Co-Worker Complemetarity and the Stability of Top Management Teams

36 Pages Posted: 18 Mar 2004

See all articles by Rachel M. Hayes

Rachel M. Hayes

University of Utah - David Eccles School of Business

Paul Oyer

Stanford Graduate School of Business; National Bureau of Economic Research (NBER)

Scott Schaefer

University of Utah - Department of Finance

Multiple version iconThere are 3 versions of this paper

Date Written: March 2004

Abstract

We investigate the hypothesis that complementarities across co-workers (which may arise from matching or investments in specific skills) affect the value of employment relationships between senior executives and firms. We analyze the changes in the composition of top management teams when a key member of the team (the CEO) departs. Our empirical analysis establishes several facts that are consistent with co-worker complementarity being an important determinant of management team stability.

Suggested Citation

Hayes, Rachel M. and Oyer, Paul and Schaefer, Scott, Co-Worker Complemetarity and the Stability of Top Management Teams (March 2004). NBER Working Paper No. w10350, Available at SSRN: https://ssrn.com/abstract=515244

Rachel M. Hayes

University of Utah - David Eccles School of Business ( email )

1645 E Campus Center Dr
Salt Lake City, UT 84112-9303
United States

Paul Oyer (Contact Author)

Stanford Graduate School of Business ( email )

655 Knight Way
Stanford, CA 94305-5015
United States
650-736-1047 (Phone)
650-725-0468 (Fax)

National Bureau of Economic Research (NBER)

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Cambridge, MA 02138
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Scott Schaefer

University of Utah - Department of Finance ( email )

David Eccles School of Business
Salt Lake City, UT 84112
United States

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