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Influence of CEO Human Capital and Behavioral Characteristics on Economic Profit of Russian Companies
Journal of Corporate Finance Research. 2022. Vol. 16. No. 4. P. 6–33.
We investigate how different personal traits of a chief executive officer (CEO) influence value creation in one of the largest emerging capital markets in Russia. Our research model considers several components of human capital of a CEO.
Moreover, we include CEO’s behavioral biases looking at overconfidence measured by industry adjusted ratio of capital expenditures and narcissism captured by the analysis of CEO’s photos following previous academic research approaches. The CEO power is applied to understand its impact over value creation and possible mitigating effect. Our sample consists of 111 Russian publicly traded companies and 235 CEOs for 8 years (from 2013 to 2020). We apply economic profit criteria to measure corporate performance with economic value added (EVA) which captures the spread between actual return on capital derived from financial reports and overall cost of capital based on the risks of a company collected from Bloomberg .
We use first-order differences in company’s contribution to EVA after adjustments to the industry and overall market contributions to EVA for the sample. We find empirical evidence that CEO’s human capital affects value creation measured by first-order differences to industry adjusted EVA yearly. Furthermore, the CEO power has positive impact over value creation in Russian corporations while behavioral biases such as overconfidence ad narcissism do not have significant relationship with the changes in EVA.
Nefedova A., Marinina E. I., Lisina E. et al., Мир России: Социология, этнология 2026 Vol. 35 No. 4 P. 74–97
This article examines the attraction, integration, and retention of international doctoral students in Russia within the broader context of science and technology development. The study employs a mixed-method design combining survey data from 187 international PhD students enrolled in Russian universities with 12 semi-structured interviews conducted with doctoral candidates at the Higher School of Economics ...
Added: April 29, 2026
Kornienko S., Kimerling A. S., Glushkov A., Электронный научно-образовательный журнал "История" 2025 Т. 16 № 12-2(158) Статья 16
The paper is focused on the mechanisms of integration of forced migrants into theterritorial community of the Molotov region in the 1940s — 1950s. forced resettlementwas a very significant part of the migration processes in post-war USSR. the articledeals with such types of forced migration as deportation, labor mobilization andrepatriation. The most significant adaptation strategies ...
Added: March 26, 2026
Anilov A., Ivashkovskaya I., Journal of Behavioral and Experimental Finance 2026 No. 49 Article 101157
This paper examines the moderating role of corporate governance in the relationship between Chief Executive Officer (CEO) overconfidence and corporate payout decisions. Using a panel dataset of 713 S&P 1500 firms from 2010 to 2019, we contribute to the behavioral corporate finance literature in several important ways. First, building on agency theory and upper echelons ...
Added: March 3, 2026
Emelyanova O., Shcherbakov D., Восток. Афро-азиатские общества: история и современность 2025 № 5 С. 154–166
After the 1991 crisis, the Japanese economy entered a period of long-term stagnation, the problems of low fertility and population aging worsened in the social sphere, and the usual growth strategy aimed at increasing productivity reached its limit. In a production-oriented society, the economy was calculated based on the cost of physical capital and the ...
Added: February 3, 2026
Anilov A., Ivashkovskaya I., Finance Research Letters 2025 Vol. 85, Part B Article 107961
This paper investigates how CEO overconfidence interacts with compensation structure to influence corporate payout policy. Using a panel of 713 S&P 1500 firms from 2010 to 2019, we find that overconfident CEOs with higher equity-based (i.e., convex) compensation are associated with significantly lower levels of both cash dividends and share repurchases. In contrast, inside debt ...
Added: November 26, 2025
Karavay A., Журнал институциональных исследований 2025 Т. 17 № 1 С. 93–107
This article analyzes the state of key components of Russian workers’ human potential–general human capital (as defined by G. Becker) and physiological resources (health status) – using data from the RLMS-HSE 2023 survey. Using established operationalization methods for these key components, the study demonstrates that both physiological resources, which include objective health characteristics, and general ...
Added: September 8, 2025
Bochaver K., Żemojtel-Piotrowska M., Sawicki A. et al., Scientific Reports 2024 Vol. 14 No. 1 P. 17503
A theoretical perspective on grandiose narcissism suggests four forms of it (sanctity, admiration, heroism, rivalry) and states that these forms conduce to different ways of thinking and acting. Guided by this perspective, we examined in a multinational and multicultural study (61 countries; N = 15,039) how narcissism forms are linked to cognitions and behaviors prompted by the COVID-19 ...
Added: September 1, 2025
Bochaver K., Żemojtel-Piotrowska M., Piotrowski J. et al., Journal of Research in Personality 2024 Vol. 113 P. 104542
In a multinational study (61 countries; N = 15,039), we examined how collective narcissists, both agentic (ACN) and communal (CCN), reacted cognitively (through endorsement of unfounded conspiracy and health beliefs) and behaviorally (via prevention, hoarding, and prosociality) to the pandemic. Higher ACN and CCN predicted greater endorsement of COVID-19 unfounded beliefs and higher likelihood of having recently engaged ...
Added: September 1, 2025
Avdeeva D., Veselov D. A., Вопросы экономики 2025 № 8 С. 102–120
Economic theory and empirical research link economic growth with education, a key component of human capital. Yet high levels of education do not guarantee economic growth if a weak institutional environment hinders the productive use of knowledge and skills. By studying the nexus between institutions and education in different countries, we conclude that weak institutions ...
Added: August 15, 2025
Volkova N., Evgeniya Y Polyakova, Zavyalova E., German Journal of Human Resource Management 2025 Vol. 39 No. 3 P. 198–223
Pay expectations are not fully explained, especially when they are presented in online résumés. There is also limited research that has investigated when job seekers are more likely to open up about pay expectations in résumés. However, this knowledge may help recruiters and company leaders to make prudent decisions about communication strategy with candidates, especially ...
Added: August 15, 2025
Tokareva S., Dikarev I., Inna V. Skrynnikova, Lecture Notes in Networks and Systems 2021 Vol. 155 P. 625–632
Purpose: The paper analyzes the effects of smart solutions implemented in social practices on boosting social and human capital and change in the quality of life. Its major objective is to specify the conditions under which smart technologies contribute to increasing depersonalized and institutional trust as components of social capital or public good.
Design/Methodology/Approach: Methodologically, the ...
Added: August 14, 2025
Azarnert L. V., Journal of Demographic Economics 2025 Vol. 91 No. 4 P. 683–700
I study the effect of educational policy in the host economy on human capital accumulation and growth. The analysis is performed in a two-country growth model with endogenous fertility. I show that a provision of additional free educational services for immigrant children can increase the attractiveness of migration for lower-skilled individuals, which can outweigh the ...
Added: August 4, 2025
Makeeva E. Y., Popov K., В кн.: Российские корпорации на пути к антихрупкости. Финансовая архитектура компаний.: М.: Издательский дом НИУ ВШЭ, 2025. Гл. 2 С. 27–69.
Board of directors plays a crucial role within the corporate financial architecture framework. This governing body is responsible for monitoring managers’ performance and balancing interests of shareholders and other stakeholders. Corporate Board contributes significantly to the company’s long-term development by establishing strategic priorities using the unique resource of human capital accumulated by Board members – ...
Added: July 8, 2025
Iarskaia-Smirnova E. R., Prisyazhniuk D., Вестник Российского университета дружбы народов. Серия: Социология 2025 Т. 25 № 1 С. 168–181
The era of longevity, which characterizes many countries, including Russia, requires a revision of ageing and the role of the elderly in society. The idea of the older cohort of the population as passive beneficiaries, creating an additional burden on the labor market, social services, and health care systems, is gradually replaced by a more ...
Added: April 27, 2025
Tikhonova N. E., Мир России: Социология, этнология 2025 Т. 34 № 1 С. 57–81
As professionals increasingly become a key social group, understanding what determines the quality of their human capital and their socio-economic success is of particular importance. This article uses RLMS HSE data from 2018–2022 to demonstrate that selecting professionals for socio-structural analysis cannot be effectively achieved using the standard ISCO-08 classification. This article justifies potential recoding ...
Added: February 23, 2025
Ustyuzhanin V., Fain E., Korotayev A., Экономическая социология 2025 Т. 26 № 1 С. 52–89
The article tests several hypotheses about the impact of wealth and income inequality, as well as inequality in human capital, on the risks of armed and unarmed revolutions. Using the revolutionary destabilization database from the Center for Stability and Risk Analysis (CSRA) at HSE University, along with data collected by Mark Beissinger, the study analyzes ...
Added: January 29, 2025
СПб.: Издательство СПбГУ, 2021.
The book presents the results of discussions that took place within the framework of the IV St. Petersburg International Labour Forum, held on 27-28 February 2020. The central topic of the discussion was the social dimension of the economy, which is closely related to the identification of vectors of the development of the labour force, ...
Added: January 15, 2025
Tikhonova N. E., Журнал исследований социальной политики 2024 Т. 22 № 4 С. 757–762
The article is dedicated to the book "Human Potential: Modern Interpretations and Research Results", published in the winter of 2023-2024. It analyzes the peculiarities of the methodology and the subject of research, the results of which are presented in this book, and briefly describes its content. It is noted that the specificity of the authors' ...
Added: January 4, 2025
Popov K., Journal of Corporate Finance Research 2024 Vol. 18 No. 4 P. 5–33
As one of the key elements of corporate financial architecture, corporate governance significantly affects corporate performance. However, academic papers focusing on board characteristics rarely analyze the composition of board committees, while a specific Russian regulatory and corporate environment limit an applicability of results obtained for foreign samples. This study aims to bridge these gaps by ...
Added: January 3, 2025
Afanaseva I., Sorokin P., М.: Издательский дом НИУ ВШЭ, 2024.
Одиннадцатый выпуск серии учебно-методических пособий «Подготовка профессионалов для нового образования» посвящен авторскому курсу «Актуальные тенденции и практики кураторства в сфере искусства для развития человеческого потенциала», предназначенному для обучающихся по модулю дисциплин по выбору «МагоЛего» НИУ ВШЭ. Авторы знакомят студентов с принципами и практикой управления выставочной деятельностью в контексте актуальных социокультурных трендов с точки зрения вклада ...
Added: December 8, 2024