Abstract

http://ssrn.com/abstract=1955612
 
 

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Shaped by Booms and Busts: How the Economy Impacts CEO Careers and Management Styles


Antoinette Schoar


Massachusetts Institute of Technology (MIT) - Sloan School of Management; National Bureau of Economic Research (NBER)

Luo Zuo


Cornell University - Samuel Curtis Johnson Graduate School of Management

August 6, 2014


Abstract:     
We show that economic conditions when CEOs enter the labor market have lasting impact on their career paths and managerial styles. Recession CEOs take less time to become CEOs, but manage smaller firms, receive lower compensation, and move less across firms and industries. The results appear to be driven by distortions in the initial job allocation during recession times. Recession CEOs also display more conservative styles: lower capital expenditures, overheads and R&D, less leverage, and more diversification. We also document that recession experiences at the time of labor force entry rather than during early childhood explain variations in management styles.

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Date posted: November 7, 2011 ; Last revised: August 19, 2014

Suggested Citation

Schoar, Antoinette and Zuo, Luo, Shaped by Booms and Busts: How the Economy Impacts CEO Careers and Management Styles (August 6, 2014). Available at SSRN: http://ssrn.com/abstract=1955612 or http://dx.doi.org/10.2139/ssrn.1955612

Contact Information

Antoinette Schoar (Contact Author)
Massachusetts Institute of Technology (MIT) - Sloan School of Management ( email )
50 Memorial Drive, E52-447
Cambridge, MA 02142
United States
617-253-3763 (Phone)
617-258-6855 (Fax)
National Bureau of Economic Research (NBER) ( email )
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Luo Zuo
Cornell University - Samuel Curtis Johnson Graduate School of Management ( email )
362 Sage Hall
Ithaca, NY 14853
United States
607-255-4002 (Phone)
HOME PAGE: http://www.johnson.cornell.edu/Faculty-And-Research/Profile.aspx?id=lz352

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