CEO's personal characteristics, ownership and investment cash flow sensitivity: Evidence from NYSE panel data firms


  • Ezzeddine Ben Mohamed Faculty of Economics Management. Governance, Finance and Accounting Laboratory, University of Sfax, Tunisia
  • Mohamed naceur Souissi Faculty of Economics Management. Governance, Finance and Accounting Laboratory, University of Sfax, Tunisia
  • Amel Baccar Faculty of Economics Management. Governance, Finance and Accounting Laboratory, University of Sfax, Tunisia
  • Abdelfettah Bouri Faculty of Economics Management. Governance, Finance and Accounting Laboratory, University of Sfax, Tunisia


Financial education, Technical education, Ownership, Managerial optimism, Corporate investment


This study tries to extend previous works on behavioral corporate finance by examining the interaction between investment cash flow sensitivity and various CEO characteristics in either the existence or inexistence of managerial optimism. Using a Q-investment model and departing from a sample of 475 annual observations, our results highlight that CEO’s financial education, CEO’s ownership and their optimism bias can explain distortions in corporate investment policy since they affect investment cash flow’s relationship.



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How to Cite

Mohamed, E. B., naceur Souissi, M. ., Baccar, A. ., & Bouri, A. . (2014). CEO’s personal characteristics, ownership and investment cash flow sensitivity: Evidence from NYSE panel data firms. Journal of Economics, Finance and Administrative Science, 19(37), 98–103. Retrieved from