no. 1: 101–115.
- Ren, T., N. Liu, H. Yang, Y. Xiao, and Y. Hu. 2019. “Working Capital Management and Firm Performance in China.” Asian Review of Accounting 27, no. 4: 546–562.
10.1108/ARA-04-2018-0099 Google Scholar
- Rovelli, P., M. Ferasso, A. De Massis, and S. Kraus. 2022. “Thirty Years of Research in Family Business Journals: Status Quo and Future Directions.” Journal of Family Business Strategy 13, no. 3: 100422.
- Sagner, J. S. 2014. Working Capital Management: Applications and Case Studies. John Wiley & Sons.
- Sah, N. B., A. Banerjee, J. Malm, and A. Rahman. 2022. “A Good Name Is Better Than Riches: Family Firms and Working Capital Management.” Journal of Behavioral and Experimental Finance 33, no. 1: 100599.
10.1016/j.jbef.2021.100599 Google Scholar
- Saleh, M. W., D. Eleyan, and Z. S. Maigoshi. 2024. “Moderating Effect of CEO Power on Institutional Ownership and Performance.” EuroMed Journal of Business 19, no. 3: 442–461.
- Scharfstein, D. S., and J. C. Stein. 1990. “Herd Behavior and Investment.” American Economic Eeview 80, no. 3: 465–479.
- Schopohl, L., A. Urquhart, and H. Zhang. 2021. “Female CFOs, Leverage and the Moderating Role of Board Diversity and CEO Power.” Journal of Corporate Finance 71: 101858.
- Schrand, C. M. 2012. “Executive Overconfidence and the Slippery Slope to Financial Misreporting.” Journal of Accounting and Economics 53, no. 1–2: 311–329.
- SECP. 2017. “SECP Regulation: Women Directors to More Than Double in Three Years.” https://www.secp.gov.pk/media-center/press-releases/secp-regulation-women-directors-to-more-than-double-in-three-years/.
- Shin, H. H., and H. L. Soenen. 1998. “Efficiency of Working Capital and Corporate Profitability.” Financial Practice and Education 8, no. 2: 37–45.
- Singh, S., N. Tabassum, T. K. Darwish, and G. Batsakis. 2018. “Corporate Governance and Tobin's Q as a Measure of Organizational Performance.” British Journal of Management 29, no. 1: 171–190.
- Smith, J. W., and R. L. Watts. 1992. “The Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies.” Journal of Financial Economics 32, no. 3: 263–292.
- Song, H. J., Y. N. Yoon, and K. H. Kang. 2020. “The Relationship Between Board Diversity and Firm Performance in the Lodging Industry: The Moderating Role of Internationalization.” International Journal of Hospitality Management 86, no. 1: 102461.
10.1016/j.ijhm.2020.102461 Google Scholar
- Sunardi, S., T. W. Damayanti, and S. Supramono. 2020. “Internally Financed Working Capital: Top Manager Preferences From the Perspective of Gender.” Journal of Economics, Business, and Accountancy Ventura 23, no. 1: 38–45.
10.14414/jebav.v23i1.2133 Google Scholar
- Talonpoika, A. M., T. Kärri, M. Pirttilä, and S. Monto. 2016. “Defined Strategies for Financial Working Capital Management.” International Journal of Managerial Finance 12, no. 3: 277–294.
10.1108/IJMF-11-2014-0178 Google Scholar
- Trinh, V. Q. 2021. “Boardroom Gender Diversity and Dividend Payout Strategies: Effects of Mergers Deals.” International Journal of Finance & Economics 26, no. 4: 6014–6035.
- Ujah, N. U., A. Tarkom, and C. E. Okafor. 2020. “Working Capital Management and Managerial Talent.” International Journal of Managerial Finance 17, no. 3: 455–477.
- Wang, Z., E. Chu, and Y. Hao. 2024. “Towards Sustainable Development: How Does ESG Performance Promotes Corporate Green Transformation.” International Review of Financial Analysis 91, no. 1: 102982.
10.1016/j.irfa.2023.102982 Google Scholar
- Waters, D. 2021. Logistics an Introduction to Supply Chain Management. Palgrave Macmillan.
- Wu, W., J. Song, L. Lu, and H. Guo. 2024. “Is Managerial Ability a Catalyst for Driving Digital Transformation in Enterprises? An Empirical Analysis From Internal and External Pressure Perspectives.” PLoS One 19, no. 2: e0293454.
- Yang, T., and S. Zhao. 2014. “CEO Duality and Firm Performance: Evidence From an Exogenous Shock to the Competitive Environment.” Journal of Banking & Finance 49: 534–552.
- Yasser, Q. R., and A. A. Mamun. 2015. “The Impact of CEO Duality Attributes on Earnings Management in the East.” Corporate Governance 15, no. 5: 706–718.
10.1108/CG-04-2015-0041 Google Scholar
- Zaidi, S., S. Ali, and M. Khan. 2021. “Sustainability Challenges in Public Health Sector Procurement: An Application of Interpretative Structural Modelling.” Journal of Public Procurement 21, no. 4: 409–429.
- Zhang, J. 2008. “The Contracting Benefits of Accounting Conservatism to Lenders and Borrowers.” Journal of Accounting and Economics 45, no. 1: 27–54.
