• Rahmat Setiawan Universitas Airlangga
  • Lila Gestanti Universitas Airlangga
Keywords: CEO education, firm characteristic, firm performance.


The purpose of this research is to analyze the effect of CEO education and firm characteristics on firm performance. In this research CEO education is proxied by a dummy variable that have value 1 if a company is led by CEO with MM or MBA degree, and have value 0 if a company is led by CEO with non-MM or non-MBA degree. Firm characteristics includes firm size, leverage, and firm age. This research method is quantitave and analyzed with multiple linear regression. By using purposive sampling technique, this paper used 213 observation from 35 manufacturing companies that listed on Indonesia stock exchange during 2010-2017. The F test result shows that simultaneously firm performance is influenced by CEO with MM or MBA degree, firm size, leverage, and firm age. The t test result shows that companies led by CEOs with MM or MBA degree significantly have higher return on asset than companies led by CEOs with non-MM or non-MBA degree. Furthermore, the results show that firm size and firm age have positive significant effect on firm performance; and leverage has negatif significant affect on firm performance.


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