Understanding the relationship between founder-CEOs and firm performance

被引：310

作者：

Adams, Renee ^{[3
]}

Almeida, Heitor ^{[1
,2
]}

Ferreira, Daniel ^{[4
]}

机构：

[1] Univ Illinois, Chicago, IL 60680 USA

[2] NBER, Cambridge, MA 02138 USA

[3] Univ Queensland, Brisbane, Qld 4072, Australia

[4] London Sch Econ, London, England

来源：

JOURNAL OF EMPIRICAL FINANCE | 2009年 / 16卷 / 01期

关键词：

Founder-CEOs; CEO turnover; Instrumental variables; Family firms; Endogeneity; FAMILY OWNERSHIP; MARKET; SUCCESSION; VARIABLES; DIRECTORS;

D O I：

10.1016/j.jempfin.2008.05.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We use instrumental variables methods to disentangle the effect of founder-CEOs on performance from the effect of performance on founder-CEO status. Our instruments for founder-CEO status are the proportion of the firm's founders that are dead and the number of people who founded the company. We find strong evidence that founder-CEO status is endogenous in performance regressions and that good performance makes it less likely that the founder retains the CEO title. After factoring out the effect of performance on founder-CEO status, we identify a positive causal effect of founder-CEOs on firm performance that is quantitatively larger than the effect estimated through standard OLS regressions. We also find that founder-CEOs are more likely to relinquish the CEO post after periods of either unusually low or unusually high operating performances. All in all, the results in this paper are consistent with a largely positive view of founder control in large US corporations. (C) 2008 Elsevier B.V. All rights reserved.

引用

页码：136 / 150

页数：15