Are CEOs Different?

• 成果类型: Article
• 署名作者: Kaplan, Steven N.; Sorensen, Morten
• 署名单位: National Bureau of Economic Research; University of Chicago; Centre for Economic Policy Research - UK; Copenhagen Business School
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.13019
• 发表日期: 2021
• 页码: 1773-1811
• 关键词: upper echelons; leadership; personality; management; overconfidence; ECONOMICS; traits; style

摘要

Using 2,603 executive assessments, we study how CEO candidates differ from candidates for other top management positions, particularly CFOs. More than half of the variation in the 30 assessed characteristics is explained by four factors that we interpret as general ability, execution (vs. interpersonal), charisma (vs. analytical), and strategic (vs. managerial). CEO candidates have more extreme factor scores that differ significantly from those of CFO candidates. Conditional on being considered, candidates with greater general ability and interpersonal skills are more likely to be hired. These and our previous results on CEO success suggest that boards overweight interpersonal skills in hiring CEOs.