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From Playground to Boardroom: Endowed Social Status and Managerial Performance

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  • Du, Fangfang

Abstract

Using U.S. census survey data on CEOs’ residence in their formative years, I document a negative relation between CEOs’ endowed family wealth and managerial performance. Consistent with the view that CEOs born into low-income families face higher entry barriers but may possess greater levels of ability that enable them to become CEOs, I find that CEOs born into less privileged families outperform those from higher-wealth families. The outperformance of CEOs from less wealthy families is not driven by risk taking or omitted variables. Overall, my results suggest that CEOs’ social endowment provides a useful signal for their managerial ability.

Suggested Citation

  • Du, Fangfang, 2022. "From Playground to Boardroom: Endowed Social Status and Managerial Performance," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 57(3), pages 988-1022, May.
    • Handle: RePEc:cup:jfinqa:v:57:y:2022:i:3:p:988-1022_6
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