The Influence of CEO Characteristics on the Investment Efficiency of Russian Companies in a Period of Uncertainty

Student: Polina Barkova

Educational Programme: Economics (Bachelor)

Year of Graduation: 2024

This study addresses the question of CEO effectiveness in conditions of uncertainty. The sample consists of 107 non-financial companies listed on the Moscow Exchange from 2014 to 2022. Using the methodology of Benlemlih and Bitar (2018), the investment efficiency value was calculated and, using regression analysis, the influence of CEO characteristics under the uncertainty effect on over- and under-investment was identified. It was found that CEO tenure and holding two positions increase overinvestment with the growth of uncertainty, but a specialty in "Management" helps to mitigate it. CEO tenure and experience working in government structures increase underinvestment. The novelty of the study lies in applying the influence of uncertainty on CEO characteristics and attempting to construct a variable of CEO professional breadth.

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