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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
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Handle: RePEc:bla:ausecr:v:51:y:2018:i:3:p:382-395