We quantify the value of CEO industry-specific experience by using diversifying mergers and acquisitions announcements. In general, we find that industry experienced CEOs add value for their shareholders. The abnormal return is between 1.0% and 1.3% higher when the acquirer’s CEO has top management experience in the target’s industry. Analyzing potential mechanisms, we provide evidence that CEO...

This article contributes to the social networks literature by examining how corporate governance factors influence CEOs’ external advice-seeking behaviors. We incorporate insights from social networks research into an agency theory perspective to predict, and demonstrate empirically, that governance factors recommended by agency theory increase CEOs’ tendencies to seek out advice contacts who a...

In this paper, we contribute to the ongoing debate about the extent to which CEOs influence firm performance. We also seek to shift the existing debate from its narrower focus on CEO effects on firm performance (typically measured as ROA) to a broader focus on CEO effects on firm value (operationalized in terms of Tobin’s Q) and on the components of firm value. We analyze the three components o...

This study considers the potentially negative consequences for corporate leaders of being subjected to high levels of ingratiation in the form of flattery and opinion conformity from other managers and board members. Chief executive officers (CEOs) who have acquired positions of relatively high social status in the corporate elite tend to be attractive targets of flattery and opinion conformity...

Market-based theories predict that differences in CEO skills lead to potentially large differences in pay, but it is challenging to quantify the CEO skill premium in pay. In a first step toward overcoming this empirical challenge, we code detailed biographical information on a large sample of CEOs for a panel of S&P 1,500 firms between 1993 and 2005 to identify specific reputational, career, an...

INTRODUCTION Regional or state studies in the USA have documented shortages of rural physicians and other healthcare professionals that can impact on access to health services. The purpose of this study was to determine whether rural hospital chief executive officers (CEOs) in the USA report shortages of health professions and to obtain perceptions about factors influencing recruiting and reten...

This article explores whether new firms managed by founder-chief executive officers (CEOs) are more likely to survive than those successor-CEOs in times of crisis. Drawing on the concept ‘resilience’ adversity, we argue that founder-CEOs increase likelihood firm survival, especially Using a sample Japanese founded during 2003–2010 period, examine impact founder-CEO succession survival. The anal...

There is wide debate over the causes and ultimate importance of the pecking order and debt conservatism to firm financing decisions. We argue that these empirical patterns are not driven solely by firmand market level variation, but are also linked to individual managerial characteristics. We relate the reluctance of (some) managers to access external capital markets, and particularly equity ma...

We argue that individual characteristics of managers can explain capital structure decisions like debt conservatism and pecking-order …nancing choices. Moreover, they can explain cross-sectional variation in these decisions despite identical …rm characteristics. We link the reluctance of (some) managers to access external capital markets, and in particular equity markets, to managerial overcon…...

In 1989 the Catholic Health Association, in conjunction with the University of Iowa Center for Health Services Research, surveyed chief executive officers (CEOs) of rural hospitals regarding their hospital's viability and strategic behaviors and orientations. An extensive questionnaire was sent to the CEOs of all Catholic, all other religious not-for-profit, and all investor-owned rural hospita...