How do CEOs see their roles? Management philosophies and styles in family and non-family firms

• 成果类型: Article
• 署名作者: Mullins, William; Schoar, Antoinette
• 署名单位: University System of Maryland; University of Maryland College Park; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2015.08.011
• 发表日期: 2016
• 页码: 24-43
• 关键词: CEOs; founder; Family firms; Stakeholders; DELEGATION

摘要

Using a survey of 800 Chief Executive Officers (CEOs) in 22 emerging economies, we show that CEOs' management styles and philosophies vary with the ownership and governance structure of their firms. Founders and CEOs of firms with greater family involvement display a greater stakeholder focus, and feel more accountable to employees and banks than to shareholders. They also have a more hierarchical management approach, and see their role as maintaining the status quo rather than bringing about change. In contrast, CEOs of non-family firms emphasize shareholder-value-maximization. Finally, firm-level variation in ownership is as important in explaining management philosophies as cross-country or industry-level differences. (C) 2015 Elsevier B.V. All rights reserved.