G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16281
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
URLhttps://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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