중소기업 CEO의 인적 특성이 기업의 위험 및 경영성과에 미치는 영향에 관한 연구

In an era of rapidly changing economic paradigms, Small and medium-sized enterprises (SMEs) are at a critical juncture in their role as CEOs for sustainable growth. Performance varies according to their business decisions as the CEO’s role is the most important factor in determining the company’s performance. In this study, we empirically analyze the impact of age and gender on corporate performance among the business operator’s personal characteristics, an important factor affecting these managers’ ability to make decisions. The results are as follows. First, the lower the CEO’s age and the male the CEO’s gender, the more likely the company sought high risk-high return. Second, as a result, the lower the CEO’s age, the faster the increase in assets is. Third, despite such aggressive management and the increase in assets, the lower the CEO’s age, the lower the cost of debt is and the higher the credit rating is. And these are the indications of positive effects. These empirical results are robust when all the dependent variables are set with industry-adjusted risk and performance. Such findings have practical significance in that the aged CEOs and female CEOs in corporate management are required to make extra efforts to improve the efficiency and effectiveness of management, and for investors to SMEs, it can serve as an economic implication in that the age and gender of CEOs are important indicators of investment.