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CEO Education and its Contribution to Capital Structure

27 Pages Posted: 20 May 2020

See all articles by Zachary Hall

Zachary Hall

Western University

Date Written: April 23, 2020

Abstract

This paper examines the relationship between individual characteristics of management, specifically the formal education of the CEO, and the CEO’s capital structure choices. It is hypothesized that a formal post-secondary education contributes to a CEO’s choice of debt-to-equity financing. Furthermore, this paper investigates how educational components, those being, level of education, university ranking, and discipline of explain differences in capital structures. It is hypothesized that all the educational characteristics contribute to a CEO’s choice of capital structure. Empirical evidence is however inconsistent with the hypotheses put forward in this paper.

Keywords: Capital Structure, Education, Chief Executive Officer, CEO

JEL Classification: M12, M50

Suggested Citation

Hall, Zachary, CEO Education and its Contribution to Capital Structure (April 23, 2020). Available at SSRN: https://ssrn.com/abstract=3583637 or http://dx.doi.org/10.2139/ssrn.3583637

Zachary Hall (Contact Author)

Western University ( email )

1151 Richmond St
London, Ontario N6A 3K7
Canada

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