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Generalist CEOs and employee well-being: The moderating role of labor unions

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  • Li, Weijiao
  • Gu, Zhihui

Abstract

Upper echelon theory proposes that CEO characteristics have profound implications for decision making and firm outcomes. In this study, we explore the impact of CEO background diversity on employee well-being. Taking advantage of publicly traded A-share enterprises in China between 2013 and 2023, we demonstrate that generalist CEOs lead to higher employee well-being than specialist CEOs. This positive impact of generalist CEOs is weakened when firms have effective labor unions. Further analysis suggests that employee welfare expenditures and employee turnover ratios are the possible economic mechanisms underlying the main relationship. Our findings are robust to multiple sensitivity and endogeneity tests.

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  • Li, Weijiao & Gu, Zhihui, 2025. "Generalist CEOs and employee well-being: The moderating role of labor unions," Finance Research Letters, Elsevier, vol. 83(C).
    • Handle: RePEc:eee:finlet:v:83:y:2025:i:c:s1544612325009547
    DOI: 10.1016/j.frl.2025.107695
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