Does the CEO elite education affect firm hedging policies?

Article

Boubaker, S., Clark, E. and Mefteh-Wali, S. 2020. Does the CEO elite education affect firm hedging policies? The Quarterly Review of Economics and Finance. 77, pp. 340-354. https://doi.org/10.1016/j.qref.2019.11.004
TypeArticle
TitleDoes the CEO elite education affect firm hedging policies?
AuthorsBoubaker, S., Clark, E. and Mefteh-Wali, S.
Abstract

This paper studies the relationship between CEO elite education and firm hedging decisions. It uses the particular specificities of the French post-secondary educational institutions to examine the effect of CEO educational background on the use of foreign currency derivatives. The results show a positive and significant relationship between education quality and derivatives use. Neither the level nor the type of education has any significant effect. The results also show that the use of derivatives enhances firm performance only when CEOs are from elite institutions. These results are robust to a battery of tests that involve alternative estimation techniques, the use of different subsamples, additional control variables, and control for endogeneity and selection bias.

PublisherElsevier
JournalThe Quarterly Review of Economics and Finance
ISSN1062-9769
Publication dates
Online26 Nov 2019
Print01 Aug 2020
Publication process dates
Deposited04 Dec 2019
Accepted22 Nov 2019
Output statusPublished
Accepted author manuscript
License
Copyright Statement

© 2020. This manuscript version is made available under the CC-BY-NC-ND 4.0 license

Digital Object Identifier (DOI)https://doi.org/10.1016/j.qref.2019.11.004
LanguageEnglish
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Accepted author manuscript
4_BouClaMef12102019.pdf
License: CC BY-NC-ND 4.0

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