Influence of CEO power on the survival probability of B3 brazilian publicly traded companies
Keywords:
CEO Power. Upper-Echelon Theory. Corporate Survival. Capital Market. Logit.
Abstract
This study verified the influence of CEO Power on the probability of survival of Brazilian companies in the capital market, considering the period from 2010 to 2018. The final sample was composed of 803 observations of non-financial companies active in Brazil, Bolsa, Balcão (B3). The method used was the Logistic Regression model (Logit), which uses a binary dependent variable, used in this study to classify the companies with greater and lesser probability of survival. The CEO Power (variable of interest) was analyzed from 4 dimensions of power, being: structural power (Power_Estrut), ownership power (Power_Prop), expert power (Power_Esp) and prestige power (Power_Prest). In addition to these, control variables were inserted such as company size (Tam), CEO age (Ida), avalanche (Ala), and profitability (Lucrat). The results showed that Power_Estrut has a negative influence on the companies' probability of survival, decreasing the company's chance of survival by 29.6%, while for Power_Prop and Power_Esp, the results showed that when the CEO is one of the 5 main shareholders of company or when it has training in the business area, the probability of survival of the companies increases by 147.4% and 42.3%, respectively. Therefore, it is concluded that such results are interesting because they reveal that even in a scenario in which most companies have a high concentration of ownership (Brazilian), CEO Power can be decisive for the survival of companies, that is, it can reveal that these professionals interfere in some way in the organizational performance and the continuity of the firms.
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References
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ALTMAN, E. I. Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance, v. 23, n. 4, p. 589-609, 1968.
AMEDU, S.; DULEWICZ, V. The relationship between CEO personal power, CEO competencies, and company performance. Journal of General Management, v. 43, n. 4, p. 188-198, 2018.
BACH, S. B.; SMITH, A. D. Are powerful CEOs beneficial to post-IPO survival in high technology industries?: An empirical investigation. The Journal of High Technology Management Research, v. 18, n. 1, p. 31-42, 2007.
BACHMANN, R. L.; LOYEUNG, A.; MATOLCSY, Z. P.; SPIROPOULOS, H. Powerful CEOs, cash bonus contracts and firm performance. Journal of Business Finance & Accounting, v. 47, n. 1-2, p. 100-131, 2020.
BAKER, T. A.; LOPEZ, T. J.; REITENGA, A. L.; RUCH, G. W. The influence of CEO and CFO power on accruals and real earnings management. Review of Quantitative Finance and Accounting, v. 52, n. 1, p. 325-345, 2019.
BARKER, V. L.; MUELLER, G. C. CEO Characteristics and Firm R&D Spending. Management Science, v. 48, n. 6, p. 782-801, 2002.
BALDENIUS, T.; MELUMAD, N.; MENG, X. Board composition and CEO power. Journal of Financial Economics, v. 112, n. 1, p. 53–68, 2014.
BAI, L.; YAN, X.; YU, G. Impact of CEO media appearance on corporate performance in social media. The North American Journal of Economics and Finance, v. 50, p. 100996, 2019.
BALDENIUS, T.; MELUMAD, N.; MENG, X. Board composition and CEO power. Journal of Financial Economics, v. 112, n. 1, p. 53-68, 2014.
BRASS, D. J. Being in the right place: A structural analysis of individual influence in na organization. Administrative Science Quarterly, v. 29, n. 4, p. 518-539, 1984.
CARPENTER, M. A.; GELETKANYCZ, M. A.; SANDERS, W. G. Upper echelons research revisited: antecedents, elements, and consequences of top management team composition. Journal of Management, v. 30, n. 6, p. 749–778, 2004.
COMBS, J. G.; KETCHEN JR. D. J.; PARRYMAN, A. A.; DONAHUE, M. S. The moderating effect of CEO power on the board composition-firm performance relationship. Journal of Management Studies, v. 44, n. 8, p. 1299-1323, 2007.
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DAILY, C. M.; JOHNSON, J. L. Sources of CEO power and firm financial performance: a longitudinal assessment. Journal of Management, v. 23, n. 2, p. 97–117, 1997.
DAMODARAN, A. Investment valuation: tools and techniques for determining the value of any asset. 3. rd. New Jersey: John Wiley & Sons, Inc., Hoboken, 2012.
D’AVENI, R. A. Top managerial prestige and organizational bankruptcy. Organization Science, v. 1, n. 2, p. 121-142, 1990.
DEMERS, E. A.; WANG, C. The Impact of CEO career concerns on accruals based and real earnings management. SSRN Eletronic Journal, 2010. DOI: http://dx.doi.org/10.2139/ssrn.1466029. Disponível em: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1466029. Acesso em: 05 outubro 2019.
DESHPANDE, S.P. Managers’ perception of proper ethical conduct: the effect of sex, age, and level of education. Journal of Business Ethics, v. 16, n. 1 , p. 79–85, 1997.
FINKELSTEIN, S. Power in top management teams: dimensions, measurement, and validation. Academy of Management Journal, v. 35, n. 3, p. 505–538, 1992.
FINKELSTEIN, S.; D’AVENI, R.A. CEO duality as a double-edged sword: how boards of directors balance entrenchment avoidance and unity of command. Academy of Management Journal, v. 37, n. 5, p. 1079-1108, 1994.
FRALICH, R.; BITEKTINE, A. “Invincibles” and “invisibles”: CEO status and the ‘matthew effect’ in strategic decision-making. Long Range Planning, v. 53, n. 3, p. 101887, 2020.
GALEMA, R.; LENSINK, R.; MERSLAND, R. Do powerful CEOs determine microfinance performance? Journal of Management Studies, v. 49, n. 4, p. 718-742, 2012.
GOUNOPOULOS, D.; PHAM, H. Specialist CEOs and IPO survival. Journal of Corporate Finance, v. 48, p. 217–243, 2018.
GREVE, H. R.; MITSUHASHI, H. Power and glory: concentrated power in top management teams. Organization Studies, v. 28, n. 8, p. 1197-1221, 2007.
GUIMARÃES, A. L. S.; ALVES, W. O. Prevendo a insolvência de operadoras de planos de saúde. Revista de Administração de Empresas, v. 49, n. 4, p. 459-471, 2009.
HAMBRICK, D.C. Environment, strategy, and power within top management teams. Administrative Science Quarterly, v. 26, n. 2, p. 253–276, 1981.
HAMBRICK, D.C.; MASON, P. Upper-echelon: the organization as a reflection of its top Managers. Academy Management Review, v. 9, n. 2, p. 193–206, 1984.
HANNAN, M. T.; FREEMAN, J. H. The population ecology of organizations.
American Journal of Sociology, v. 82, n. 5, p. 929-64, 1977.
HENDERSON, B. C.; MASLI, A.; RICHARDSON, V. J.; SANCHEZ, J. M. Layoffs and chief executive officer (CEO) compensation: does CEO power influence the relationship? Journal of Accounting, Auditing & Finance, v. 25, n. 4, p. 709-748, 2010.
HSU, S. ; LIN ; S.-W. ; CHEN, W.-P. ; HUANG, J.-W. CEO duality, information costs, and firm performance. The North American Journal of Economics and Finance, p. 101011, 2019. DOI: https://doi.org/10.1016/j.najef.2019.101011 . Disponível em: https://www.sciencedirect.com/science/article/abs/pii/S1062940818305679?via%3Dihub. Acesso em: 12 novembro 2019.
JAIN, B. A.; KINI, O. The impact of strategic investment choices on post-issue operating performance and survival of us IPO firms. Journal of Business Finance & Accounting, v. 35, n. 3-4, p. 459- 490, 2008.
JENSEN, M. C.; MECKLING, W. H. Theory of the firm: managerial. Journal of Financial Economics, v. 3, n. 4, p. 305-360, 1976.
KORKEAMÄKI, T.; LILJEBLOM, E.; PASTERNACK, D. CEO power and matching leverage preferences. Journal of Corporate Finance, v. 45, p. 19–30, 2017.
KROLL, M.; LE, S. The impact of board composition and top management team ownership structure on post-IPO performance in young entrepreneurial firms. Academy Management Journal v. 50, n. 5, p. 1198–1216, 2007.
LEIBY, J. The role of consultants and management prestige in management control system adoption. Accounting, Organizations and Society, v. 66, p. 1-13, 2018.
LI, M.; JONES, C. D. The effects of TMT faultlines and CEO-TMT power disparity on competitive behavior and firm performance. Group & Organization Management, v. 44, n. 5, p. 874-914, 2019.
LI, T.; MUNIR, Q.; KARIM, M. R. A. Nonlinear relationship between CEO power and capital structure: Evidence from China's listed SMEs. International Review of Economics and Finance, v. 47, p. 1-21, 2017.
MACKEY, A. The effect of CEOs on firm performance. Strategic Management Journal, v. 29, n. 12, p. 1357- 1367, 2008.
MATSUNAGA, S. R.; YEUNG, P. E. Evidence on the Impact of a CEO's Financial Experience on the Quality of the Firm's Financial Reports and Disclosures. AAA 2008 Financial Accounting and Reporting Section (FARS) Paper, p. 41, 2008. DOI: https://doi.org/10.2139/ssrn.1014097 . Disponível em: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1014097. Acesso em: 21 janeiro 2020.
MARTINS, O. S.; VENTURA JÚNIOR, R. Influência da governança corporativa na mitigação de relatórios financeiros fraudulentos. Revista Brasileira de Gestão de Negócios, v. 22, n. 1, p. 65-84, 2020.
MILBOURN, T. T. CEO reputation and stock-based compensation. Journal of Financial Economics, v. 68, n. 2, p. 233-262, 2003.
NTIM, C. G.; LINDOP, S.; THOMAS, D. A.; ABDOU, H.; OPONG, K. K. Executive pay and performance: the moderating effect of CEO power and governance structure. The International Journal of Human Resource Management, v. 30, n. 6, p. 921-963, 2019.
OLIVEIRA, R. L.; KAYO, E. K. Alavancagem e oportunidades de investimento: o efeito nas empresas de alto crescimento. Revista Contabilidade & Finanças - USP, v. 31, n. 83, p. 302-317, 2020.
POUR, K., E. IPO survival and CEOs’ decision-making power: The evidence of China. Research in International Business and Finance, v. 33, p. 247–267, 2015.
PORTER, M. E. Competitive strategy. New York: Free Press, 1980.
RAMDANI, D.; VAN WITTELOOSTUIJN, A. Board independence, CEO duality and firm performance: a quantile regression analysis for Indonesia, Malaysia, South Korea and Thailand. British Journal of Management, v. 21, n. 3, p. 607-626, 2010.
SERWINEK, P.J. Demographic and related differences in ethical views among small businesses. Journal Business Ethics, v. 11, n. 7, p. 555–566, 1992.
SHEIKH, S. An examination of the dimensions of CEO power and corporate social responsibility. Review of Accounting and Finance, v. 18, n. 2, p. 221-244, 2019.
SIRÉN, C.; PATEL, P. C.; ÖRTQVIST, D.; WINCENT, J. CEO burnout, managerial discretion, and firm performance: the role of CEO locus of control, structural power, and organizational factors. Long Range Planning, v. 51, n. 6, p. 953-971, 2018.
SPRENGER, K. B.; KRONBAUER, C. A.; COSTA, C. M.; PEREIRA, T. P. Powerful CEOs: desenvolvimento de uma métrica de determinação do poder e sua aplicação no âmbito da remuneração executiva. In: USP INTERNATIONAL CONFERENCE IN ACCOUNTING, 20, 2020, São Paulo. Anais […]. São Paulo: USP, 2020. Disponível em: https://congressousp.fipecafi.org/anais/Anais2020/ArtigosDownload/2350.pdf. Acesso em: 25 junho 2020.
TING, H.-I.; CHUEH, H.; CHANG, P.-R. CEO power and its effect on performance and governance: Evidence from Chinese banks. Emerging Markets Review, v. 33, p. 42–61, 2017.
THOMPSON, J. D. Organizations in action. New York: McGraw-Hill, 1967.
USMAN, M.; ZHANG, J.; FAROOQ, M. U.; MAKKI, M. A. M.; DONG, N. Female directors and CEO power. Economics Letters, v. 165, p. 44-47, 2018.
VELTE, Patrick. Does CEO power moderate the link between ESG performance and financial performance?. Management Research Review, v. 43, n.5, p. 497-520, 2020.
WASSERMAN, N.; NOHRIA, N.; ANAND, B. When does leadership matter? A contingent opportunities view of CEO leadership. Chap. 2 in Handbook of leadership theory and practice, Eds. Nitin Nohria and Rakesh Khurana. 2010.
WENG, P. S.; CHEN, W. Y. Doing good or choosing well? Corporate reputation, CEO reputation, and corporate financial performance. The North American Journal of Economics and Finance, v. 39, p. 223-240, 2017.
ALTMAN, E. I. Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance, v. 23, n. 4, p. 589-609, 1968.
AMEDU, S.; DULEWICZ, V. The relationship between CEO personal power, CEO competencies, and company performance. Journal of General Management, v. 43, n. 4, p. 188-198, 2018.
BACH, S. B.; SMITH, A. D. Are powerful CEOs beneficial to post-IPO survival in high technology industries?: An empirical investigation. The Journal of High Technology Management Research, v. 18, n. 1, p. 31-42, 2007.
BACHMANN, R. L.; LOYEUNG, A.; MATOLCSY, Z. P.; SPIROPOULOS, H. Powerful CEOs, cash bonus contracts and firm performance. Journal of Business Finance & Accounting, v. 47, n. 1-2, p. 100-131, 2020.
BAKER, T. A.; LOPEZ, T. J.; REITENGA, A. L.; RUCH, G. W. The influence of CEO and CFO power on accruals and real earnings management. Review of Quantitative Finance and Accounting, v. 52, n. 1, p. 325-345, 2019.
BARKER, V. L.; MUELLER, G. C. CEO Characteristics and Firm R&D Spending. Management Science, v. 48, n. 6, p. 782-801, 2002.
BALDENIUS, T.; MELUMAD, N.; MENG, X. Board composition and CEO power. Journal of Financial Economics, v. 112, n. 1, p. 53–68, 2014.
BAI, L.; YAN, X.; YU, G. Impact of CEO media appearance on corporate performance in social media. The North American Journal of Economics and Finance, v. 50, p. 100996, 2019.
BALDENIUS, T.; MELUMAD, N.; MENG, X. Board composition and CEO power. Journal of Financial Economics, v. 112, n. 1, p. 53-68, 2014.
BRASS, D. J. Being in the right place: A structural analysis of individual influence in na organization. Administrative Science Quarterly, v. 29, n. 4, p. 518-539, 1984.
CARPENTER, M. A.; GELETKANYCZ, M. A.; SANDERS, W. G. Upper echelons research revisited: antecedents, elements, and consequences of top management team composition. Journal of Management, v. 30, n. 6, p. 749–778, 2004.
COMBS, J. G.; KETCHEN JR. D. J.; PARRYMAN, A. A.; DONAHUE, M. S. The moderating effect of CEO power on the board composition-firm performance relationship. Journal of Management Studies, v. 44, n. 8, p. 1299-1323, 2007.
CROSSLAND, C.; HAMBRICK, D. C. How national systems differ in their constraints on corporate executives: a study of CEO effects in three countries. Strategic Management Journal, v. 28, n. 8, p. 767-789, 2007.
DAILY, C. M.; JOHNSON, J. L. Sources of CEO power and firm financial performance: a longitudinal assessment. Journal of Management, v. 23, n. 2, p. 97–117, 1997.
DAMODARAN, A. Investment valuation: tools and techniques for determining the value of any asset. 3. rd. New Jersey: John Wiley & Sons, Inc., Hoboken, 2012.
D’AVENI, R. A. Top managerial prestige and organizational bankruptcy. Organization Science, v. 1, n. 2, p. 121-142, 1990.
DEMERS, E. A.; WANG, C. The Impact of CEO career concerns on accruals based and real earnings management. SSRN Eletronic Journal, 2010. DOI: http://dx.doi.org/10.2139/ssrn.1466029. Disponível em: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1466029. Acesso em: 05 outubro 2019.
DESHPANDE, S.P. Managers’ perception of proper ethical conduct: the effect of sex, age, and level of education. Journal of Business Ethics, v. 16, n. 1 , p. 79–85, 1997.
FINKELSTEIN, S. Power in top management teams: dimensions, measurement, and validation. Academy of Management Journal, v. 35, n. 3, p. 505–538, 1992.
FINKELSTEIN, S.; D’AVENI, R.A. CEO duality as a double-edged sword: how boards of directors balance entrenchment avoidance and unity of command. Academy of Management Journal, v. 37, n. 5, p. 1079-1108, 1994.
FRALICH, R.; BITEKTINE, A. “Invincibles” and “invisibles”: CEO status and the ‘matthew effect’ in strategic decision-making. Long Range Planning, v. 53, n. 3, p. 101887, 2020.
GALEMA, R.; LENSINK, R.; MERSLAND, R. Do powerful CEOs determine microfinance performance? Journal of Management Studies, v. 49, n. 4, p. 718-742, 2012.
GOUNOPOULOS, D.; PHAM, H. Specialist CEOs and IPO survival. Journal of Corporate Finance, v. 48, p. 217–243, 2018.
GREVE, H. R.; MITSUHASHI, H. Power and glory: concentrated power in top management teams. Organization Studies, v. 28, n. 8, p. 1197-1221, 2007.
GUIMARÃES, A. L. S.; ALVES, W. O. Prevendo a insolvência de operadoras de planos de saúde. Revista de Administração de Empresas, v. 49, n. 4, p. 459-471, 2009.
HAMBRICK, D.C. Environment, strategy, and power within top management teams. Administrative Science Quarterly, v. 26, n. 2, p. 253–276, 1981.
HAMBRICK, D.C.; MASON, P. Upper-echelon: the organization as a reflection of its top Managers. Academy Management Review, v. 9, n. 2, p. 193–206, 1984.
HANNAN, M. T.; FREEMAN, J. H. The population ecology of organizations.
American Journal of Sociology, v. 82, n. 5, p. 929-64, 1977.
HENDERSON, B. C.; MASLI, A.; RICHARDSON, V. J.; SANCHEZ, J. M. Layoffs and chief executive officer (CEO) compensation: does CEO power influence the relationship? Journal of Accounting, Auditing & Finance, v. 25, n. 4, p. 709-748, 2010.
HSU, S. ; LIN ; S.-W. ; CHEN, W.-P. ; HUANG, J.-W. CEO duality, information costs, and firm performance. The North American Journal of Economics and Finance, p. 101011, 2019. DOI: https://doi.org/10.1016/j.najef.2019.101011 . Disponível em: https://www.sciencedirect.com/science/article/abs/pii/S1062940818305679?via%3Dihub. Acesso em: 12 novembro 2019.
JAIN, B. A.; KINI, O. The impact of strategic investment choices on post-issue operating performance and survival of us IPO firms. Journal of Business Finance & Accounting, v. 35, n. 3-4, p. 459- 490, 2008.
JENSEN, M. C.; MECKLING, W. H. Theory of the firm: managerial. Journal of Financial Economics, v. 3, n. 4, p. 305-360, 1976.
KORKEAMÄKI, T.; LILJEBLOM, E.; PASTERNACK, D. CEO power and matching leverage preferences. Journal of Corporate Finance, v. 45, p. 19–30, 2017.
KROLL, M.; LE, S. The impact of board composition and top management team ownership structure on post-IPO performance in young entrepreneurial firms. Academy Management Journal v. 50, n. 5, p. 1198–1216, 2007.
LEIBY, J. The role of consultants and management prestige in management control system adoption. Accounting, Organizations and Society, v. 66, p. 1-13, 2018.
LI, M.; JONES, C. D. The effects of TMT faultlines and CEO-TMT power disparity on competitive behavior and firm performance. Group & Organization Management, v. 44, n. 5, p. 874-914, 2019.
LI, T.; MUNIR, Q.; KARIM, M. R. A. Nonlinear relationship between CEO power and capital structure: Evidence from China's listed SMEs. International Review of Economics and Finance, v. 47, p. 1-21, 2017.
MACKEY, A. The effect of CEOs on firm performance. Strategic Management Journal, v. 29, n. 12, p. 1357- 1367, 2008.
MATSUNAGA, S. R.; YEUNG, P. E. Evidence on the Impact of a CEO's Financial Experience on the Quality of the Firm's Financial Reports and Disclosures. AAA 2008 Financial Accounting and Reporting Section (FARS) Paper, p. 41, 2008. DOI: https://doi.org/10.2139/ssrn.1014097 . Disponível em: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1014097. Acesso em: 21 janeiro 2020.
MARTINS, O. S.; VENTURA JÚNIOR, R. Influência da governança corporativa na mitigação de relatórios financeiros fraudulentos. Revista Brasileira de Gestão de Negócios, v. 22, n. 1, p. 65-84, 2020.
MILBOURN, T. T. CEO reputation and stock-based compensation. Journal of Financial Economics, v. 68, n. 2, p. 233-262, 2003.
NTIM, C. G.; LINDOP, S.; THOMAS, D. A.; ABDOU, H.; OPONG, K. K. Executive pay and performance: the moderating effect of CEO power and governance structure. The International Journal of Human Resource Management, v. 30, n. 6, p. 921-963, 2019.
OLIVEIRA, R. L.; KAYO, E. K. Alavancagem e oportunidades de investimento: o efeito nas empresas de alto crescimento. Revista Contabilidade & Finanças - USP, v. 31, n. 83, p. 302-317, 2020.
POUR, K., E. IPO survival and CEOs’ decision-making power: The evidence of China. Research in International Business and Finance, v. 33, p. 247–267, 2015.
PORTER, M. E. Competitive strategy. New York: Free Press, 1980.
RAMDANI, D.; VAN WITTELOOSTUIJN, A. Board independence, CEO duality and firm performance: a quantile regression analysis for Indonesia, Malaysia, South Korea and Thailand. British Journal of Management, v. 21, n. 3, p. 607-626, 2010.
SERWINEK, P.J. Demographic and related differences in ethical views among small businesses. Journal Business Ethics, v. 11, n. 7, p. 555–566, 1992.
SHEIKH, S. An examination of the dimensions of CEO power and corporate social responsibility. Review of Accounting and Finance, v. 18, n. 2, p. 221-244, 2019.
SIRÉN, C.; PATEL, P. C.; ÖRTQVIST, D.; WINCENT, J. CEO burnout, managerial discretion, and firm performance: the role of CEO locus of control, structural power, and organizational factors. Long Range Planning, v. 51, n. 6, p. 953-971, 2018.
SPRENGER, K. B.; KRONBAUER, C. A.; COSTA, C. M.; PEREIRA, T. P. Powerful CEOs: desenvolvimento de uma métrica de determinação do poder e sua aplicação no âmbito da remuneração executiva. In: USP INTERNATIONAL CONFERENCE IN ACCOUNTING, 20, 2020, São Paulo. Anais […]. São Paulo: USP, 2020. Disponível em: https://congressousp.fipecafi.org/anais/Anais2020/ArtigosDownload/2350.pdf. Acesso em: 25 junho 2020.
TING, H.-I.; CHUEH, H.; CHANG, P.-R. CEO power and its effect on performance and governance: Evidence from Chinese banks. Emerging Markets Review, v. 33, p. 42–61, 2017.
THOMPSON, J. D. Organizations in action. New York: McGraw-Hill, 1967.
USMAN, M.; ZHANG, J.; FAROOQ, M. U.; MAKKI, M. A. M.; DONG, N. Female directors and CEO power. Economics Letters, v. 165, p. 44-47, 2018.
VELTE, Patrick. Does CEO power moderate the link between ESG performance and financial performance?. Management Research Review, v. 43, n.5, p. 497-520, 2020.
WASSERMAN, N.; NOHRIA, N.; ANAND, B. When does leadership matter? A contingent opportunities view of CEO leadership. Chap. 2 in Handbook of leadership theory and practice, Eds. Nitin Nohria and Rakesh Khurana. 2010.
WENG, P. S.; CHEN, W. Y. Doing good or choosing well? Corporate reputation, CEO reputation, and corporate financial performance. The North American Journal of Economics and Finance, v. 39, p. 223-240, 2017.
Published
2022-05-04
How to Cite
Garcia, I. A. S., Medeiros, M. N. de, & Leite Filho, P. A. M. (2022). Influence of CEO power on the survival probability of B3 brazilian publicly traded companies. Enfoque: Reflexão Contábil, 41(2), 123-141. https://doi.org/10.4025/enfoque.v41i2.55279
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