The CEO characteristics and Romanian banks performance
Abstract
The main objective of this research is to identify to what extent the characteristics of the CEO (chief executive officer) influence the financial performance of banks within the Romanian banking system. The sample under investigation includes all 21 Romanian banks, and the analyzed period included the financial years related to the last 5 financial years (2018–2022). Regarding these characteristics, aspects such as age, gender diversity, education, nationality, and duality were included in the research, the financial performance of the banking system being measured through the ROA (return on assets) and ROE (return on equity) indicators, which are often used in the literature, including control variables such as the size of the bank, assessed by the total value of bank assets, the share of debts in total assets and the share of capital in total assets. Regarding the duality of the CEO, this is the practice of the same person holding both the position of chairman of the board of directors and that of executive manager. The authors tried to find the answer to the question: Is there a correlation between CEO characteristics and the financial performance of the banks, and if the answer is yes, to what extent are these correlations significant? To carry out this research, the authors used the SPSS software, the research methodology being predominantly quantitative, including descriptive methods, correlation analyses and regression models. The results of the research indicate that the financial performance of the banks operating within the banking system in Romania (measured by the ROA and ROE indicators) is influenced by the nationality and education of the persons holding the position of CEO but also by the size of the banks, appreciated by the value of their total banking assets.
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2023, olume 26, issue 4, pp. 99–118, DOI: 10.15240/ ul/001/2023-4-007
Business Adminis a ion and Managemen
The CEO cha ac e is ics
and Romanian banks pe o mance
Ma iana Bunea1, Liliana Ionescu Feleaga2,
Bogdan S e an Ionescu3
1 Bucha es Uni e si y o Economic S udies, Facul y o Accoun ing and Managemen In o ma ion Sys ems,
Depa men o Accoun ing and Audi , Romania, ORCID: 0000-0003-2879-2065, [email p o ec ed];
2 Bucha es Uni e si y o Economic S udies, Facul y o Accoun ing and Managemen In o ma ion Sys ems,
Depa men o Accoun ing and Audi , Romania, ORCID: 0000-0002-2087-2186, [email p o ec ed];
3 Bucha es Uni e si y o Economic S udies, Facul y o Accoun ing and Managemen In o ma ion Sys ems,
Depa men o Managemen In o ma ion Sys ems, Romania, ORCID: 0000-0003-0021-2938, [email p o ec ed].
Abs ac : The main objec i e o his esea ch is o iden i y o wha ex en he cha ac e is ics
o he CEO (chie execu i e o ice ) in luence he inancial pe o mance o banks wi hin he Romanian
banking sys em. The sample unde in es iga ion includes all 21 Romanian banks, and he analyzed
pe iod included he inancial yea s ela ed o he las 5 inancial yea s (2018–2022). Rega ding
hese cha ac e is ics, aspec s such as age, gende di e si y, educa ion, na ionali y, and duali y
we e included in he esea ch, he inancial pe o mance o he banking sys em being measu ed
h ough he ROA ( e u n on asse s) and ROE ( e u n on equi y) indica o s, which a e o en used
in he li e a u e, including con ol a iables such as he size o he bank, assessed by he o al
alue o bank asse s, he sha e o deb s in o al asse s and he sha e o capi al in o al asse s.
Rega ding he duali y o he CEO, his is he p ac ice o he same pe son holding bo h he posi ion
o chai man o he boa d o di ec o s and ha o execu i e manage . The au ho s ied o ind
he answe o he ques ion: Is he e a co ela ion be ween CEO cha ac e is ics and he inancial
pe o mance o he banks, and i he answe is yes, o wha ex en a e hese co ela ions signi ican ?
To ca y ou his esea ch, he au ho s used he SPSS so wa e, he esea ch me hodology being
p edominan ly quan i a i e, including desc ip i e me hods, co ela ion analyses and eg ession
models. The esul s o he esea ch indica e ha he inancial pe o mance o he banks ope a ing
wi hin he banking sys em in Romania (measu ed by he ROA and ROE indica o s) is in luenced
by he na ionali y and educa ion o he pe sons holding he posi ion o CEO bu also by he size
o he banks, app ecia ed by he alue o hei o al banking asse s.
Keywo ds: CEO cha ac e is ics, banking pe o mance, ROA, ROE, gende di e si y, educa ion,
na ionali y, duali y, capi al.
JEL Classi ica ion: M40, G20, G30.
APA S yle Ci a ion: Bunea, M., Ionescu Feleaga, L., & Ionescu, B. S. (2023).
The CEO cha ac e is ics and Romanian banks pe o mance. E&M Economics and
Managemen , 26(4), 99–118. h ps://doi.o g/10.15240/ ul/001/2023-4-007
In oduc ion
In e ms o co po a e go e nance, one
o he impo an oles o he company’s boa d
o di ec o s is o iden i y and ec ui hose
execu i e manage s who ha e ou s anding
cha ac e is ics and skills (Hamb ick & Mason,
2014). Bu ne e heless, his p ocess is di i-
cul and cos ly, mo e and mo e in ecen yea s
and a he le el o companies. Fo he banking
sec o , which is one wi h speci ic egula ions,
100 2023, olume 26, issue 4, pp. 99–118, DOI: 10.15240/ ul/001/2023-4-007
Business Adminis a ion and Managemen
iden i ying he compe en pe sons o hold
he posi ion o CEO (chie execu i e o ice )
becomes a much mo e complex p ocess, e-
qui ing skills o ensu e he de elopmen and
s abili y o he espec i e bank (Elsha kawy
e al., 2018). The CEO o a bank needs bo h
solid inancial expe ience and knowledge and
a good knowledge o he legal egula ions spe-
ci ic o he banking sec o (Pham, 2023).
Acco ding o Bo io (2020), banks need
o be a sou ce o s abili y and esilience,
egis e ing a high le el o liquidi y and capi al-
iza ion in ecen yea s o suppo he inanc-
ing needs o na ional economies. Howe e ,
amid he dis up ions mani es ed in all sec o s
o he economy, he exposu e o banks o a se-
ies o excessi e isks will esul in a se ies
o insol encies o bank up cies ha may occu
a he le el o companies.
Co po a e pe o mance has la ely become
mo e and mo e highly deba ed opic ha is
he subjec o inc easing numbe o esea ch,
he ac o s ha can in luence pe o mance be-
ing a signi ican conce n eco ded a he le el
o companies. Among hese ac o s ha can
ha e a signi ican in luence on he pe o -
mance o companies, i is conside ed ha
one o he mos impo an can be ep e-
sen ed by he execu i e chai man (CEO),
who is he main decision-make a he le el
o a company. Acco ding o Hosme (1982),
he p esiden o he company (CEO) is one
o he mos con incing and powe ul pe sons
wi hin a company, holding he mos impo an
ole in decision-making wi hin he o ganiza-
ion, and hese decisions can g ea ly a ec
he de elopmen s a egy and las bu no leas
he inancial pe o mance o he company. Ac-
co ding o Zhang e al. (2016), he p esiden
o he company (CEO) can ha e a signi ican
in luence on he decisions aken by he mem-
be s o he boa d o di ec o s. A he same
ime, he CEO o he p esiden o he company
may ha e a decisi e ole in e ms o main-
aining o no he membe s o he boa d
o di ec o s, as well as es ablishing hei
emune a ion o allowance.
A he same ime, Hamb ick and Mason
(1984) app ecia e ha he expe ience, educa-
ion, ai s and cha ac e o manage s ha e
a signi ican in luence on he company’s
de elopmen s a egy and implici ly on i s inan-
cial pe o mance. Howe e , he impac o hese
ac o s on he company’s pe o mance is o en
di icul o quan i y in he li e a u e, wi h associa-
ions be ween he company’s pe o mance and
ac o s such as managemen cha ac e is ics,
expe ience, age and he du a ion o i s manda e.
Thus, a numbe o au ho s o ecen s udies
wi hin he li e a u e, he de elopmen s iden i y
a numbe o cha ac e is ics o he CEO who
can exe signi ican in luences on he inancial
pe o mance o companies, e.g., age (Naseem
e al., 2020; Nguyen e al., 2018), gende (Kau
& Singh, 2018), e m o o ice (Naseem e al.,
2020; Nguyen e al., 2018), na ionali y (Boone
e al., 2019; C ossland & Hamb ick, 2011; Io-
annou & Se a eim, 2012; Kau & Singh, 2018;
Saidu, 2019) and educa ion (Almășan e al.,
2019; Go esman & Mo ey, 2010; Min zbe g,
2004; Naseem e al., 2020; Nițescu & Mu gu,
2022; Saidu, 2019).
Thus, a se ies o s udies demons a e
he in luence on he company pe o mance
o he company’s p esiden (CEO), na ionali y o
coun y o o igin (Saidu, 2019), and age (Nguyen
e al., 2018). A he same ime, Nguyen e al.
(2018) iden i ied ano he a iable in luencing
he company’s pe o mance, namely he duali y
o CEO, espec i ely, he holding o an execu i e
manage ial posi ion by he p esiden o he com-
pany. In hei esea ch, Kau and Singh (2018)
demons a ed ha he company’s inancial
pe o mance can be in luenced by he le el
o he CEO’s emune a ion and his na ionali y.
Liu and Jiang (2020), app ecia ed ha al hough
he age o he CEO (p esiden ) does no ha e
a signi ican in luence on he company’s inan-
cial indica o s, he du a ion o he manda e and
i s poli ical connec ions ha e signi ican e ec s
on he o ganiza ion’s inancial pe o mance.
The main objec i e o his esea ch is
o examine he impac o CEO cha ac e is ics
on he pe o mance o he Romanian banking
sys em. A he same ime, he au ho s app ecia e
ha his esea ch con ibu es o he de elopmen
o he scien i ic li e a u e in he ield, ha -
ing as a pa icula i y he ac ha i ocuses
on he Romanian banking sys em, s udying
he possible in luences o CEO cha ac e is ics
such as age, gende , educa ion, na ionali y and
duali y on i s inancial pe o mance, app ecia ed
in he ligh o he ROA ( e u n on asse s) and
ROE ( e u n on equi y) indica o s.
The esea ch con inues wi h an analy ical
p esen a ion o he ele an scien i ic li e a u e
in he ield, ocusing on he a iables included
in his s udy, hen ollowing he esea ch
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2023, olume 26, issue 4, pp. 99–118, DOI: 10.15240/ ul/001/2023-4-007
Business Adminis a ion and Managemen
me hodology used wi h he p esen a ion
o he ools, esea ch me hods, sample and
esea ch a iables analyzed. The ollowing
sec ions p esen he esul s o he esea ch,
he discussions and, a he end o his a icle,
he conclusions o he esea ch. Thus, his s udy
con i ms and expands, a he same ime,
he p e ious esea ch in he specialized li -
e a u e, ocusing on he pe o mance o he Ro-
manian banking sec o du ing he 2018–2022
pe iod, wi h all Romanian banks being included
in he sample s udied.
1. Theo e ical backg ound
In he scien i ic li e a u e, he agency’s heo y
(Jensen & Meckling, 1976) is conside ed o be
an impo an ounda ion o unde s anding
he exis ing ela ionship, on he one hand, be-
ween he sha eholde s (as owne s o capi al
holde s) and, on he o he hand, he membe s
o he boa d o di ec o s and he execu i e man-
age s o he company. Acco ding o his heo y,
he e may be a con lic o in e es be ween
hem because he e is a isk ha he membe s
o he boa ds o di ec o s o he execu i e
manage s may seek o achie e hei in e es s
o he de imen o he in e es s o he sha e-
holde s. Tha is why his possible con lic
equi es he exis ence o s ong mechanisms
o ensu e e ec i e con ol and managemen
o he company’s ac i i ies (Belascu e al., 2021;
Wagana & Nzulwa, 2016). Thus, i is impe a-
i e o iden i y and selec hose pe sons who
ha e he app op ia e skills and compe encies
o ensu e an inc ease in business pe o mance
(Ca e e al., 2003) and o ensu e he le e s
o a oid hem pu suing hei pe sonal goals and
gene a ing ha m o he in e es s o sha ehold-
e s (Ionaşcu e al., 2022; Pe cu e al., 2023;
Valls & Rambaud, 2019). Thus, Jensen (1993)
conside s ha , in o de o e ec i ely supe ise
he ac i i y o he CEO, i is necessa y o sepa-
a e he ole o he pe son holding he posi ion
o CEO om ha o he chai man o he boa d
o di ec o s, p ecisely o a oid he occu ence
o hese con lic s o in e es and o anspa -
en ly p omo e he pe o mance o he company
Gi en he ex emely impo an ole
ha he CEO can play on business pe o -
mance, a numbe o esea che s ha e con-
duc ed s udies in o de o unde s and hose
cha ac e is ics o he CEO ha can in luence
he inancial esul s o companies. The i s
aspec s udied is he decision-making powe
ha he CEO has o e business pe o mance.
Some esea che s app ecia e ha i he CEO
holds bo h he posi ion o chai man o he boa d
o di ec o s and ha o execu i e manage ,
con lic s o in e es can be gene a ed wi h
a nega i e impac on he pe o mance o com-
panies (Gillan, 2006; Jensen, 1993; Rechne
& Dal on, 1991). The a gumen on which his
s a emen is based is he heo y o he agency,
acco ding o which he CEO is he pe son who,
as chai man o he boa d o di ec o s, manages
he company in o de o maximize he alue
o he business and he in e es s o he sha e-
holde s. A he same ime, he e is a isk
ha he pe son holding his posi ion may pu sue
pe sonal in e es s, engaging in audulen p ac-
ices con a y o he in e es s o sha eholde s.
A he same ime, se e al o he esea ch-
e s belie e ha he exis ence o his duali y
can lead o a highe pe o mance o companies
because, on he one hand, he CEO will be
able o make decisions as e , and on he o he
hand, he will be mo e cau ious in he decisions
aken o p o ec he company’s epu a ion,
hus con ibu ing o he achie emen o supe-
io pe o mance while espec ing he in e es s
o sha eholde s (B ickley e al., 1997; Du u
e al., 2016; Liang e al., 2013).
The duali y o he CEO ep esen s
he p ac ice ha he same pe son holds bo h
he posi ion o p esiden and execu i e di ec-
o wi hin he company, which can con ibu e
o inc easing con ol a he company le el (Kau
& Singh, 2018). A he same ime, acco ding
o Jensen (1986), he holding by he same
pe son o he posi ion o bo h CEO and ex-
ecu i e di ec o p esen s a e y high isk
o dependence o he company’s de elopmen
s a egies on he decisions aken by a single
indi idual. This isk occu s especially i i
mani es s an oppo unis ic beha io and can
a ec he e iciency o he boa d o di ec o s
and, implici ly, he co po a e pe o mance.
The ela ionship ha may exis be ween
CEO duali y and co po a e pe o mance can
be e idenced by he wo heo ies, namely
agency heo y and managemen o company
managemen heo y.
Acco ding o he agency’s heo y, he du-
ali y o he CEO is app ecia ed as ha ing
a nega i e impac on he company’s inancial
pe o mance and conside s ha he decision-
making powe should no di e om a single
pe son holding he posi ion o CEO bu also
102 2023, olume 26, issue 4, pp. 99–118, DOI: 10.15240/ ul/001/2023-4-007
Business Adminis a ion and Managemen
o he p esiden o he company (Puche a-
Ma ınez & Gallego-Al a ez, 2020; Ujunwa,
2012). Nguyen e al. (2018), in esea ch
on a sample o lis ed companies in Aus alia,
demons a ed ha he duali y o a CEO could
p o ide him wi h conside able and excessi e
powe , educing ha o boa d membe s, wi h
a nega i e e ec on he company’s abili y o im-
p o e i s inancial pe o mance.
A he same ime, he duali y o he CEO
can in luence he decisions o he boa d o di-
ec o s, limi ing he independence o i s mem-
be s and u ning i in o a ool o he company
o ob ain poo pe o mance. Also, Hsu e al.
(2021), in he s udy o all non- inancial i ms lis -
ed on he Taipei and Taiwan S ock Exchange,
demons a ed ha he duali y o he CEO
has a signi ican ly nega i e impac on he inan-
cial pe o mance o he companies unde e-
sea ch. In hei esea ch, Naseem e al. (2020)
con i med he agency’s heo y and conside ed
ha he duali y o he CEO does no ha e
a a o able and posi i e impac on co po a e
pe o mance, a guing ha in o de o imp o e
inancial pe o mance, he company’s owne -
ship mus be sepa a ed om i s managemen .
A he same ime, by s udying he inancial
pe o mance o FTSE 100 companies in he UK,
B ahma e al. (2021) ha e demons a ed
ha he duali y o he CEO has a signi ican neg-
a i e in luence on he pe o mance o compa-
nies. A he same ime, he adminis a ion heo y
app ecia es ha he duali y o he CEO can help
educe con lic s a he le el o he membe s
o he boa d o di ec o s, wi h a posi i e impac
on he e iciency and de elopmen o he com-
pany. Puche a-Ma ınez and Gallego-Al a ez
(2020), eached he same esul ollowing
esea ch on a sample o 34 coun ies om six
geog aphical egions (Eu ope, Asia, A ica,
No h Ame ica, La in Ame ica and Oceania).
In he si ua ion o CEO duali y, he
decision-making p ocess is mo e limi ed, hus
con ibu ing o he inc ease o he compa-
ny’s pe o mance (Sheikh & Wang, 2012),
a conclusion eached by he au ho s Ahmadi
e al. (2018) ollowing he s udy on a sample
o F ench companies lis ed on he s ock ex-
change. Kanak iyah (2021) conside s ha
a pe son holding bo h he posi ion o CEO and
p esiden can ac wi h maximum esponsibil-
i y in making decisions a he company le el
and may show a g ea e in e es in imp o ing
i s inancial pe o mance. On he o he hand,
in he li e a u e, we ind he s udy ca ied ou
on a sample o Chinese companies by Peng
e al. (2010), in which hey conside ha he du-
ali y o CEOs may ha e a nega i e in luence
on s a e-owned companies bu a posi i e im-
pac on p i a ely-owned companies.
In he s udy o a ep esen a i e sample
o companies lis ed on he Aus alian S ock
Exchange, Nguyen e al. (2018) demons a ed
ha he age o he CEO has an insigni ican
nega i e in luence on he alue o he sha es
o hese companies, app ecia ing he ac
ha he pe o mances o companies whose
CEOs a e younge a e highe compa ed
o he inancial esul s o companies managed
by di ec o s who a e olde . A he same ime, Ali
e al. (2022) ha e demons a ed in a esea ch
on lis ed companies in he non- inancial sec o
o Pakis an, ha he age o he CEO posi i ely
in luences hei o e all pe o mance. In con-
as , Liu and Jiang (2020) in a s udy o pub-
licly aded Chinese companies, es ima ed
ha he CEO’s age has no in luence on hei
inancial pe o mance. The same conclusions
we e eached by Ahmad e al. (2022), ollow-
ing esea ch on a sample o ood companies
in Malaysia, Indonesia and Singapo e.
Ga cia-Blandon e al. (2019), using he
Ha a d Business Re iew lis o he wo ld’s
bes CEOs in hei esea ch, also demon-
s a ed ha be ween he age o a CEO and
he company’s pe o mance, he e is no sig-
ni ican di ec in luence. CEOs who a e olde
a e o en ex emely conse a i e in hei deci-
sions, showing some eluc ance o ake isks,
while younge CEOs end o make iskie and
bolde inancial decisions. A he same ime,
in a s udy o he op 100 companies in he UK,
i was shown ha he age o women who hold
he posi ion o CEO signi ican ly and posi i ely
in luences he inancial pe o mance o compa-
nies (B ahma e al., 2021).
Be and and Schoa (2003) app ecia e
ha younge CEOs show high ene gy and en-
husiasm, mo i a ed o achie e bo h pe sonal
and company goals, while olde CEOs gene -
ally adop a less isky in es men s a egy,
being much mo e ca e ul and es ained e-
ga ding he in es men s and inancial decisions
o companies. The same poin o iew is ound
in he li e a u e in he s udy conduc ed by Se -
ling (2014), who belie es ha CEOs end
o ake ewe isks as hey age, and olde CEOs
gene ally choose mo e conse a i e inancial
103
2023, olume 26, issue 4, pp. 99–118, DOI: 10.15240/ ul/001/2023-4-007
Business Adminis a ion and Managemen
in es men policies wi h lowe long- e m pe -
o mance. Kuo e al. (2015), who, ollowing
he esea ch conduc ed on 729 Ame ican com-
panies lis ed in ExecuComp, ha e demon-
s a ed ha olde CEOs can ha e a signi ican
in luence on he pe o mance o companies,
able o gene a e high inancial e u ns.
Rega ding he banking sys em, Johan and
Sa i (2020) s udied he impac o CEO cha -
ac e is ics on he pe o mance o comme cial
banks in Indonesia o 2014–2018 and de-
mons a ed ha age has a signi ican impac
on banks’ inancial esul s.
Gup a and Mahakud (2020), in a s udy
o 36 comme cial banks in India be ween 2009
and 2017, demons a ed he inancial expe ise
o he pe son holding he posi ion o CEO,
in addi ion o i s duali y, con ibu es o imp o -
ing he inancial pe o mance o banks.
Rega ding he ela ionship be ween com-
pany pe o mance and CEO sex, i has also
been he subjec o nume ous s udies wi h-
in he li e a u e (Alazzani e al., 2017; Assenga
e al., 2018; Azam e al., 2019; Bjugg en e al.,
2018; Da madi, 2013; Fe nandez-Temp ano
& Teje ina-Gai e, 2020; G oening, 2019; P o-
enca e al., 2020; Ullah e al., 2020; Vai a an
& Zhang, 2020). Khan and Viei o (2013) ha e
demons a ed, ha a he le el o he US com-
panies, hose wi h high gende di e si y
a he managemen le el egis e a su plus
in he quali y o he se ices p o ided, and hose
whe e he sha e o emale execu i es is high
can achie e inc eased inancial pe o mance.
A he le el o publicly aded companies
in Is anbul, Solakoglu and Demi (2016) dem-
ons a ed ha gende di e si y has a signi ican
posi i e impac on he inancial pe o mance
o companies wi h a owne ship con ol pe cen -
age o mo e han 30%.
E ha d e al. (2003), and Bunea and Dinu
(2020) demons a ed ha he e is a di ec
signi ican link be ween gende di e si y and
company p o i abili y, espec i ely, he highe
he sha e o women in he boa ds o di ec-
o s o companies, he highe hei inancial
pe o mance. The same esul was demon-
s a ed by Fan e al. (2021), ollowing esea ch
on some US companies, indica ing a signi ican
and posi i e in luence be ween women hold-
ing he posi ion o CEO and he inancial
pe o mance o hese companies unde s udy,
he au ho s app ecia ed ha emale CEOs
a e o ien ed owa ds educing labo cos s and
he e o e con ibu e o imp o ing he compa-
ny’s pe o mance. A he same ime, Kau and
Singh (2018), s udying he pe o mance o In-
dian companies, app ecia ed ha he gende
o he pe son holding he posi ion o CEO does
no ha e a signi ican in luence on he inancial
pe o mance o he company.
Rega ding he esul s o esea ch on he
pe o mance o ood companies in Malaysia,
Indonesia and Singapo e, hey indica e a sig-
ni ican in luence o he gende o he pe son
occupying he posi ion o CEO on he inan-
cial pe o mance o he companies included
in he s udied sample, app ecia ed h ough
he indica o s ROA ( e u n on asse s), ROE ( e-
u n on equi y) and p o i abili y o sales (ROS),
espec i ely. These esul s may be a ec ed
by he small numbe o women holding he po-
si ion o CEO wi hin he companies included
in he su eyed sample (Ahmad e al., 2022).
A he same ime, Robb and Wa son (2012) ap-
p ecia e ha bo h women and men who hold
he posi ion o CEO ha e simila in luences
on he inancial pe o mance o companies.
Pal ia e al. (2015) demons a ed ha emale
CEOs a e mo e es ained in e ms o isk
exposu e, p e e ing o selec less isky s a e-
gies compa ed o he a i ude o men holding
CEO posi ions, a esul suppo ed by Khan
and Viei o (2013) and Bunea and Dinu (2018),
espec i ely. A he same ime, Sun and Zou
(2021) demons a ed ha he pe o mance
o companies lis ed on he Chinese S ock
Exchange is highe in he case o hose who
egis e women as CEOs.
C ossland and Hamb ick (2011) ocused on
a na ionali y as a cha ac e is ic o he CEO. I
has been demons a ed ha ce ain cha ac e -
is ics o he home coun y o he pe son holding
he posi ion o CEO, such as sel ishness o in-
di idualism, eac ion o isks and concen a ion
on owne ship, can a ec he a i ude o he in-
di idual in he decision-making p ocess and
implici ly in luence he inancial pe o mance
o he company. Ioannou and Se a eim (2012),
came o he same conclusion, conside ing
ha he educa ion and aining p ocess exis ing
a he na ional le el in aspec s o cul u e, poli-
ics, social, educa ion o e en human ela ion-
ships a a p o essional le el, has an undoub ed
in luence on he pe o mance o companies.
Thus, based on he s udies in he specialized
li e a u e, na ionali y can ha e a signi ican
in luence on he inancial esul s o a company
104 2023, olume 26, issue 4, pp. 99–118, DOI: 10.15240/ ul/001/2023-4-007
Business Adminis a ion and Managemen
using he p inciples and alues o he pe son
holding he posi ion o manage and based
on he expe ise and knowledge ecei ed in his
coun y o o igin (educa ion, cul u e, poli ical
in luence and labo ela ions) (Ioannou & Se a-
eim, 2012; Vă ămănescu e al., 2018).
Rega ding he educa ion o he pe son hold-
ing he posi ion o CEO, a se ies o esea ches
ha e shown ha he s udies and expe ience
in he inancial ield help he bank o achie e i s
objec i es in an e icien way, he ECO ha ing
a good unde s anding o he inancial issues
ha banks ace (Gup a & Mahakud, 2020; Lu-
sa di & Mi chell, 2007). A he same ime, good
inancial p epa a ion plays an impo an ole
in he e ec i e communica ion o he CEO wi h
po en ial ex e nal in es o s, in he execu ion
o inancial policies and apid adap a ion o i-
nancial changes in he business en i onmen
(Cus ódio & Me zge , 2014).
Thus, aking in o accoun he esul s o he
esea ch ha can be ound in he specialized
scien i ic li e a u e, he au ho s ha e o mula ed
he ollowing i e esea ch hypo heses:
H1: The CEO age impac s signi ican ly
he pe o mance o Romanian banks.
H2: The CEO gende impac s signi ican ly
he pe o mance o Romanian banks.
H3: The CEO educa ion impac s signi i-
can ly he pe o mance o Romanian banks.
H4: The CEO duali y impac s signi ican ly
he pe o mance o Romanian banks.
H5: The CEO na ionali y impac s signi i-
can ly he pe o mance o Romanian banks.
2. Resea ch me hodology
The esea ch me hodology used o es he ob-
jec i es o mula ed is mainly quan i a i e,
based on deduc i e s a is ical analysis, o es
and iden i y po en ial cause and e ec links and
hei signi icance le el h ough he SPSS so -
wa e unde Windows (desc ip i es s a is ics,
co ela ion me hods and eg ession models).
Thus, he main objec i e o his su ey is o es
he impac o CEO cha ac e is ics on he inan-
cial pe o mance o banks in he Romanian
banking sys em du ing 2019–2021.The cha -
ac e is ics o he pe sons holding he posi ion
o CEO wi hin he Romanian banking sys em
we e analyzed acco ding o age, gende , na-
ionali y, educa ion and duali y.
A he end o 2022, 21 banks we e ope a ing
in he Romanian banking sys em, all o which
we e included in he sample unde in es iga ion.
In o de o ex ac he in o ma ion necessa y o
he s udy, he au ho s used he da a published
on he o icial websi es o each bank ( inancial
epo s and anspa ency epo s), as well
as on he o icial websi e o he Romanian Bank
o Romania o he end o he inancial yea s
2018, 2019, 2020, 2021 and 2022, espec i ely.
In o de o achie e he esea ch objec-
i es, he au ho s used he ollowing ca ego ies
o a iables:
i) Independen a iables: i e independen
a iables we e used, namely age, gende , na-
ionali y, educa ion and duali y o he pe son
holding he CEO posi ion ( a iables p esen ed
in Tab. 1);
Va iable name Symbol used Me hod o de e mina ion
Age o CEO CEOA Age o he pe son holding he posi ion o CEO
(numbe o yea s)
Gende CEO CEOG Va iable “1” i CEO is male and “0” i CEO is emale
Na ionali y CEO CEON Va iable “0” i CEO is Romanian and “1” i CEO
comes om ano he coun y o o igin
Educa ion CEO CEOE
Va iable “1” i CEO has inancial economic highe educa ion
and „0” i CEO has echnical highe educa ion
(ma hema ics, compu e science)
Duali y CEO CEOD Va iable “1” i CEO also holds he posi ion o CEO and “0”
i he only holds he posi ion o CEO
Sou ce: own
Tab. 1: Independen a iables
105
2023, olume 26, issue 4, pp. 99–118, DOI: 10.15240/ ul/001/2023-4-007
Business Adminis a ion and Managemen
ii) Dependen a iables: he indica o s ROA
( e u n on asse s) and ROE ( e u n on equi y)
we e used o measu e he inancial pe o -
mance o he banks included in he su eyed
sample;
iii) Con ol a iables: wi hin he li e a u e,
he e is a numbe o a iables ha can in lu-
ence he inancial esul s o companies, such
as he size o he company, he sha e o liabili-
ies in ela ion o he o al alue o asse s and
he sha e o capi al in ela ion o he o al alue
o companies’ asse s (Liu & Jiang, 2020).
The si ua ion o he dependen and con ol
a iables, he symbol used and how o de e -
mine hem a e p esen ed in Tab. 2.
S a is ical eg ession models ha e been
de eloped h ough he SPSS so wa e unde
Windows and a e de ined as ollows.
The i s model in es iga es whe he he
cha ac e is ics o he CEO impac he inan-
cial pe o mance o banks measu ed h ough
he ROA ( e u n on asse s) indica o , o en
used in he li e a u e (Binacci e al., 2016). This
model is as ollows:
ROA = α + β1 CEOA + β2 CEOG +
+ β3 CEON + β4 CEOE + β5 CEOD +
+ β6 BS + β7 BL + β8 BC + ε
(1)
The second eg ession model uses ROE
( e u n on equi y) as a dependen a iable in-
es iga ing he in luence o CEO cha ac e is ics
on he abili y o banks in he Romanian banking
sys em o gene a e p o i s om he in es ed
capi al (Saleh e al., 2020), being de ined
by he ollowing ela ionship:
ROE = α + β1 CEOA + β2 CEOG +
+ β3 CEON + β4 CEOE + β5 CEOD +
+ β6 BS + β7 BL + β8 BC + ε
(2)
3. Resul s and discussion
The desc ip i e s a is ics o he sample unde
in es iga ion a e p esen ed in Tab. 3. Thus,
he a e age alues o he ROA indica o e-
co ded by he banks wi hin he Romanian
banking sys em a e 0.4150, wi h a minimum
alue o −4.9395 and a maximum o 2.5950.
A he same ime, ROE eco ds an a e age
alue a he le el o he Romanian banks
o 3.3069, a minimum alue o −26.7060 and
a maximum le el o 20.00, espec i ely. Re-
ga ding he age o he pe sons holding he po-
si ion o CEO, he e is an a e age a he le el
o he Romanian banking sys em o 59 yea s,
wi h a minimum age o 45 yea s and a maxi-
mum age o 73 yea s, espec i ely. Rega ding
gende di e si y, i is no ed ha he a e age
alue is 0.90, which means ha men who hold
he sha e in e ms o occupying he posi ion
o CEO a he le el o Romanian banks. In e ms
o na ionali y, he a e age alue is 0.57, which
means ha CEOs o Romanian na ionali y ha e
a sligh ly highe sha e compa ed o CEOs who
ha e ano he coun y o o igin (o a di e en na-
ionali y). Rega ding he educa ion o he pe -
sons holding he posi ion o CEO, an a e age
alue o 0.76 is obse ed, which ep esen s
he ac ha CEOs who ha e highe economic
educa ion hold he sha e in he Romanian
banking sys em.
Rega ding he duali y o CEO, he a e -
age alue is 0.19, so ha mos o he people
holding he posi ion o CEO do no occupy
Va iable Symbol used Me hod o de e mina ion
Dependen a iables
Re u n on asse s ROA Ne p o i / o al asse s
Re u n on equi y ROE Ne p o i / o al equi y
Con ol a iables
Bank size BS Loga i hm ( o al bank asse s)
Sha e o liabili ies in ela ion o o al asse s BL To al liabili ies/ o al asse s
Sha e o capi al ela i e o o al asse s BC To al equi y/ o al asse s
Sou ce: own
Tab. 2: Dependen and con ol a iables
106 2023, olume 26, issue 4, pp. 99–118, DOI: 10.15240/ ul/001/2023-4-007
Business Adminis a ion and Managemen
Va iable Mean S d. de . Min Max
ROA 0.415 1.307 −4.940 2.595
ROE 3.307 12.701 −26.706 20.000
CEOA 59.000 8.201 45.000 73.000
CEOG 0.900 0.296 0.000 1.000
CEON 0.570 0.499 0.000 1.000
CEOE 0.760 0.429 0.000 1.000
CEOD 0.190 0.396 0.000 1.000
BS 16.280 1.632 13.150 19.770
BL 88.158 3.797 77.740 93.590
BC 11.842 3.797 6.410 20.260
No e: ROA – e u n on asse s; ROE – e u n on equi y; CEOA – CEO age; CEOG – CEO gende ; CEON – CEO na ional-
i y; CEOE – CEO educa ion; CEOD – CEO duali y; BS – banks size; BL – banks le e age; BC – banks capi al.
Sou ce: own
Tab. 3: Desc ip i e s a is ics – CEO cha ac e is ics and pe o mance
o Romanian banks
ROA CEOA CEOG CEON CEOE CEOD BS BL BC
Pea son
co .
ROA 1.000 0.189 −0.034 0.618 −0.665 −0.123 0.565 −0.033 0.033
CEOA 0.189 1.000 0.179 0.154 −0.192 −0.164 −0.137 0.320 −0.320
CEOG −0.034 0.179 1.000 0.047 0.200 −0.256 0.198 −0.189 0.189
CEON 0.618 0.154 0.047 1.000 0.194 0.175 −0.147 −0.390 0.390
CEOE −0.665 −0.192 0.200 0.194 1.000 0.271 0.035 −0.192 0.192
CEOD −0.123 −0.164 −0.256 0.175 0.271 1.000 −0.527 −0.055 0.055
BS 0.565 −0.137 0.198 −0.147 0.035 −0.527 1.000 0.046 −0.046
BL −0.033 0.320 −0.189 −0.390 −0.192 −0.055 0.046 1.000 −1.000
BC 0.033 −0.320 0.189 0.390 0.192 0.055 −0.046 −1.000 1.000
Sig.
ROA 0.069 0.396 0.043 0.038 0.168 0.048 0.398 0.398
CEOA 0.069 0.080 0.114 0.065 0.100 0.142 0.005 0.005
CEOG 0.396 0.080 0.358 0.058 0.022 0.060 0.069 0.069
CEON 0.043 0.114 0.358 0.064 0.085 0.126 0.001 0.001
CEOE 0.038 0.065 0.058 0.064 0.016 0.393 0.066 0.066
CEOD 0.168 0.100 0.022 0.085 0.016 0.000 0.334 0.334
BS 0.048 0.142 0.060 0.126 0.393 0.000 0.360 0.360
BL 0.398 0.005 0.069 0.001 0.066 0.334 0.360 0.000
BC 0.398 0.005 0.069 0.001 0.066 0.334 0.360 0.000
No e: ROA – e u n on asse s; CEOA – CEO age; CEOG – CEO gende ; CEON – CEO na ionali y; CEOE – CEO educa-
ion; CEOD – CEO duali y; BS – banks size; BL – banks le e age; BC – banks capi al.
Sou ce: own
Tab. 4: Co ela ion ma ix ROA (N = 105)
107
2023, olume 26, issue 4, pp. 99–118, DOI: 10.15240/ ul/001/2023-4-007
Business Adminis a ion and Managemen
o he manage ial posi ions wi hin he banks
in he Romanian banking sys em. The a e -
age alue o he size o he banks included
in he sample, assessed by logging he o al
asse s, is 16.28, wi h a minimum le el o 13.15
and a maximum alue o 19.77, espec i ely.
Rega ding he sha e o liabili ies in o al banking
asse s, an a e age le el o 88.158 can be ob-
se ed, a minimum alue o 77.740 and a maxi-
mum o 95.590 and, las bu no leas , he sha e
o equi y in o al asse s eco ds an a e age
alue o 11.842 wi h a minimum le el o 6.41
and a maximum o 20.26, espec i ely.
In o de o achie e he objec i es o he e-
sea ch, he ejec ion o accep ance o he i e
hypo heses o mula ed is based on a se ies
o linea eg ession analysis esul s ( espec i e-
ly, he mul iple eg ession model unde SPSS o
he Backwa d me hod). The Backwa d me hod
is he mos o en used in p ac ice, s a ing wi h
he analysis o all he a iables conside ed
in he model, and a each s ep, he weakes
p edic o (independen a iable) is elimina ed.
The wo s p edic o is de ined by he leas im-
po an independen a iable, ha is, he a i-
able ha causes he smalles educ ion in Fishe
s a is ics (F). The analysis is pe o med using
SPSS so wa e and is desc ibed in de ail below.
The esul s a e ound in Tabs. 4–5 (co ela ion
ma ix), Tabs. 6–7 (ANOVA esul s), Tabs. 8–9
( eg ession coe icien s).
In o de o es he po en ial links be ween
he a iables included in he esea ch as well
as he in ensi y o hese ela ionships, he au-
ho s used he Pea son co ela ion coe icien
and he esul s ob ained a e p esen ed in Tab. 4
(ROA) and Tab. 5 (ROE), espec i ely.
F om Tabs. 4–5, i can be seen ha he al-
ue o he coe icien s on he diagonal is equal
o 1, each a iable being pe ec ly co ela ed
ROE CEOA CEOG CEON CEOE CEOD BS BL BC
Pea son
co .
ROE 1.000 0.094 −0.061 0.655 −0.614 −0.099 0.521 −0.054 0.054
CEOA 0.094 1.000 0.179 0.154 −0.192 −0.164 −0.137 0.320 −0.320
CEOG −0.061 0.179 1.000 0.047 0.200 −0.256 0.198 −0.189 0.189
CEON 0.655 0.154 0.047 1.000 0.194 0.175 −0.147 −0.390 0.390
CEOE −0.614 −0.192 0.200 0.194 1.000 0.271 0.035 −0.192 0.192
CEOD −0.099 −0.164 −0.256 0.175 0.271 1.000 −0.527 −0.055 0.055
BS 0.521 −0.137 0.198 −0.147 0.035 −0.527 1.000 0.046 −0.046
BL −0.054 0.320 −0.189 −0.390 −0.192 −0.055 0.046 1.000 −1.000
BC 0.054 −0.320 0.189 0.390 0.192 0.055 −0.046 −1.000 1.000
Sig.
ROE 0.232 0.318 0.013 0.046 0.220 0.005 0.338 0.338
CEOA 0.232 0.080 0.114 0.065 0.100 0.142 0.005 0.005
CEOG 0.318 0.080 0.358 0.058 0.022 0.060 0.069 0.069
CEON 0.013 0.114 0.358 0.064 0.085 0.126 0.001 0.001
CEOE 0.046 0.065 0.058 0.064 0.016 0.393 0.066 0.066
CEOD 0.220 0.100 0.022 0.085 0.016 0.000 0.334 0.334
BS 0.005 0.142 0.060 0.126 0.393 0.000 0.360 0.360
BL 0.338 0.005 0.069 0.001 0.066 0.334 0.360 0.000
BC 0.338 0.005 0.069 0.001 0.066 0.334 0.360 0.000
No e: ROE – e u n on equi y; CEOA – CEO age; CEOG – CEO gende ; CEON – CEO na ionali y; CEOE – CEO educa-
ion; CEOD – CEO duali y; BS – banks size; BL – banks le e age; BC – banks capi al.
Sou ce: own
Tab. 5: Co ela ion ma ix ROE (N = 105)
114 2023, olume 26, issue 4, pp. 99–118, DOI: 10.15240/ ul/001/2023-4-007
Business Adminis a ion and Managemen
o CEO a he le el o he banks in he Roma-
nian banking sys em and hei inancial pe o -
mance, namely he ac ha he inancial esul s
o he banks whose CEOs a e no o Romanian
na ionali y a e highe han hose in which
he pe sons holding he posi ion o CEO a e
Romanians. The same esul was ob ained by
Sanda e al. (2005), who demons a ed ha ,
ollowing he esea ch conduc ed on a sample
o companies in he Uni ed S a es, he ac
ha he inancial pe o mance o companies
whose CEO is esiden in he Uni ed S a es is
lowe compa ed o hose whose CEOs a e no
esiden s in he Uni ed S a es.
Conclusions
The objec i e o his esea ch is o assess
he impac o he CEO’s cha ac e is ics
on he inancial pe o mance o banks ope a -
ing in he Romanian banking sys em du ing
he 2018–2022 pe iod. In his s udy, he inan-
cial pe o mance o banks is assessed h ough
he ROA ( e u n on asse s) and ROE ( e u n
on equi y) indica o s, and he CEO cha ac e -
is ics s udied we e age, gende , na ionali y,
educa ion and duali y. The sample unde in es-
iga ion included all 21 banks in Romania, and
in o de o ex ac he in o ma ion necessa y o
he s udy, he au ho s used he da a published
on he o icial websi es o each bank ( inancial
epo s and anspa ency epo s), as well
as on he o icial websi e o he Romanian Bank
o Romania o he end o he inancial yea s
2018, 2019, 2020, 2021 and 2022, espec i ely.
The esul s o he esea ch indica e
ha he inancial pe o mance o he Roma-
nian banks, measu ed by he ROA and ROE
indica o s, is in luenced by he na ionali y and
educa ion o he pe sons holding he posi ion
o CEO, bu also by he size o he banks, ap-
p ecia ed by he alue o hei o al banking
asse s. A se ies o simila esul s ha e been
iden i ied in he li e a u e, con i ming he p e i-
ous esul s and expanding, a he same ime,
he p e ious esea ch in he li e a u e, ocusing
on he pe o mance o he Romanian banking
sec o in he 2018–2022 pe iod.
Howe e , he s udy p esen s a numbe
o limi s gene a ed p ima ily by he limi ed
numbe o banks ope a ing wi hin he Roma-
nian banking sys em, which ha e been de-
c easing nume ically mo e and mo e in ecen
yea s, Romania being one o he mos ac i e
ma ke s in he Cen al and Eas e n Eu opean
egion in he ield o me ge s and acquisi ions
in he banking sys em. Despi e hese limi a-
ions, we app ecia e ha his s udy ep esen s
a challenge o new u u e esea ch in he Ro-
manian o Eu opean banking sec o , by ex end-
ing he esea ch o e a longe pe iod o ime o
including a g ea e numbe o inancial indica-
o s o new cha ac e is ics o he pe sons hold-
ing CEO posi ions o who a e pa o he boa ds
o di ec o s. Thus, his esea ch can be an im-
po an sou ce o e lec ion and in o ma ion o
bo h esea che s and p ac i ione s in he ield.
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