The study focuses of five CEO characteristics with the aim of discovering the possible link between these characteristics and the capital structures of the firms they are attributed to. The study applied parametric or non-parametric test (depending on the outcome of the normality test) to determine the nature of relationship between CEO characteristics and capital structure. Data for this study was obtained from three sub-Saharan African countries: Kenya (twenty companies), Nigeria (twenty-three companies) and South Africa (twenty-one companies) for a period of five years (2012 to 2016). CEO nationality characteristic (which is a proxy for international experience/competence for the CEO) was found to be significant to the capital structure of companies.
The study examined the effect of CEO characteristics of tenure, nationality, gender and share ownership on the dividend paid by sixty-four companies located in Sub-Saharan Africa. It used data for five years (from 2012 to 2016) and covered three Sub-Saharan African countries. Twenty companies were selected from the sixty-five listed on the Kenyan Stock Exchange; twenty-three from the one hundred and seventy-two on the Nigerian Stock Exchange and twenty-one of the three hundred and seventy-six companies listed on Johannesburg Stock Exchange. Kruskal Wallis was applied to test four hypotheses. Two CEO characteristics – nationality and share ownership – were found to have significant relationship to dividend payout in the data available for the study.