| 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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