The Impact of CEO Attributes on Financial Distress: Does Firm Life Cycle Matter?
DOI:
https://doi.org/10.31603/conference.17398Keywords:
CEO attributes, financial distress, firm life cycleAbstract
This study aims to examine the impact of CEO attributes (remuneration, gender, and education) on financial distress, with the firm life cycle as a moderating variable, among Indonesian property and real estate companies during the 2020–2024 period. This study employed a quantitative research approach with a causal design, using secondary data obtained from annual reports. This study used a purposive sampling technique, resulting in 233 sample observations. Data analysis was conducted using multiple linear regression analysis, Moderated Regression Analysis, and split-sample. The findings show that CEO remuneration has a negative impact on financial distress, indicating that higher CEO remuneration can reduce the likelihood of financial distress. Furthermore, CEO education has a negative impact on financial distress at the marginal level, while CEO gender does not significantly impact financial distress. Other findings reveal that CEO remuneration is more effective in reducing financial distress at the mature stage of the firm life cycle. In addition, female CEOs are associated with lower financial distress at the decline stage, whereas higher CEO education minimizes financial distress at the growth stage. These findings indicate that CEO attributes have different roles in reducing financial distress across the firm life cycle.
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