Managing the family firm: evidence from CEOs at work

Oriana Bandiera, Andrea Prat, Renata Lemos () and Raffaella Sadun

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

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.

JEL-codes: J1 (search for similar items in EconPapers)
Pages: 50 pages
Date: 2017-06-14
New Economics Papers: this item is included in nep-bec and nep-hrm
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (12)

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http://eprints.lse.ac.uk/83391/ Open access version. (application/pdf)

Related works:
Journal Article: Managing the Family Firm: Evidence from CEOs at Work (2018)
Working Paper: Managing the family firm: evidence from CEOs at work (2018)
Working Paper: Managing the Family Firm: Evidence from CEOs at Work (2017)
Working Paper: Managing the Family Firm: Evidence from CEOs at Work (2015)
Working Paper: Managing the Family Firm: Evidence from CEOs at Work (2013)
Working Paper: Managing the Family Firm: Evidence from CEOs at Work (2013)
Working Paper: Managing the family firm: evidence from CEOs at work (2013)
Working Paper: Managing the family firm: evidence from CEOs at work (2013)
Working Paper: Managing the Family Firm: Evidence from CEOs at Work (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:ehl:lserod:83391

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