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Geography and the Market for CEOs

Scott E. Yonker

Indiana University - Kelley School of Business - Department of Finance

October 16, 2012

I examine the role of geography in the market for CEOs and find that firms hire locally five times more often than expected if geography were irrelevant to the matching process. Geography affects both labor supply and demand. Firms located in less desirable locations that are less R&D-intensive are more likely to hire local CEOs. Compensation and turnover are lower for local CEOs than for non-locals and unlike non-local CEOs, the compensation of locals depends on local labor market factors. These results are consistent with CEOs optimally matching to firms, whereby the geographic preferences of CEOs influence the matching outcomes.

Number of Pages in PDF File: 51

Keywords: CEO, geography, corporate finance

JEL Classification: G30, G34

working papers series

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Date posted: June 16, 2010 ; Last revised: May 14, 2014

Suggested Citation

Yonker, Scott E., Geography and the Market for CEOs (October 16, 2012). Available at SSRN: http://ssrn.com/abstract=1625470 or http://dx.doi.org/10.2139/ssrn.1625470

Contact Information

Scott E. Yonker (Contact Author)
Indiana University - Kelley School of Business - Department of Finance ( email )
1309 E. 10th St.
Bloomington, IN 47405
United States

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