Does a CEO's Cultural Heritage Affect Performance under Competitive Pressure?
成果类型：
Article
署名作者：
Duc Duy Nguyen; Hagendorff, Jens; Eshraghi, Arman
署名单位：
University of St Andrews; University of Edinburgh
刊物名称：
REVIEW OF FINANCIAL STUDIES
ISSN/ISSBN：
0893-9454
DOI：
10.1093/rfs/hhx046
发表日期：
2018
页码：
97
关键词：
Risk-taking
matter
transmission
preferences
marriage
finance
VALUES
work
LIFE
摘要：
We exploit variation in the cultural heritage across U.S. CEOs who are the children or grandchildren of immigrants to demonstrate that the cultural origins of CEOs matter for corporate outcomes. Following shocks to industry competition, firms led by CEOs who are second-or third-generation immigrants are associated with a 6.2% higher profitability compared with the average firm. This effect weakens over successive immigrant generations and cannot be detected for top executives apart from the CEO. Additional analysis attributes this effect to various cultural values that prevail in a CEO's ancestral country of origin.