CEO Behavior and Firm Performance

• 成果类型: Article
• 署名作者: Bandiera, Oriana; Prat, Andrea; Hansen, Stephen; Sadun, Raffaella
• 署名单位: University of London; London School Economics & Political Science; Columbia University; Imperial College London; Harvard University
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/705331
• 发表日期: 2020
• 页码: 1325-1369
• 关键词: family firm; corporate; leadership; Managers

摘要

We develop a new method to measure CEO behavior in large samples via a survey that collects high-frequency, high-dimensional diary data and a machine learning algorithm that estimates behavioral types. Applying this method to 1,114 CEOs in six countries reveals two types: leaders, who do multifunction, high-level meetings, and managers, who do individual meetings with core functions. Firms that hire leaders perform better, and it takes three years for a new CEO to make a difference. Structural estimates indicate that productivity differentials are due to mismatches rather than to leaders being better for all firms.