A Review of Recent Research on CEOs’ Influence on Firm Performance

Michael McDonald (), Poonam Khanna and Jason Cavich
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Michael McDonald: UTSA

Working Papers from College of Business, University of Texas at San Antonio

Abstract: Management scholars, as well as scholars in other disciplines, have demonstrated a longstanding interest in the influence that chief executive officers (CEOs) have on firm performance. There is now a substantial literature on this general topic. Despite the importance of the issue and the existence of a sizable body of research, there does not appear to be a recent review of studies of the CEO-firm performance relationship. This paper seeks to begin to address this gap by reviewing recent studies in this area that have appeared in high-influence management journals. To organize our review, we place these studies into five main categories: 1) studies that examine how various CEO characteristics, which have not received much prior attention, are related to firm performance; 2) studies that consider possible mediators of the performance effects of CEO attributes that have been examined in the past; 3) studies that consider how certain CEO behaviors (versus CEO characteristics) influence firm performance; 4) studies that are concerned with the so-called “CEO effect”, which is the amount of variance in firm performance that can be attributed to CEOs (versus other factors like industry or the general macro-economic environment); and 5) studies that consider factors that determine when the CEO effect is stronger or weaker. Length: 33 pages

Keywords: Executive leaders; firm performance (search for similar items in EconPapers)
JEL-codes: L25 L29 (search for similar items in EconPapers)
Date: 2015
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