РИСК, ДОХОДНОСТЬ И ХАРАКТЕРИСТИКИ ГЕНЕРАЛЬНЫХ ДИРЕКТОРОВ КАК ФАКТОРЫ ЭФФЕКТИВНОСТИ КОМПАНИИ

Abstract

The aim of this paper is to combine and analysethe relationship between the company’s financial characteris-tics: risk, return, andthe leaders’ characteristics for various stages of the organization’s life cycle. The results of the em-pirical analysis of this paper reveal the dependencies between both the physiological and personal characteristics of lead-ers. Such indicators as education, previous experience as a Chief Executive Officer (CEO), CEO remuneration, and the number of years in the current position were evaluated for this analysis. The sample is represented by 409 companies in-cluded in the S&P 500 index. The profitability of the companies is assessed using an integral indicator, whereas the risk is assessed using the Leverage Beta coefficient and the Altman Z-account. The stages of the company’s life cycle are distin-guished through the ratio of cash from operating, financial, and investment activities. This paper also examines the posi-tion of companies as an analogue of the portfolio and is noted on the Capital Market Line (CML). To assess the relation-ship, decision trees were built taking into account risk and return for different stages of the life cycle of companies: “growth”, “maturity” and “decline”. As a result, it has been concluded that different characteristics of leaders are signifi-cantat various stages of the organization’s life cycle. So, for the “growth” stage, the remuneration has a positive effect on the risk indicator, but after a certain level of increase, it has a completely inverse relationship. The indicator for a leader’s education is non-linear, and the education received in the financial sphere has a negative relationship with the company’s risk indicator for the “growth” stage. The indicator for the CEO’’s previous work is more significant for risk assessment than the company’s return.