| Abstract [eng] |
This dissertation explores how CEO type – owner or professional – and individual characteristics (managerial ability, risk-taking propensity, innovativeness, entrepreneurial orientation, and work motivation) influence company strategic orientation (differentiation or cost-efficiency) and financial performance. Moderating role of board presence is also examined. Drawing on the Upper echelons, Agency, and Stewardship theories, and the Organizational life cycle approach, the research develops and tests an empirical model using survey data from 200 CEOs of private-sector companies, predominantly SMEs, in Lithuania. Although differences in CEO characteristics between types are well supported in prior research, this dissertation did not observe statistically significant differences in this underexplored post-transitional context. Still, specific characteristics meaningfully shaped strategic orientation across CEO types. Managerial ability, entrepreneurial orientation, and intrinsic motivation emerged as the most consistent predictors of strategic orientation. Strategic orientation, in turn, influenced financial performance, with the nature of this relationship differing depending on whether the CEO was an owner or a professional. While board presence did not significantly moderate these relationships, it varied across companies in line with CEO type, reflecting diverse governance configurations. |
