Dragon CEOs and Firm Value

Tao Chen

Australian Economic Review, 2018, vol. 51, issue 3, 382-395

Abstract: This article investigates a traditional belief of the Chinese zodiac that individuals born in the dragon year are superior and perform better. Using a sample of listed firms in China, supporting evidence is found for this pervasive superstition that CEOs born in dragon years are positively associated with firm value as measured by Tobin's Q and return on assets. This positive relationship becomes even stronger when the exact birth date of CEOs is known. Finally, the Dragon Survivors Hypothesis and the CEO Self‐fulfillment Hypothesis are examined to explain why dragon CEOs matter to firm value.

Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://doi.org/10.1111/1467-8462.12277

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:ausecr:v:51:y:2018:i:3:p:382-395

Ordering information: This journal article can be ordered from
https://ordering.onl ... 7-8462&ref=1467-8462

Access Statistics for this article

Australian Economic Review is currently edited by John de New, Viet Hoang Nguyen and Susan Méndez

More articles in Australian Economic Review from The University of Melbourne, Melbourne Institute of Applied Economic and Social Research Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().