Bandiera, Oriana 
ORCID: 0009-0002-6817-793X, Prat, Andrea, Lemos, Renata and Sadun, Raffaella
(2017)
Managing the family firm: evidence from CEOs at work.
Economic Organisation and Public Policy Discussion Papers.
Suntory and Toyota International Centres for Economics and Related Disciplines, London, UK.
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Abstract
We present evidence on the labor supply of CEOs, and on whether family and professional CEOs di↵er on this dimension. We do so through a new survey instrument that allows us to codify CEOs’ diaries in a detailed and comparable fashion, and to build a bottom-up measure of CEO labor supply. The comparison of 1,114 family and professional CEOs reveals that family CEOs work 9% fewer hours relative to professional CEOs. Hours worked are positively correlated with firm performance, and di↵erences between family and non-family CEOs account for approximately 18% of the performance gap between family and non-family firms. We investigate the sources of the di↵erences in CEO labor supply across governance types by exploiting firm and industry heterogeneity, and quasi-exogenous meteorological and sport events. The evidence suggests that family CEOs value–or can pursue–leisure activities relatively more than professional CEOs.
| Item Type: | Monograph (Discussion Paper) |
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| Official URL: | http://sticerd.lse.ac.uk/ |
| Additional Information: | © 2017 The Authors |
| Divisions: | Economics STICERD |
| Subjects: | H Social Sciences > HB Economic Theory |
| Date Deposited: | 11 Jul 2017 09:32 |
| Last Modified: | 11 Dec 2024 19:24 |
| Funders: | Columbia Business School, Harvard Business School, International Growth Center, Kauffman Foundation |
| URI: | http://eprints.lse.ac.uk/id/eprint/83391 |
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