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Prior literature identifies many CEO characteristics, such as age, experience,education, tenure, career background, duality and shareholding, that influence thebehaviour of the CEO. However, due to the following considerations, two CEOcharacteristics are focused upon, namely, tenure and financial expertise. First, these twocharacteristics are more observable and are reliable measurable characteristics (Bamberet al., 2010; Hambrick and Mason, 1984).
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