Managing the family firm: evidence from CEOs at work
Oriana Bandiera, Renata Lemos, Andrea Prat and Raffaella Sadun
We build a comparable and bottom-up measure of CEO labor supply for 1,114 CEOs and investigate whether family and professional CEOs differ along this dimension. 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 sports events. Evidence suggests that family CEOs value or can pursue leisure activities more so than professional CEOs. ? The Author(s) 2017. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved.
1 May 2018
The Review of Financial Studies 31(5) , pp.1605-1653, 2018
https://academic.oup.com/rfs/article/31/5/1605/4708267?login=true
This Journal article is published under the centre's Growth programme.