Are CEOs born leaders? Lessons from traits of a million individuals

• 成果类型: Article
• 署名作者: Adams, Renee; Keloharju, Matti; Knupfer, Samuli
• 署名单位: University of New South Wales Sydney; Aalto University; BI Norwegian Business School
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2018.07.006
• 发表日期: 2018
• 页码: 392-408
• 关键词: CEOs; Cognitive ability; Noncognitive ability; height; COMPENSATION

摘要

What makes a successful CEO? We combine a near-exhaustive sample of male CEOs from Swedish companies with data on their cognitive and noncognitive ability and height at age 18. CEOs differ from other high-skill professions most in noncognitive ability. The median large-company CEO belongs to the top 5% of the population in the combination of the three traits. The traits have a monotonic and close to linear relation with CEO pay, but their correlations with pay, firm size, and CEO fixed effects in firm policies are relatively low. Traits appear necessary but not sufficient for making it to the top. (C) 2018 Elsevier B.V. All rights reserved.