Top CEO awards and firm profitability

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dc.contributor.authorMohebbi, Taha
dc.contributor.examiningcommitteePasyeka, Olexandr (Finance)
dc.contributor.examiningcommitteeThulasiram, Ruppa (Computer Science)
dc.contributor.supervisorAu, Yik
dc.date.accessioned2024-01-08T20:51:43Z
dc.date.available2024-01-08T20:51:43Z
dc.date.issued2023-12-15
dc.date.submitted2024-01-02T01:57:31Zen_US
dc.degree.disciplineManagementen_US
dc.degree.levelMaster of Science (M.Sc.)
dc.description.abstractIn this study, we present novel insights into the influence of CEO awards on firm performance, with a particular focus on Glassdoor's “Top CEOs Employees Choice Award.” By matching winning firms with similar non-winning counterparts and analyzing a pooled sample using an event study, we find compelling evidence that receiving such an award is associated with a significant increase in future firm performance, as measured by Return on Assets (ROA). This increase is primarily driven by improvements in profitability margins. Moreover, post-award announcements, firms with higher Environmental, Social, and Governance (ESG) scores demonstrate more substantial ROA growth, particularly attributed to enhanced corporate governance. This suggests that the ESG channel for ROA enhancement is primarily driven by the Governance Score. Additionally, CEOs holding company shares and receiving higher compensation relative to assets experience accelerated ROA growth. It contributes to the literature on management awards by exploring the dual impact of awards on both firm performance and CEO prestige, with a particular focus on channels.
dc.description.noteFebruary 2024
dc.identifier.urihttp://hdl.handle.net/1993/37955
dc.language.isoeng
dc.rightsopen accessen_US
dc.subjectAwards
dc.subjectPrincipal-Agent
dc.subjectEmployees
dc.subjectCEO
dc.subjectEnvironmental Social Governance (ESG)
dc.titleTop CEO awards and firm profitability
dc.typemaster thesisen_US
local.subject.manitobano
oaire.awardNumber207-2020-2021-Q1-00246
project.funder.identifierhttps://doi.org/10.13039/501100000155
project.funder.nameSocial Science and Humanities Research Council of Canada
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