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Managing the family firm: evidence from CEOs at work

Bandiera, Oriana, Lemos, Renata, Prat, Andrea and Sadun, Raffaella (2018) Managing the family firm: evidence from CEOs at work. Review of Financial Studies, 31 (5). pp. 1605-1653. ISSN 0893-9454

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Identification Number: 10.1093/rfs/hhx138


We build a comparable and bottom-up measure of CEO labor supply for 1,114 CEOs, and investigate whether family and professional CEOs differ on this dimension of effort. Family CEOs work 9% fewer hours relative to professional CEOs. CEO hours worked are positively correlated with firm performance, and account for 18% of the performance gap between family and professional CEOs. We study the sources of the differences in labor supply across family and professional CEOs by exploiting firm and industry heterogeneity, and variation in meteorological and sport events. The evidence suggests that family CEOs value–or can pursue–leisure activities more than professional CEOs.

Item Type: Article
Official URL:
Additional Information: © 2017 The Authors
Divisions: Economics
Subjects: H Social Sciences > HD Industries. Land use. Labor
H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
Date Deposited: 24 Oct 2017 14:53
Last Modified: 29 Feb 2024 17:48
Funders: Columbia Business School, Harvard Business School, International Growth Centre, Kauffmann Foundation

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