Managing the family firm: evidence from CEOs at work

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

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

Abstract: We build a comparable and bottom-up measure of CEO labor supply for 1,114 CEOs, and investigate whether family and professional CEOs differ on this dimension of effort. 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 sport events. The evidence suggests that family CEOs value–or can pursue–leisure activities more than professional CEOs.

JEL-codes: J01 J50 R14 (search for similar items in EconPapers)
Date: 2018-05-01
New Economics Papers: this item is included in nep-bec, nep-cfn, nep-hrm and nep-ore
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (18)

Published in Review of Financial Studies, 1, May, 2018, 31(5), pp. 1605-1653. ISSN: 0893-9454

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http://eprints.lse.ac.uk/84945/ 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 (2017)
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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