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Managing the Family Firm: Evidence from CEOs at Work

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  • Oriana Bandiera
  • Renata Lemos
  • Andrea Prat
  • Raffaella Sadun

Abstract

We present evidence on the labor supply of CEOs, and on whether family and professional CEOs differ on this dimension. We do so through a new survey instrument that allows us to codify CEOs' diaries in a detailed and comparable fashion, and to build a bottom-up measure of CEO labor supply. The comparison of 1,114 family and professional CEOs reveals that family CEOs work 9% fewer hours relative to professional CEOs. Hours worked are positively correlated with firm performance, and differences between family and non-family CEOs account for approximately 18% of the performance gap between family and non-family firms. We investigate the sources of the differences in CEO labor supply across governance types by exploiting firm and industry heterogeneity, and quasi-exogenous meteorological and sport events. The evidence suggests that family CEOs value-or can pursue-leisure activities relatively more than professional CEOs.

Suggested Citation

  • Oriana Bandiera & Renata Lemos & Andrea Prat & Raffaella Sadun, 2013. "Managing the Family Firm: Evidence from CEOs at Work," CEP Discussion Papers dp1250, Centre for Economic Performance, LSE.
  • Handle: RePEc:cep:cepdps:dp1250
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    4. Huber, Kilian & Lindenthal, Volker & Waldinger, Fabian, 2019. "Discrimination, managers and firm performance: evidence from "Aryanizations" in Nazi Germany," LSE Research Online Documents on Economics 102613, London School of Economics and Political Science, LSE Library.
    5. Thomas Breda, 2018. "Working in family firms," IZA World of Labor, Institute of Labor Economics (IZA), pages 434-434, April.
    6. Sara Calligaris & Massimo Del Gatto & Fadi Hassan & Gianmarco I P Ottaviano & Fabiano Schivardi & Tommaso MonacelliManaging Editor, 2018. "The productivity puzzle and misallocation: an Italian perspective," Economic Policy, CEPR;CES;MSH, vol. 33(96), pages 635-684.
    7. Chakraborty, Pavel & Raveh, Ohad, 2018. "Input-trade liberalization and the demand for managers: Evidence from India," Journal of International Economics, Elsevier, vol. 111(C), pages 159-176.
    8. Marina Halac & Andrea Prat, 2016. "Managerial Attention and Worker Performance," American Economic Review, American Economic Association, vol. 106(10), pages 3104-3132, October.
    9. Keijiro Otsuka, 2020. "Strategy for Cluster-Based Industrial Development in Developing Countries," Discussion Papers 2019, Graduate School of Economics, Kobe University.
    10. Jacob Lyngsie & Nicolai J. Foss, 2017. "The more, the merrier? Women in top‐management teams and entrepreneurship in established firms," Strategic Management Journal, Wiley Blackwell, vol. 38(3), pages 487-505, March.
    11. Canan C. Mutlu & Sunay Mutlu & Steve Sauerwald, 2021. "CEO outside directorships and managerial efficiency: The role of host board capital," Corporate Governance: An International Review, Wiley Blackwell, vol. 29(1), pages 45-66, January.
    12. Huang, Haijie & Lee, Edward & Lyu, Changjiang & Zhao, Yiyi, 2020. "Bequest motive, information transparency, and family firm value: A natural experiment," Journal of Corporate Finance, Elsevier, vol. 65(C).
    13. Block, Jörn & Jarchow, Svenja & Kammerlander, Nadine & Hosseini, Florian & Achleitner, Ann-Kristin, 2020. "Performance of foundation-owned firms in Germany: The role of foundation purpose, stock market listing, and family involvement," Journal of Family Business Strategy, Elsevier, vol. 11(4).
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    More about this item

    Keywords

    CEO; Time; Family firms; Competition; Productivity;
    All these keywords.

    JEL classification:

    • M12 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Personnel Management; Executives; Executive Compensation
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity

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