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Does a CEO’s Cultural Heritage Affect Performance under Competitive Pressure?

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  • Duc Duy Nguyen
  • Jens Hagendorff
  • Arman Eshraghi

Abstract

We exploit variation in the cultural heritage across U.S. CEOs who are the children or grandchildren of immigrants to demonstrate that the cultural origins of CEOs matter for corporate outcomes. Following shocks to industry competition, firms led by CEOs who are second- or third-generation immigrants are associated with a 6.2% higher profitability compared with the average firm. This effect weakens over successive immigrant generations and cannot be detected for top executives apart from the CEO. Additional analysis attributes this effect to various cultural values that prevail in a CEO’s ancestral country of origin. Received April 13, 2016; editorial decision January 18, 2017 by Editor Andrew Karolyi.

Suggested Citation

  • Duc Duy Nguyen & Jens Hagendorff & Arman Eshraghi, 2018. "Does a CEO’s Cultural Heritage Affect Performance under Competitive Pressure?," The Review of Financial Studies, Society for Financial Studies, vol. 31(1), pages 97-141.
    • Handle: RePEc:oup:rfinst:v:31:y:2018:i:1:p:97-141.
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    File URL: http://hdl.handle.net/10.1093/rfs/hhx046
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