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Ceo behavior and firm performance

Bandiera, Oriana, Hansen, Stephen, Prat, Andrea and Sadun, Raffaella (2019) Ceo behavior and firm performance. Journal of Political Economy. ISSN 0022-3808 (In Press)

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Identification Number: 10.1086/705331

Abstract

We develop a new method to measure CEO behavior in large samples via a survey thatcollects high-frequency, high-dimensional diary data and a machine learning algorithm thatestimates behavioral types. Applying this method to 1,114 CEOs in six countries revealstwo types: “leaders” who do multi-function, high-level meetings, and “managers” who doindividual meetings with core functions. Firms that hire leaders perform better, and ittakes three years for a new CEO to make a difference. Structural estimates indicate thatproductivity differentials are due to mismatches rather than leaders being better for all firms.

Item Type: Article
Additional Information: © 2019 The University of Chicago
Divisions: Economics
Centre for Macroeconomics
STICERD
Centre for Economic Performance
Subjects: H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
Date Deposited: 20 Aug 2019 17:18
Last Modified: 16 Sep 2019 23:10
URI: http://eprints.lse.ac.uk/id/eprint/101423

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