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Are Executives in Short Supply? Evidence from Death Events

Author

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  • Julien Sauvagnat
  • Fabiano Schivardi

Abstract

Using exhaustive administrative data on Italian social security records, we construct measures of local labour market thickness for executives that vary by industry and location. We show that firm performance is strongly and persistently affected by executive death, but only in thin local labour markets. The new executives hired after death events in thin local labour markets have lower education levels and are more likely to be replaced. These predictions are consistent with a simple model of executive search in which market thickness determines the arrival rate of applications for executive positions.

Suggested Citation

  • Julien Sauvagnat & Fabiano Schivardi, 2024. "Are Executives in Short Supply? Evidence from Death Events," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 91(1), pages 519-559.
    • Handle: RePEc:oup:restud:v:91:y:2024:i:1:p:519-559.
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    File URL: http://hdl.handle.net/10.1093/restud/rdad027
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