خلاصة:
The major objective of this study is to specifically investigate the effect of CEOs’ androgenic on the business unit's performance, and explore the moderating role of the corporate governance in this regard. Androgenic characteristic was used as the independent variable and was measured with testosterone hormone index. Photos of the CEOs were obtained via Google Images searcher and the WHR ratio of each manager was determined by using Image J software. Statistical population of the research is consist of all companies listed on Tehran Stock Exchange (TSE), and the statistical sample consists of 66 firms (594 year-firms) from 2010 to 2018. Structural equation method (SEM) and Smart PLS software were used to test the effects of variables. The findings showed that in the studied firms, androgenic characteristic and corporate governance have a significant positive and negative effect on the business unit’s performance, respectively. In addition, corporate governance has a significant and negative moderating effect on the relationship between androgenic characteristics and business unit’s performance. Also from two components of the corporate governance, the combination of shareholders, does not have any effect and combination of the board has a significant and negative moderating effect on the relationship. Whatever managers have a higher degree of narcissism and self-confidence, they are able to obtain reward and confirmation of the stakeholders for better business unit’s performance. Corporate governance, with a negative effect on the firm’s performance and modifying this relationship, tries to control the performance and dimensions of the managers' androgenic characteristics.
ملخص الجهاز:
The Impact of Managers' Androgenic Traits and the Moderating Role of Corporate Governance on Firm Performance Dr. Navidreza Namazi1 Assistant Professor of Accounting, Shiraz University 2 Hassan Esmaeilpour Master's Student in Accounting, Shiraz University (Received date: February 6, 2019; Accepted date: June 7, 2019) The objective of this research is to investigate the impact of managers' androgenic traits on the performance of business units and the moderating role of corporate governance in this relationship.
The findings showed that in companies listed on the Tehran Stock Exchange, androgenic traits and corporate governance have significant positive and negative impacts on the performance of business units, respectively.
In Iran, Gramishirazi (1393) in a study examined the effect of testosterone hormone and CEO overconfidence on the level of risk of financial misreporting in companies listed on the Tehran Stock Exchange.
Research Hypotheses Based on the theoretical foundations, background, and objectives of the research, the following hypotheses are proposed, similar to research [21] regarding the testosterone hormone, studies [17] and [8] regarding performance and corporate governance, and also research [73] regarding the moderating variable: First Hypothesis: The androgenic characteristic of CEOs affects the performance level of companies listed on the Tehran Stock Exchange.
As can be observed, the t-statistic value is greater than 1/96 (t-value = 3/770), therefore the research hypothesis is confirmed at an error level of less than 5%, and according to the path coefficient (β = -0/210), there is a negative and significant relationship between androgenic characteristic and company performance in the presence of corporate governance, as a moderating variable (R2 = 0/932).
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