Co-Worker Complementarity and the Stability of Top Management Teams

Stanford GSB Research Paper No. 1846

36 Pages Posted: 18 Mar 2004

See all articles by Paul Oyer

Paul Oyer

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

Scott Schaefer

University of Utah - Department of Finance

Rachel M. Hayes

University of Utah - David Eccles School of Business

Multiple version iconThere are 3 versions of this paper

Date Written: February 2004

Abstract

We investigate the hypothesis that complementarities across co-workers (which may arise from matching or investments in specifc 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.

Keywords: complementarity, economics of organizations, turnover

Suggested Citation

Oyer, Paul and Schaefer, Scott and Hayes, Rachel M., Co-Worker Complementarity and the Stability of Top Management Teams (February 2004). Stanford GSB Research Paper No. 1846, Available at SSRN: https://ssrn.com/abstract=516007 or http://dx.doi.org/10.2139/ssrn.516007

Paul Oyer (Contact Author)

Stanford Graduate School of Business ( email )

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National Bureau of Economic Research (NBER)

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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

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

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