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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. The results appear to be driven by distortions in the initial job allocation during recession times. Recession CEOs also display more conservative styles: lower capital expenditures, overheads and R&D, less leverage, and more diversification. We also document that recession experiences at the time of labor force entry rather than during early childhood explain variations 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. Frydman, Carola & Jenter, Dirk, 2010. "CEO Compensation," Research Papers, Stanford University, Graduate School of Business 2069, Stanford University, Graduate School of Business.
  2. Ulrike Malmendier & Stefan Nagel, 2009. "Depression Babies: Do Macroeconomic Experiences Affect Risk-Taking?," NBER Working Papers, National Bureau of Economic Research, Inc 14813, National Bureau of Economic Research, Inc.
  3. Kevin J. Murphy & Jan Zabojnik, 2006. "Managerial Capital and the Market for CEOs," Working Papers, Queen's University, Department of Economics 1110, Queen's University, Department of Economics.
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Cited by:
  1. Hideo Owan & Shingo Takahashi & Tsuyoshi Tsuru & Katsuhito Uehara, 2014. "Finding good managers: an econometric case study of a large Japanese auto dealership," Working Papers, Research Institute, International University of Japan EMS_2014_08, Research Institute, International University of Japan.
  2. Maclean, Johanna Catherine, 2013. "The health effects of leaving school in a bad economy," Journal of Health Economics, Elsevier, Elsevier, vol. 32(5), pages 951-964.
  3. Efraim Benmelech & Carola Frydman, 2014. "Military CEOs," NBER Working Papers, National Bureau of Economic Research, Inc 19782, National Bureau of Economic Research, Inc.
  4. Oriana Bandiera & Andrea Prat & Raffaella Sadun, 2013. "Managing the Family Firm: Evidence from CEOs at Work," CEP Discussion Papers, Centre for Economic Performance, LSE dp1250, Centre for Economic Performance, LSE.
  5. Raghuram Rajan, 2012. "The Corporation in Finance," NBER Working Papers, National Bureau of Economic Research, Inc 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, National Bureau of Economic Research, Inc 19395, National Bureau of Economic Research, Inc.

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