This paper investigates how conservative managers make corporate decisions. Motivated by psychology research, we use handwritten signatures (i.e., emotionally restraint disclosure styles) as a proxy for CEO conservatism. We find that firms with CEOs engage more safer investments (capital expenditures), less risky policies (Research & Development expenses and debt financing), hold cash, are like...

This paper studies the effects of managerial optimism on optimal design debt covenants. We find that managers are more optimistic about future success their investment ideas, provide lenders with greater control rights via tighter is for even though they understand covenants increase probability covenant violations and lead to excessive lender intervention. The broad reason this result optimist...

Purpose The aim of this paper is to examine how managerial ability affects corporate tax aggressiveness. Design/methodology/approach study follows the work Demerjian, Lev, and McVay (2012) quantifies by calculating efficiently managers generate revenues from given economic resources using data envelopment analysis (DEA) approach. uses a wide range measures Firm fixed-effects regressions differe...

the first goal of the current research is to investigate the relation between the management styles and the managerial efficiency. the second goal of the research is to rank managers according to their managerial styles in the executive agencies in mazandaran. consequently, the data were gathered using questionnaires. the sample size was 150. the collected data were further analyzed by spss and...