Founder-CEOs, Investment Decisions, and Stock Market Performance

被引：263

作者：

Fahlenbrach, Ruediger ^{[1
]}

机构：

[1] Ohio State Univ, Fisher Coll Business, Columbus, OH 43210 USA

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2009年 / 44卷 / 02期

基金：

美国国家科学基金会;

关键词：

CORPORATE GOVERNANCE; FAMILY OWNERSHIP; EQUITY PRICES; FINANCIAL PERFORMANCE; SMALLER BUSINESSES; FIRM PERFORMANCE; RISK REDUCTION; CROSS-SECTION; RETURNS; ENTREPRENEURSHIP;

D O I：

10.1017/S0022109009090139

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Eleven percent of the largest public U.S. firms are headed by the CEO who founded the firm. Founder-CEO firms differ systematically from successor-CEO firms with respect to firm valuation, investment behavior, and stock market performance. Founder-CEO firms invest more in research and development, have higher capital expenditures, and make more focused mergers and acquisitions. An equal-weighted investment strategy that had invested in founder-CEO firms from 1993 to 2002 would have earned a bench mark-adjusted return of 8.3% annually. The excess return is robust; after controlling for a wide variety of firm characteristics, CEO characteristics, and industry affiliation, the abnormal return is still 4.4% annually. The implications of the investment behavior and stock market performance of founder-CEO firms are discussed.

引用

页码：439 / 466

页数：28

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