MOHAMED ALI AZOUZI | University of Sfax (original) (raw)

Papers by MOHAMED ALI AZOUZI

This article discusses the effect of the entrepreneur's profile on financing his creative pr... more This article discusses the effect of the entrepreneur's profile on financing his creative project. It analyzes the impact of overconfidence on improving perceptions financing capacity of the project. To analyze this relationship we used networks as Bayesian data analysis method. Our sample is composed of 200 entrepreneurs. Our results show a high level of entrepreneur's overconfidence positively affects the evaluation of financing capacity of the project.

Cogent Economics & Finance, 2014

Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch ge... more Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public.

Journal of Entrepreneurship Education, 2021

In this article I examine the impact of the educational background in general and the financial e... more In this article I examine the impact of the educational background in general and the financial education particularly of Chief Executive Officers (CEOs) on bank performance of the Tunisian resident banks. This area of research is important given that researchers in this area argue that CEO characteristics such as educational orientation, age and functional career influence the way business problems are perceived and the decision making process. The information gathered from the annual reports of these banks and using a research questionnaire shows that the educational path ways for most CEOs in the Tunisian bank system are financially educated. This paper finds that CEO educational attainment, both level and field, matters for bank performance. More specifically the regression analysis offer robust evidence that banks led by CEOs with higher education outperform their peers. The main result of this paper is that CEO financial education positively affects bank performance. Such CEOs improve performance when he is longer serving, financially educated and when he delegates more decision making authority. Our findings suggest that financial education delivers skills enabling CEOs to manage increasingly larger and complex banks and achieve higher performance outcomes. But our findings also partly support the view that engineering background also positively affects bank performance.

Iranian Journal of Management Studies, Jul 1, 2012

Purpose This article deals with the relationship existing between the emotional aspect and decisi... more Purpose This article deals with the relationship existing between the emotional aspect and decision-making processes. More specifically, it examines the links between emotional intelligence, decision biases and effectiveness of the governance mechanisms. The primary purposes of this article are to: consider emotional intelligence like new research ideas that make important contributions to society; offer suggestions for improving manuscripts submitted to Consortium for Research on Emotional Intelligence in Organizations ; and discuss methods for enhancing the validity of inferences made from research. Design/methodology/approach The article explain that the main cause of organization's problems is CEO emotional intelligence level. I will use three models (linear regression and logistic binary regression ) to examine this relation: every model treats the relationship between emotional intelligence and one of efficiency criteria of the board. Emotional intelligence has been measured according to the scale of Schutte and al (Shutte Self Report Emotional Intelligence Scale, SSREI, Shuttle and al. 1998) with a high internal validity level. Regarding, The four cognitive biases they have been measured by means of a questionnaire comprising several items. As for the selected sample, it has been composed of some180 Bangladeshi executives (belonging to 60 firms). Findings Our results have revealed that the presence of a high emotional intelligence rate is not always positively correlated with the executives' suggestibility with respect to behavioural biases. They have also affirmed the existence of a complementarily relationship between emotional intelligence and the directors' board. Authors need to consider that emotional witch permit to minimize CEO emotional biases and provide director's board effectiveness. Research limitations/implications This article has implications for the development of CEO emotional intelligence capacity. Besides, some psychological aspects of theoretical nature could not be wholly approached in a complete empirical way. Practical implications The article push organization to select managers based on their levels of intelligence emotional (apply tests of emotional intelligence in place psychometric tests). Also, it increase the validity of inferences made from research in the field. Social implications This article incite governments to establish a training programs witch aimed the development of learning of emotional intelligence. Thus, it has important implications for enhancing the well being of individuals, organizations, and society as a whole. Originality/value Actually, for the sake improving the explanatory power of legal-financial approach of governance, the behavioural dimension has been integrated for a more thorough analysis of the directors board role. Our goal consists in highlighting the role played by emotional intelligence as a skill or tool available for the manager or controller to minimize the behavioural biases (bias of loss aversion, optimism, over-confidence and lack of cognitive flexibility), and achieves an effective control. Keywords: emotional intelligence; cognitive bias; corporate governance; board of directors.

Research Anthology on Developing Socially Responsible Businesses

The objective of this study was to describe the effect of CEO political connection and firm socia... more The objective of this study was to describe the effect of CEO political connection and firm social responsibility on debt access. These constructions have been evaluated in Tunisian firms. The results showed the presence of a positive relationship between political connection, corporate social responsibility, and the debt level. The authors also verified the presence of a negative relationship between political connection and the social responsibility of Tunisian companies. This research has shown how political connection and social responsibility improve the image of the company and facilitate their access to external funding methods. Tunisian companies are advised to know the importance of political connection and social responsibility in the selection of their leaders.

International Journal of Social Science Studies, 2017

This paper deals with the relationship existing between the emotional aspect and decision-making.... more This paper deals with the relationship existing between the emotional aspect and decision-making. More speciﬁcally, it examines the links between managerial optimism, and effectiveness of the investment decision. We introduce an approach based Decision Tree analysis with a series of semi-directive interviews. CEO optimism level was measured using a questionnaire with several items. As for the selected sample was composed of 100 Tunisian managers. The originality of this research paper is guaranteed since it traits the behavioral corporate policy choice in emergent markets. In the best of our knowledge, this is the first study in the Tunisian context that explores such area of research. Our results show that Tunisian optimistic leader who seeks the pioneering advantage for him and his company is encouraged to adjust its specific investment decision (investment, overinvestment or under-investment in the short term or long term ...) to ensure that advantage pioneer.

This article deals with the relationship existing between the emotional aspect and decision-makin... more This article deals with the relationship existing between the emotional aspect and decision-making processes. More specifically, it examines the links between emotional Intelligence and the ownership concentration. I will use logistic binary regression ) to examine this relation: every model treats the relationship between emotional intelligence and one of efficiency criteria of the ownership structure. Emotional intelligence has been measured according to the scale of Schutte and al (Shutte Self Report Emotional Intelligence Scale, SSREI, Shuttle and al. 1998) with a high internal validity level. Regarding, The four cognitive biases they have been measured by means of a questionnaire comprising several items. As for the selected sample, it has been composed of some180 Tunisian executives (belonging to 60 firms). Our results have revealed that the presence of a high emotional intelligence rate is not always positively correlated with the executives’ suggestibility with respect to be...

Economy, 2019

This article deals with the relationship existing between the emotional aspect and decisionmaking... more This article deals with the relationship existing between the emotional aspect and decisionmaking processes. More specifically, it examines the links between managerial optimism level, debt decision and board of director's efficiency. This Stream of research argues that the CEO optimism level is affected by the Board of Directors efficiency. In this regard, an empirical study was conducted using a questionnaire as a data collection method adapted to a sample of 75 Tunisian firms. Regarding, The optimism level they have been measured by means of a questionnaire comprising several items. Our analyzes revealed the importance of CEO optimism in the debt decision. It has been found that an optimistic leader prefers more debt even in companies ruled by independent boards. On the other hand, the results' analyzing the hypotheses 2 and 3 regarding the size of the board and the combination of CEO and Board Chair does not confirm our theoretical analysis.

Asian Journal of Economics and Empirical Research, 2018

This research examines the determinants of firms" capital structure introducing a behavioral pers... more This research examines the determinants of firms" capital structure introducing a behavioral perspective that has received little attention in corporate finance literature. After discussing the theoretical linking between firm capital structure choice and the CEO"s attitude and behavior, we are showing on empirical grounds the relationship between the manager"s behavior toward the capital structure preferences and his cognitive commitment level. The article explains that the main cause of capital structure choice is CEO commitment level. We introduce an approach based on Decision Tree Analysis technique with a series of semi-directive interviews. The originality of this research is guaranteed since it traits the behavioral corporate policy choice in emergent markets. In the best of knowledge this is the first study in the Tunisian context that explores such area of research. Results show that psychological dimension introduced in the capital structure analysis has enriched the Pecking Order Theory (POT) and the Static Trade Off Theory (STT) CEO (CEO affective commitment) prefer to finance their projects primarily through internal capital, by debt in the second hand and finally by equity.

Journal of Behavioral and Experimental Finance, 2019

This study sheds the light on the effect of the emotional bias and the gender on the credit risk ... more This study sheds the light on the effect of the emotional bias and the gender on the credit risk management of Tunisian banks. We may expect that male and female CEO react differently to emotions and that gender-based behavior differences will affect the organizational design of the credit decision making. We opt for a Bayesian Net Work method which uses the variables to express the events or objects and analyze their behaviors to model such causal relationships. Results show that emotional bias can explain the cross-sectional heterogeneity in risk-taking behavior among banks and that managers' gender types influences the propensity to delegate the credit decision making. Overconfident and optimist female banks' manager are more conservative than males and they tend to centralize the credit decision-making process. Findings show also that financial literacy significatively affect the credit decision making, whereas bank size have no effect.

Cogent Economics & Finance, 2018

International Journal of Service Science, Management, Engineering, and Technology, 2018

This article tries to study the impact of the bank regional manager's emotional bias on the p... more This article tries to study the impact of the bank regional manager's emotional bias on the performance of Tunisian banks. This is by taking into account the mediating role of the decentralization of decision-making rights. For this purpose, an empirical study was carried out using a questionnaire as a data collection method and using a sample of 100 regionals directors of Tunisian banks. This article reflects an original approach, as it highlights the role of behavioral aspects in explaining the level of performance within the framework of the organizational architecture theory. In fact, the results show that the behavioral dimension is a central dimension in the organizational architecture.

Contemporary Economics, 2014

The aim of this paper is to explore the determinants of firms' financial policies according to th... more The aim of this paper is to explore the determinants of firms' financial policies according to the manager's psychological characteristics. More specifically, it examines the links between emotional intelligence, decision biases and the effectiveness of firms' financial policies. The article finds that the main cause of an organization's problems is the CEO's emotional intelligence level. We introduce an approach based on Bayesian network techniques with a series of semi-directive interviews. The research paper represents an original approach because it characterizes behavioral corporate policy choices in emerging markets. To the best of our knowledge, this is the first study in the Tunisian context to explore this area of research. Our results show that Tunisian leaders adjust their decisions (on investments and distributions) to minimize the risk of loss of compensation or reputation. They opt for decisions that minimize agency costs, transaction costs, and cognitive costs. Recent research has focused on the importance of emotion as it relates to intellectual abilities, particularly in organizations that evaluate employees' abilities in terms of emotions rather than cognition (Brackett et al., 2006). The importance of emotional intelligence is emphasized because human relations in organizations are affected by emotional factors more than rational factors. The emotional quotient is as important as the intelligence quotient; indeed, the emotional intelligence of individuals who carry out duties and play essential roles in ensuring organizational outcomes is quite significant. Therefore, successful organizations require employees who can communicate effectively, control their emotions, and demonstrate their technical abilities (Fiori, 2009). The implications of managerial characteristics on corporate decisions have only recently begun to be explored by behavioral finance researchers. The literature in behavioral finance departs from the traditional financial model to incorporate psychological evidence on non-standard preferences and beliefs. This approach examines the consequences of CEO behavioral biases based on such preferences and beliefs as loss aversion, optimism, overconfidence, etc., which are traits that have been shown to be prevalent in managers. The studies attempt to determine whether CEOs' financial decisions are distorted by such behavioral biases

EuroMed J. of Management, 2016

In the present work, an intra-organisational analysis has been undertaken with reference organisa... more In the present work, an intra-organisational analysis has been undertaken with reference organisational architecture theory, for the purpose of investigating a major loan-granting decision governing mechanism, namely, the incentive system. The paper is primarily axed around highlighting the bank CEO emotional biases' critical impact on explaining the banks' adopted incentive systems, as applied to motivate lower-rank managers, particularly account managers, who are in direct contact with client companies. Our analysis of responses, as draw from a questionnaire sent to a number of Tunisian bank CEOs, proves to reveal well that the bank CEO's opting for incentive mechanisms specifically reserved to the account manager, turns out to be highly devoted to his proper skillful evaluation (optimism and overconfidence) and a matter of his particular perception of the possible relevant risk (loss aversion).

International Journal of Monetary Economics and Finance, 2017

This paper assumes that managers, investors or both behave irrationally. More specifically, it ex... more This paper assumes that managers, investors or both behave irrationally. More specifically, it examines the links between managerial emotional characteristics' and firm dividend policy. This stream of research argues whether to distribute dividends or not depends on CEO emotional intelligence level. We introduce an approach based on decision tree analysis technique with a series of semi-directive interviews. The originality of this research paper is guaranteed since it treats the behavioural corporate policy choice in emergent markets. To the best of our knowledge, this is the first study in the Tunisian context that explores such area of research. Our results show that CEO emotional intelligence level encouraged using this leverage to report the decision performance of the business, the application of a dividend distribution policy.

Cogent Economics & Finance, 2016

Financial Risk and Management Reviews, 2016

This study documents that managerial characteristics' play an important role in determining corpo... more This study documents that managerial characteristics' play an important role in determining corporate debt maturity. Specifically, we focus on the relationship between the managerial biases and firm debt maturity preference. Empirical analysis of the relationship between emotional bias and debt maturity using Bayesian Network Method. We distributed a questionnaire among 100 Tunisian managers to measure their emotional biases. Our results have revealed that the behavioral analysis of debt maturity preference implies leader affected by behavioral biases (optimism, loss aversion, and overconfidence) presence prefer long term debt maturity allowing this protect against the takeover operation Russianness.

Business Excellence and Management, 2013

This article discusses the effect of the entrepreneur's profile on financing his creative project... more This article discusses the effect of the entrepreneur's profile on financing his creative project. It analyzes the impact of overconfidence on improving perceptions financing capacity of the project. To analyze this relationship we used networks as Bayesian data analysis method. Our sample is composed of 200 entrepreneurs. Our results show a high level of entrepreneur's overconfidence positively affects the evaluation of financing capacity of the project.

Researchers World : Journal of Arts, Science and Commerce, 2016

The article at hand is an attempt to identify the various indicators that are more likely to expl... more The article at hand is an attempt to identify the various indicators that are more likely to explain the financial performance of Tunisian companies. In this respective, the emphasis is put on diversification, innovation, intrapersonal and interpersonal skills. Indeed, they are the appropriate strategies that can designate emotional intelligence, the level of indebtedness, the firm age and size as the proper variables that support the target variable. The "decision tree", as a new data analysis method, is utilized to analyze our work. The results involve the construction of a crucial model which is used to achieve a sound financial performance.

Global Journal of Management and Business Research

In this paper we approach as to whether CEO's incentives may lead to a positive manager's... more In this paper we approach as to whether CEO's incentives may lead to a positive manager's innovation behavior. We search in this work to study this relationship conforming to the prediction of the theory of commitment. Accordingly, we hypothesize that CEO's incentives can persuade a favorable attitude toward innovation but it can lead to an authentic behavior only with the presence of commitment bias. The proposed model of this paper uses Bayesian Network Method to examine this relationship. CEO's attitude has been measured by means of a questionnaire comprising several items. Abstract-In this paper we approach as to whether CEO's incentives may lead to a positive manager's innovation behavior. We search in this work to study this relationship conforming to the prediction of the theory of commitment. Accordingly, we hypothesize that CEO's incentives can persuade a favorable attitude toward innovation but it can lead to an authentic behavior only with the ...