Glassdoor: Are the Top CEOs Representing the Best Investments

Greg Filbeck and Xin Zhao ()
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Greg Filbeck: Penn State Behrend, Pennsylvania State University, Erie, Pennsylvania, USA
Xin Zhao: Penn State Behrend, Pennsylvania State University, Erie, Pennsylvania, USA

Quarterly Journal of Finance (QJF), 2022, vol. 12, issue 03, 1-22

Abstract: In 2013, Glassdoor launched the Employees’ Choice Awards for the Top CEOs. Glassdoor’s awards are unique in that feedback from employees exclusively determines the winners. Given Glassdoor’s notoriety, claiming 64 million unique visitors and 11 million job listings monthly, being listed as a Top CEO certainly has reputational value — but does it translate to higher shareholder returns? We find that the overall Top CEO sample statistically outperforms a matched sample and the S&P 500 index on a raw and risk-adjusted basis with superior Tobin’s Q and annual returns one year after the announcement.

Keywords: Shareholders wealth; event study; investment strategy (search for similar items in EconPapers)
JEL-codes: G11 G14 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1142/S2010139222500094

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