Does the CEO elite education affect firm hedging policies?

Boubaker, Sabri, Clark, Ephraim A. and Mefteh-Wali, Salma (2020) Does the CEO elite education affect firm hedging policies? The Quarterly Review of Economics and Finance, 77 . pp. 340-354. ISSN 1062-9769 [Article] (doi:10.1016/j.qref.2019.11.004)

PDF - Final accepted version (with author's formatting)
Available under License Creative Commons Attribution-NonCommercial-NoDerivatives 4.0.

Download (1MB) | Preview


This paper studies the relationship between CEO elite education and firm hedging decisions. It uses the particular specificities of the French post-secondary educational institutions to examine the effect of CEO educational background on the use of foreign currency derivatives. The results show a positive and significant relationship between education quality and derivatives use. Neither the level nor the type of education has any significant effect. The results also show that the use of derivatives enhances firm performance only when CEOs are from elite institutions. These results are robust to a battery of tests that involve alternative estimation techniques, the use of different subsamples, additional control variables, and control for endogeneity and selection bias.

Item Type: Article
Research Areas: A. > Business School > Accounting and Finance
Item ID: 28517
Notes on copyright: © 2020. This manuscript version is made available under the CC-BY-NC-ND 4.0 license
Useful Links:
Depositing User: Jisc Publications Router
Date Deposited: 04 Dec 2019 09:49
Last Modified: 29 Nov 2022 18:19

Actions (login required)

View Item View Item


Activity Overview
6 month trend
6 month trend

Additional statistics are available via IRStats2.