| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13089 |
| DP13089 Discrimination, Managers, and Firm Performance: Evidence from “Aryanizations” in Nazi Germany* | |
| Kilian Huber; Fabian Waldinger | |
| 发表日期 | 2018-07-30 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Large-scale increases in discrimination can lead to dismissals of highly qualified managers. We investigate how expulsions of senior Jewish managers, due to rising discrimination in Nazi Germany, affected large corporations. Firms that lost Jewish managers experienced persistent reductions in stock prices, dividends, and returns on assets. Aggregate market value fell by roughly 1.8 percent of German GNP because of the expulsions. Managers who served as key connectors to other firms and managers who were highly educated were particularly important for firm performance. The findings imply that individual managers drive firm performance. Discrimination against qualified business leaders causes first-order economic losses. |
| 主题 | Economic History ; Financial Economics ; Labour Economics |
| 关键词 | Discrimination Managers Firms Nazi germany “aryanizations” |
| URL | https://cepr.org/publications/dp13089 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541894 |
| 推荐引用方式 GB/T 7714 | Kilian Huber,Fabian Waldinger. DP13089 Discrimination, Managers, and Firm Performance: Evidence from “Aryanizations” in Nazi Germany*. 2018. |
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