Executive Cooperativeness: Evidence from Conference Calls

• 成果类型: Article; Early Access
• 署名作者: Cai, Wei; Ju, Kunlu; Rouen, Ethan; Zou, Yuan
• 署名单位: Columbia University; University of California System; University of California Los Angeles; Harvard University
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2024.05902
• 发表日期: 2026
• 关键词: CONFERENCE CALLS; executive cooperativeness; CEO succession

摘要

Cooperativeness is essential to individual and organizational success. We exploit a unique feature of conference calls to study individual executives' cooperativeness, indicated by their directly inviting colleagues to respond to analysts' questions, and its relation with their career outcomes and firm performance. After validating our measure, we find that cooperativeness is associated with relevant executive characteristics. Older, more senior, and more experienced executives are more likely to display cooperativeness. We also find that cooperativeness persists but can be influenced by colleagues. Turning to the relation with career and firm outcomes, we find robust evidence of a positive association between cooperativeness and the likelihood of being promoted to chief executive officer (CEO). Appointing CEOs who are more cooperative than their predecessors is associated with an average three-day abnormal return of 0.6% around the announcement of the appointment.