Based on the Upper Echelon Theory, this paper examined the relationship of CEO education and experience with the dynamic capital structure (DCS) using the target leverage and speed of adjustment (SOA) models. This study applied the system generalised method of moments (SYS-GMM) to the target leverage model and Ordinary Least Squares bootstrapped standard errors to the speed of adjustment model. Using the 100 Indonesian firms, two notable findings were obtained. First, the target leverage model with the inclusion of CEO characteristics yielded a 22% of the SOA towards target leverage. Both variables showed a positive relationship with the target leverage. Second, the result revealed that the improvement of CEO education and experience by one standard deviation led to an increase in the SOA by 3.37% and 0.17%. Thus, the results were consistent with the theory whereby the education and experience of the CEOs were potential determinants the DCS.

本文基于上层梯队理论，使用目标杠杆和调整速度（SOA）模型研究了CEO教育和经验与动态资本结构（DCS）的关系。本研究将系统广义矩法 (SYS-GMM) 应用于目标杠杆模型，而普通最小二乘法将标准误差自举应用于调整模型的速度。使用 100 家印度尼西亚公司，获得了两个值得注意的发现。首先，包含 CEO 特征的目标杠杆模型产生了 22% 的 SOA 目标杠杆。这两个变量都与目标杠杆呈正相关。其次，结果显示，CEO 教育和经验提高一个标准差导致 SOA 增加 3.37% 和 0.17%。因此，