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Shaped by Booms and Busts: How the Economy Impacts CEO Careers and Management Styles

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  • Antoinette Schoar
  • Luo Zuo

Abstract

We show that economic conditions when CEOs enter the labor market have lasting impact on their career paths and managerial styles. Recession CEOs take less time to become CEOs, but manage smaller firms, receive lower compensation, and move less across firms and industries. They also display more conservative styles: lower capital expenditures and R&D, less leverage, more diversification and lower overheads. These results do not seem to be driven by ex ante selection but by their labor-market experience. Recession experience at the time of labor force entry rather than during childhood explains most of the variation in management styles.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 17590.

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Date of creation: Nov 2011
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Handle: RePEc:nbr:nberwo:17590

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  1. Carola Frydman & Dirk Jenter, 2010. "CEO Compensation," CESifo Working Paper Series 3277, CESifo Group Munich.
  2. Kevin J. Murphy & Jan Zabojnik, 2006. "Managerial Capital and the Market for CEOs," Working Papers 1110, Queen's University, Department of Economics.
  3. Ulrike Malmendier & Stefan Nagel, 2011. "Depression Babies: Do Macroeconomic Experiences Affect Risk Taking?," The Quarterly Journal of Economics, Oxford University Press, vol. 126(1), pages 373-416.
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Cited by:
  1. Maclean, Johanna Catherine, 2013. "The health effects of leaving school in a bad economy," Journal of Health Economics, Elsevier, vol. 32(5), pages 951-964.
  2. Hideo Owan & Shingo Takahashi & Tsuyoshi Tsuru & Katsuhito Uehara, 2014. "Finding good managers: an econometric case study of a large Japanese auto dealership," Working Papers EMS_2014_08, Research Institute, International University of Japan.
  3. Efraim Benmelech & Carola Frydman, 2014. "Military CEOs," NBER Working Papers 19782, National Bureau of Economic Research, Inc.
  4. Oriana Bandiera & Andrea Prat & Raffaella Sadun, 2013. "Managing the Family Firm: Evidence from CEOs at Work," NBER Working Papers 19722, National Bureau of Economic Research, Inc.
  5. Raghuram Rajan, 2012. "The Corporation in Finance," NBER Working Papers 17760, National Bureau of Economic Research, Inc.
  6. William Mullins & Antoinette Schoar, 2013. "How do CEOs see their Role? Management Philosophy and Styles in Family and Non-Family Firms," NBER Working Papers 19395, National Bureau of Economic Research, Inc.

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