The purpose of this thesis is to develop an understanding of the change in values, seen through company culture, experienced by a family business when the leadership transfers from the founding family to an external CEO. In a family business, strongly rooted family values are reflected by the very nature of the organization they have created. If a family member is the successor of a healthy and grow-ing family business, the successor should by default share most of the incumbent‟s personal values and as such be able to keep the organization on its current track. However, it is not possible to completely evade the possibility of mis-matching values, and this issue lingers and is even more pressing when the company is faced with an external leader. By conducting a qualitative multiple case study with semi-structured interviews on two Swedish family businesses, and then performing a case analysis through pattern matching, we attempted to answer if the family business‟ values, in the sense of organizational culture, change in relation to the change to external leadership, seen from an employees‟ perspec-tive. We also sought to answer why the organizational culture changes or not in relation to the change to external leadership, and what role the personal values of the leader play. From our analysis, we could conclude that the organizational values do change, even if only slightly, and that the reason for this is the fact that the external CEOs does not have iden-tical personal values to the founding families/owner. The pattern was found that recruiting an external leader enhances the value of efficiency in a company, and that the leader‟s per-sonal values reduces the resistance to change, influence the organizational culture and sub-sequently makes it change, given that the leader is an accepted part of the company‟s power structure. It would be beneficial to, in future research, connect our study one step further back in the causality chain and look at how previous experiences of the external CEO in-fluences the organizational culture.

This paper investigates the academic conclusions on how CEO gender and salary affect firm value, while at the same time adding data on how CEO age affects firm value. Via an event study of S&P 500 CEO changes from 2000 to 2006 I confirm the current academic findings and discover that CEOs promoted during their 40s negatively influence firm value, while CEOs in older age brackets show a positive abnormal return on firm value. With this validation and addition to the existing data, firms and investors can more effectively assess proper candidates for the position of CEO and allocate resources accordingly.

Chief executive officer’s (CEO) compensation and its optimal level is an interesting and important topic. How successful and skilled are shareholders monitoring and making changes in its level and its mix? Ownership dispersion is an important determinant of it. In this study we try to answer this question from the perspective of institutional shareholders as they hold a substantial part of equity in firms. The paper sheds light on institutional ownership dispersion effect on CEO total and cash compensation in Sweden. Analysing data from the 26 largest companies listed on Stockholm Stock Exchange over the time period 2004 - 2008 we find that institutional ownership concentration decreases top executive officer’s total and cash compensation. We also find that small institutional shareholdings are positively associated with chief executive officer’s total and cash compensation. Overall this relationship suggests that institutions are powerful monitors of corporate governance.

This dissertation consists of three essays on director compensation, CEO compensation, executive dismissal, and Delaware incorporation. Delaware incorporation is popular among publicly traded firms. However, the question of whether Delaware incorporation favors shareholders is an on-going debate. In the first essay, if Delaware incorporation indeed favors shareholders, it is expected that directors in Delaware firms are more likely to be encouraged to perform monitoring roles than those in non-Delaware firms. By using a sample of 620 Delaware firms and 437 non-Delaware firms from 2002 to 2005 in ExecuComp, we first find that Delaware firms pay their directors more compensation than non-Delaware firms. Second, Delaware firms tend to hold more meetings per year than non-Delaware firms. Finally, pay-performance sensitivities of cash compensation, equity compensation, and total compensation to shareholder wealth in Delaware firms are greater than those in non-Delaware firm. Therefore, Delaware incorporation appears to encourage effective board monitoring. This essay is the first attempt to examine director compensation by considering the role of state of incorporation. The findings support the view of "race to the top" (Winter, 1977) on Delaware incorporation. The second essay examines the impact of Delaware incorporation on how effectively directors monitor CEOs and protect the interests of shareholders. If directors do effectively monitor CEOs, the excess CEO compensation is expected to be positively related to firm performance. Following the method described in Brick et al. (2006), we find evidence that director excess compensation is significantly and positively related to CEO compensation in both Delaware and non-Delaware firms. However, unlike excess CEO compensation in Delaware firms, excess CEO compensation in non-Delaware firms is negatively associated with firm performance. Therefore, director compensation in non-Delaware firms may not be a more effective incentive for these directors to monitor CEOs than that in Delaware firms. The dismissal decision that a firm makes may be affected by state corporate law. The third essay examines the impact of Delaware incorporation on a firm's choice of top management dismissal decisions. If Delaware incorporation indeed favors shareholders, we expect Delaware firms are more likely to dismiss their management members than non-Delaware firms when firms experience poor performance. We use the classification of top management dismissals defined in Boeker (1992). Our sample includes 388 firms that dismiss neither CEOs nor any lower-level executives (Type 1), 55 firms that dismiss CEOs but let lower-level executives stay (Type 2), 134 firms that dismiss lower-level executives but let CEOs stay (Type 3), and 59 firms that dismiss both CEOs and lower-level executives (Type 4) from 1993 to 2005. First, we find that a Delaware firm is more likely to dismiss at least one executive, either its CEO or a lower-level executive, than to dismiss neither the CEO nor any lower-level executive in a poorly performing year. However, this result only holds if we compare Type 1 firms with Type 3 firms. Second, Delaware firms are not more likely to dismiss their CEOs than non-Delaware firms. The results suggest that Delaware firms do not act significantly differently from non-Delaware firms on the choice of top management dismissal decisions when the firms experience poor performance. Therefore, Delaware incorporation alone may not be an effective external corporate governance mechanism to discipline poorly performing executives.

Tese (doutorado)—Universidade de Brasília, Faculdade de Ciências da Saúde, Programa de Pós-Graduação em Ciências da Saúde, 2016. / Submitted by Albânia Cézar de Melo (albania@bce.unb.br) on 2017-01-12T14:27:03Z No. of bitstreams: 1 2016_EdsonHilanGomesdeLucena.pdf: 2784406 bytes, checksum: afa4e44cede11917f708f4069f9de58b (MD5) / Approved for entry into archive by Raquel Viana(raquelviana@bce.unb.br) on 2017-02-14T21:12:00Z (GMT) No. of bitstreams: 1 2016_EdsonHilanGomesdeLucena.pdf: 2784406 bytes, checksum: afa4e44cede11917f708f4069f9de58b (MD5) / Made available in DSpace on 2017-02-14T21:12:00Z (GMT). No. of bitstreams: 1 2016_EdsonHilanGomesdeLucena.pdf: 2784406 bytes, checksum: afa4e44cede11917f708f4069f9de58b (MD5) / O planejamento nos serviços de saúde visa especificamente melhorar o estado de saúde de uma determinada população, garantindo o acesso com equidade e justiça, bem como agilizar a resposta do sistema de saúde às necessidades percebidas pela comunidade. Nesse sentido, os Centros de Especialidades Odontológicas (CEO) constituem na principal estratégia Brasil Sorridente para garantir da população a atenção odontológica especializada no sistema público brasileiro. O objetivo desta tese é analisar os CEO segundo os relatos de planejamento e o resultado dos indicadores no Programa Nacional de Melhoria do Acesso e da Qualidade (PMAQCEO). O desenho metodológico do trabalho é de natureza quantitativa, descritiva e analítica, onde foram analisados os dados secundários do banco da Avaliação Externa do PMAQ-CEO, relativo ao Módulo II, e a produção informada no Sistema de Informação Ambulatorial do SUS (SIA/SUS) de procedimentos odontológicos especializados realizados em 930 CEO. A análise dos dados ocorreu em duas etapas: uma descritiva e outra analítica. Utilizou-se o programa estatístico Statistical Package for Social Science (SPSS). Na fase descritiva, foram feitas as distribuições de frequência das variáveis quantitativas. Na fase analítica, primeiro, foram testadas as associações, utilizando-se o qui-quadrado de Pearson. Em seguida, diante da necessidade de se obter uma análise multivariada que permitisse o ajuste para o efeito de confundimento, as variáveis que foram estatisticamente significantes na etapa anterior foram levadas para uma análise de regressão logística. Para todas as análises, foi considerado como significante o nível de 5%. A investigação evidenciou que a maioria dos CEO que relataram ter realizado alguma atividade de planejamento, nos últimos 12 meses, está na Região Centro-Oeste (88,7%) e Sul (82,1%), em municípios com menor cobertura de saúde bucal da estratégia Saúde da Família e com alto Índice de Desenvolvimento Humano (IDHM). Assim como, os serviços que possuem gerente, com um tempo de atuação no serviço maior do que 2 anos e que tenha uma formação complementar na área de gestão pública ou de saúde coletiva tendem a realizar atividades de planejamento. Quanto ao desempenho para um maior alcance das metas dos CEO foi associado à existência de um gerente no serviço, especialmente quando atua exclusivamente na gestão, que realiza planejamento, autoavaliação, monitoramento e análises das metas. Dessa forma, conclui-se que o planejamento deve ser entendido como uma importante ferramenta de gestão para o enfrentamento de problemas, para ampliar o acesso da população aos serviços de saúde e melhorar a qualidade dos serviços ofertados. / Planning in health services specifically aims to improve the health status of a given population, ensuring access with fairness and justice, as well as streamlining the response of the health system to the needs perceived by the community. In this sense, the Specialized Dental Clinics (SDC) constitute the main strategy Brazil Smiling to guarantee the population specialized dentistry care in the Brazilian public system. The objective of this thesis is to analyze the SDC according to the reports of planning and result indicators of National Program for Access and Quality Improvement of SDC (NPAQI–SDC). The Methodology used was of a quantitative nature, descriptive and analytical.The data analyzed was secondary data from the Bank of External Evaluation of NPIAQ-SDC, in relation to the Module II and the production informed on Outpatient Information System of the Unified Health System (OIS/UHS) of Dental Procedures Specialized performed in 930 SDC. Data analysis occurred in two stages: a descriptive and other analytical. We used the Statistical Package for Social Sciences (SPSS). In the descriptive phase, frequency distributions of quantitative variables were made. In the analytical phase, first, the associations were tested using the chi-square test. Then, on the need to obtain a multivariate analysis that would allow adjustment for the effect of confounding, variables that were statistically significant in the previous step were taken to a logistic regression analysis. For all the analyzes, it was considered significant a level of 5%. The investigation showed that the majority of the SDC who have reported any planning activity in the last 12 months, are located in the Central West Region (88.7%) and South (82.1%) , in municipalities with less oral health coverage of the Family Health strategy and with a high Municipal Human Development Index (MHDI). Accordingly, the services that have managers with length of work experience greater than two years and who has additional training in public management area or public health tend to perform planning activities. For a better performance for the achievement of the goals of the SDC, it has been associated the existence of a manager in the service, especially when it operates exclusively in the administration, which carries out planning, self-assessment, monitoring and target analysis. Thus, it is concluded that the planning should be understood as an important management tool for confronting problems, to increase the population's access to health services and to improve the quality of services offered.

Submitted by LEDA RIBEIRO NOGUEIRA null (led_nogueira@hotmail.com) on 2016-10-27T18:24:11Z No. of bitstreams: 1 VERSÃO FINAL PARA O REPOSITÓRIO-DISSERTAÇÃO DE MESTRADO.pdf: 2487059 bytes, checksum: 2da98711e0c738f9472b37e4b310b4b0 (MD5) / Approved for entry into archive by Felipe Augusto Arakaki (arakaki@reitoria.unesp.br) on 2016-11-03T18:05:27Z (GMT) No. of bitstreams: 1 nogueira_lr_me_soro.pdf: 2172157 bytes, checksum: a7db0217b115ba75e70b9535773ceedb (MD5) / Made available in DSpace on 2016-11-03T18:05:27Z (GMT). No. of bitstreams: 1 nogueira_lr_me_soro.pdf: 2172157 bytes, checksum: a7db0217b115ba75e70b9535773ceedb (MD5) Previous issue date: 2016-09-02 / Os estudos dos efeitos de agentes tóxicos nos organismos aquáticos são necessários para o estabelecimento de concentrações seguras de exposição, destacando-se o uso para a proteção da vida aquática. Nesse contexto, o pesticida emergente chlorantraniliprole tem sido utilizado desde 2007 em algumas culturas como cana-de-açúcar, arroz, milho, maçã, uva, dentre outras. Poucas informações ecotoxicológicas sobre este pesticida são relatadas na literatura considerando-se sua atuação nos ambientes de águas doces. Diante do exposto, o objetivo deste trabalho foi avaliar os aspectos ecotoxicológicos deste inseticida sobre o organismo-teste Ceriodaphnia dubia por meio de testes de toxicidade aguda, buscando-se obter o valor médio de CE50 (48h) (Concentração que causa efeito em 50% da população em 48h, por meio da análise da imobilidade ou mortalidade) calculado por meio do Software ICPIN e do método de Interpolação Linear, e por meio de testes de toxicidade crônica, buscando-se adquirir os valores de CENO (maior concentração de efeito não observado na reprodução), CEO (menor concentração de efeito observado sobre os aspectos reprodutivos) e VC (valor crônico – média geométrica entre CENO e CEO). Os valores de CENO e CEO foram obtidos utilizando-se o Software BioStat 5.3 e o método de Kruskal-Wallis, a fim de se comparar a significância da redução no número de neonatos em relação ao grupo controle. As soluções-teste foram preparadas, a partir do padrão puro de chlorantraniliprole ( Sigma-Aldrich, 99% de pureza) e solubilizado em acetona. O resultado para a toxicidade aguda com C. dubia foi de 2,9±1,11 µg/L. Os testes de toxicidade crônica revelaram CENO de 0,61±0,33 µg/L, CEO de 0,91±0,49 µg/L e VC foi de 0,74 µg/L. Considerando-se a proteção da vida aquática, recomenda-se, com base na presente pesquisa, uma concentração de 0,74 µg/L do princípio ativo do pesticida chlorantraniliprole, como limite seguro. / Studies of the effects of toxic agents on aquatic organisms are needed to establish safe levels of exposure, especially the use for the protection of aquatic life. In this context, chlorantraniliprole emerging pesticide has been used since 2007 in some crops such as sugarcane, rice, corn, apples, grapes and others. Few ecotoxicological information is reported in the literature considering its performance in freshwater environments. Given the above, the objective of this study was to evaluate the ecotoxicological aspects of this insecticide on the Ceriodaphnia dubia test organism through acute toxicity tests, seeking to obtain the average value of EC50 (48h) (concentration causing effect by 50% population in 48 hours, through the analysis of inhibition of swimming or mortality), and through chronic toxicity tests, searching for acquiring the NOEC values (greater concentration effect not observed in the reproduction ), LOEC (lowest observed effect concentration on the reproductive aspects) and CV (chronic value - geometric mean of NOEC and LOEC). The NOEC and LOEC values were performed using the BioStat 5.3 software and the statistical analysis Kruskal-Wallis test to compare the significance of the reduction in the number of newborns in the control group. The test solutions were prepared from the neat standard chlorantraniliprole (Sigma-Aldrich, 99% purity) and solubilized in acetone. The results for acute toxicity C. dubia were 2.9 ± 1.11 µg / L-1. The chronic toxicity tests revealed NOEC of 0.61 ± 0.33 µg / L-1, LOEC of 0.91 ± 0.49 µg / L-1 and CV was 0.74 µg / L-1. Considering and protection of aquatic life, it is recommended based on this study, a concentration of 0.74 µg / L-1 of the active ingredient of the pesticide chlorantraniliprole as safe limit.

Submitted by Automa??o e Estat?stica (sst@bczm.ufrn.br) on 2016-10-25T22:33:25Z No. of bitstreams: 1 JoyceAlvesDeMoraes_DISSERT.pdf: 836184 bytes, checksum: ff9ff204de1f74b5453260f7ee2017ba (MD5) / Approved for entry into archive by Arlan Eloi Leite Silva (eloihistoriador@yahoo.com.br) on 2016-12-16T19:50:59Z (GMT) No. of bitstreams: 1 JoyceAlvesDeMoraes_DISSERT.pdf: 836184 bytes, checksum: ff9ff204de1f74b5453260f7ee2017ba (MD5) / Made available in DSpace on 2016-12-16T19:50:59Z (GMT). No. of bitstreams: 1 JoyceAlvesDeMoraes_DISSERT.pdf: 836184 bytes, checksum: ff9ff204de1f74b5453260f7ee2017ba (MD5) Previous issue date: 2015-08-25 / O estudo sobre governan?a corporativa ganhou for?as nas ?ltimas d?cadas, estimulando agentes do mercado e acad?micos. No Brasil, o principal ?rg?o de divulga??o de boas pr?ticas de governan?a ? o IBGC - Instituto Brasileiro de Governan?a Corporativa, sendo respons?vel pelo C?digo de Melhores Pr?ticas de Governan?a Corporativa e, tamb?m, por estimular pesquisas sobre o assunto. Este trabalho se dedicou ao estudo de mecanismos e pr?ticas relacionados ao funcionamento dos conselhos de administra??o. Especificamente, dimensionamos a incid?ncia de dualidade do CEO em empresas brasileiras de capital aberto e investigamos se h? rela??o entre a dualidade do CEO e desempenho em mercado de capitais. Foi encontrada rela??o negativa significativa entre dualidade do CEO e Q de Tobin nas companhias em nossa amostra, contra os trabalhos seminais internacionais na ?rea, em linha com resultados emp?ricos de trabalhos brasileiros n?o t?o antigos, contra trabalhos brasileiros recentes e em linha com diretrizes do IBGC e da BM&FBovespa. / The study on corporate governance has gained strength in recent decades, encouraging market participants and academics. In Brazil, the main body of disseminating good governance practices is the IBGC - Brazilian Institute of Corporate Governance, is responsible for the Code of Best Practice for Corporate Governance and also to stimulate research on the subject. This work is dedicated to the study of mechanisms and practices related to the functioning of boards of directors. Specifically, we intend to scale the incidence of CEO duality in Brazilian public companies and investigate whether there is a relationship between CEO duality and performance in the capital market. The results may suggest potential new indications of desirable structures and associated practices boards of directors, specifically considering the reality of Brazil. The results show significant negative relationship between CEO duality and firm performance in Brazil. These results come against seminal US work, against recent Brazilian empirical studies but is in line with not so recent Brazilian works, and IBGC and BM&FBovespa guidelines.

Quem acompanha o noticiário de negócios já se acostumou com as manchetes sobre os executivos e suas incríveis realizações profissionais. Eles tiram empresas da falência, salvam empregos, investem milhões, são recebidos por presidentes e ministros. Sua ascensão ao longo do século XX acompanhou a evolução da administração de empresas como ciência pesquisada por nomes como Jules Henri Fayol, Henry Ford, Frederick Taylor e Peter Drucker. Todos tentaram explicar a forma como o executivo trabalhava e, como consequência, como as organizações poderiam obter mais sucesso. Ao mesmo tempo em que subiam na hierarquia social - Drucker chegou a chamá-los de \"indispensáveis\" ao sucesso econômico -, um novo campo de estudos se desenvolveu para entender como suas carreiras aconteciam, progrediam, seja dentro ou fora das empresas. Os estudos de carreira se intensificaram a partir dos anos 1970, coincidindo com as mudanças econômicas, sociais e tecnológicas que agitaram o mundo e exigiram uma nova postura dos profissionais frente a sua carreira. No coração das empresas, as relações de emprego passaram de estáveis para instáveis, de duradouras para efêmeras. Nesse contexto de ascensão dos executivos, um cargo em especial passou a representar as aspirações de toda uma categoria: a presidência da empresa. Chegar ao topo da hierarquia organizacional significava obter os símbolos de status e poder de alguém com capacidade para decidir o destino de pessoas e empresas. Em outras palavras, alcançava o imaginário coletivo de herói corporativo, aquele que venceu todos os obstáculos rumo ao sucesso. O objetivo central deste trabalho é o de verificar se os presidentes de empresa, ao falarem de sua trajetória profissional, também se colocam na posição de herói, representando o papel que a sociedade espera deles. Realizou-se um estudo qualitativo por meio da análise de conteúdo em doze entrevistas dirigidas, concedidas por presidentes de empresa para um programa de televisão, no qual responderam a perguntas abertas sobre sua história pessoal e profissional. Constatou-se que o relato público do presidente sobre a sua trajetória possui elementos que estão presentes no conceito de monomito do herói descrito por Joseph Campbell. Foi possível encontrar na narrativa dos presidentes características compatíveis com todas as 17 etapas da jornada do herói - desde o chamado à aventura até o retorno após as conquistas. Tais etapas - que ilustram o conceito de monomito - foram usadas como categorias de análise, assim como \"mundo comum\", que examina o período anterior ao início da jornada do herói. Foram analisados, ainda, os discursos dos presidentes sobre carreira e liderança, de maneira generalizada e em relação a suas próprias experiências. Esses resultados sugerem que o presidente de empresa, quando fala publicamente sobre sua trajetória, incorpora o papel de herói corporativo. / Those who follow the business news have got used to headlines about executives and their incredible professional accomplishments. They take companies from bankruptcy, save jobs, invest millions, and are received by presidents and ministers. Their ascension to the twentieth century followed the evolution of business administration as a science searched by names such as Jules Henri Fayol, Henry Ford, Frederick Taylor e Peter Drucker. Everyone tried to explain how the executive used to work and as a consequence, such organizations could be more successful. While they climbed the social hierarchy - Drucker called them \"essential\" to economic success - a new field of study developed to understand how their careers developed, whether inside or outside companies. Career studies have intensified since the 1970s, coinciding with the economic, social and technological changes that shook the world and demanded a new attitude of the professionals in their careers. At the heart of business, employment relations went from stable to unstable, from everlasting to ephemeral. In this executive rising context, an office in particular has come to represent the aspirations of an entire category: the presidency of the company. Reaching the top of the organizational hierarchy meant getting the symbols of status and power of someone with the ability to decide the destiny of individuals and companies. In other words, it reached the collective imagination of the corporate hero, who overcame all obstacles to succeed. The main objective of this paper is to verify that CEOs, when talking of their careers, also pose as the hero figure, playing the role that society expects of them. A qualitative study was carried out using content analysis of twelve directed interviews granted by corporate CEOs for a television program, in which they responded to open-ended questions about their personal and professional history. It was found that the CEO\'s public reporting on their path has elements that are present in the concept of the hero monomyth described by Joseph Campbell. It was possible to find in the narrative of these CEOs features that are compatible with all 17 steps of a hero\'s journey - from the call to adventure to the return after the conquests. These steps - which illustrate the concept of the monomyth - were used as categories of analysis, along with the \"ordinary world\", which examines the period before the start of the hero\'s journey. We also analyzed the CEOs\' speeches on career and leadership, both generally and with regards to their own experiences. These results suggest that CEOs, when speaking publicly about their careers, personify the role of the corporate hero.

Submitted by Guilherme Souto (gsouto@hotmail.com) on 2012-06-04T17:27:57Z No. of bitstreams: 1 Dissertacao CEO-Chairman Fundador.pdf: 5046473 bytes, checksum: d17a59ed0f5d1fd21cab043c15c7bb75 (MD5) / Approved for entry into archive by Vitor Souza (vitor.souza@fgv.br) on 2012-06-05T17:28:56Z (GMT) No. of bitstreams: 1 Dissertacao CEO-Chairman Fundador.pdf: 5046473 bytes, checksum: d17a59ed0f5d1fd21cab043c15c7bb75 (MD5) / Made available in DSpace on 2012-06-12T18:51:13Z (GMT). No. of bitstreams: 1 Dissertacao CEO-Chairman Fundador.pdf: 5046473 bytes, checksum: d17a59ed0f5d1fd21cab043c15c7bb75 (MD5) Previous issue date: 2012-05-23 / This paper shows that stock returns from firms that have CEO or Chairman as the founder of the company exceeds the return of the S&P 500 from 1995 to 2011. It’s also performed an analysis using the Fama-French 4 Factors Model and the result indicates that the portfolio has an excess risk-adjusted annualized return of 5.79% with high statistical and economic significance. The paper also proposes two additional analyses: a sector breakdown of the portfolio where it appears that the technology sector is the one that contributed the most; and a study on the portfolio’s P/E (price-earnings), which surprises by showing that the P/E is systematically higher than the P/E of the S&P 500. / Esse trabalho mostra que o retorno das ações de empresas que possuem como CEO ou Chairman o próprio fundador da empresa supera o retorno do S&P 500 no período de 1995 a 2011. É realizada também uma análise utilizando-se o Modelo de 4 Fatores de Fama-French e o resultado obtido indica que a carteira possui um retorno anualizado em excesso ajustado pelo risco de 5,79% com alta significância estatística e econômica. O trabalho também propõe mais duas análises: uma decomposição setorial da carteira, onde se verifica que o setor de tecnologia é o que mais contribui com o resultado acumulado da carteira; e um estudo sobre o múltiplo P/E (preço sobre lucro) da carteira, que surpreende ao mostrar que o P/E da carteira é sistematicamente superior ao P/E do S&P 500 no período analisado.

Studies of small and medium-sized enterprises have provided evidence that CEOs of such firms can have a dominating influence on firm activities. Drawing on upper echelons theory, we analyze the influence of CEO personality (CEO internal locus of control), CEO ownership and CEO education on the evaluation of middle manager performance. In line with our expectations, we find evidence for a direct effect of CEO ownership (negative) and CEO education (positive) on the use of objective performance evaluations and for a direct effect of the CEO's internal locus of control on the use of subjective performance evaluations. Moreover, we provide evidence for a moderating role of both CEO ownership and education with respect to the influence of the CEO's locus of control on the use of subjective evaluations. We use a sample of 247 small and medium-sized manufacturing firms to test our hypotheses.