Abstract

http://ssrn.com/abstract=1955612
 
 

References (43)



 
 

Citations (7)



 


 



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

June 29, 2015


Abstract:     
Economic conditions when CEOs enter the labor market have a lasting impact on their career paths and managerial styles. CEOs who start their careers in recessions take less time to become CEOs, but lead smaller firms once they do. Recession CEOs also display more conservative styles: less investment in capex and R&D, more cost cutting, lower leverage and working capital needs, less aggressive tax avoidance, and lower stock return volatility. These career effects appear to be driven by distortions in the initial job allocation during recession times, and suggest that the early work environment is an important factor in the formation of managers.

Number of Pages in PDF File: 47


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Date posted: November 7, 2011 ; Last revised: July 1, 2015

Suggested Citation

Schoar, Antoinette and Zuo, Luo, Shaped by Booms and Busts: How the Economy Impacts CEO Careers and Management Styles (June 29, 2015). 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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