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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP16281 |
DP16281 The Market for CEOs | |
Dirk Jenter; Peter Cziraki | |
发表日期 | 2021-06-20 |
出版年 | 2021 |
语种 | 英语 |
摘要 | We study the market for CEOs of large publicly-traded US firms, analyze new CEOs’ prior connections to the hiring firm, and explore how hiring choices are determined. Firms are hiring from a surprisingly small pool of candidates. More than 80% of new CEOs are insiders, defined as current or former employees or board members. Boards are already familiar with more than 90% of new CEOs, as they are either insiders or executives who directors have previously worked with. There are few reallocations of CEOs across firms - firms raid CEOs of other firms in only 3% of cases. Pay differences appear too small to explain these hiring choices. The evidence suggests that firm-specific human capital, asymmetric information, and other frictions have first-order effects on the assignment of CEOs to firms. |
主题 | Financial Economics ; Organizational Economics |
关键词 | Ceo labor markets Ceo-firm matching Assignment models Ceo compensation |
URL | https://cepr.org/publications/dp16281 |
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/545247 |
推荐引用方式 GB/T 7714 | Dirk Jenter,Peter Cziraki. DP16281 The Market for CEOs. 2021. |
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