Managing the Family Firm: Evidence from CEOs at Work

• 成果类型: Article
• 署名作者: Bandiera, Oriana; Lemos, Renata; Prat, Andrea; Sadun, Raffaella
• 署名单位: University of London; London School Economics & Political Science; The World Bank; Columbia University; Harvard University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhx138
• 发表日期: 2018
• 页码: 1605
• 关键词: corporate-ownership; Managers; matter

摘要

We build a comparable and bottom-up measure of CEO labor supply for 1,114 CEOs and investigate whether family and professional CEOs differ along this dimension. Family CEOs work 9% fewer hours relative to professional CEOs. CEO hours worked are positively correlated with firm performance and account for 18% of the performance gap between family and professional CEOs. We study the sources of the differences in labor supply across family and professional CEOs by exploiting firm and industry heterogeneity and variation in meteorological and sports events. Evidence suggests that family CEOs value or can pursue leisure activities more so than professional CEOs.