Nguyen, Duc Duy, Hagendorff, Jens ORCID: https://orcid.org/0000-0002-3567-7826 and Eshraghi, Arman ORCID: https://orcid.org/0000-0002-7406-1725 2018. Does a CEO's cultural heritage affect performance under competitive pressure? Review of Financial Studies 31 (1) , pp. 97-141. 10.1093/rfs/hhx046 |
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Abstract
We exploit variation in the cultural heritage across U.S. CEOs who are the children or grandchildren of immigrants to demonstrate that the cultural origins of CEOs matter for corporate outcomes. Following shocks to industry competition, firms led by CEOs who are second- or third-generation immigrants are associated with a 6.2% higher profitability compared with the average firm. This effect weakens over successive immigrant generations and cannot be detected for top executives apart from the CEO. Additional analysis attributes this effect to various cultural values that prevail in a CEO’s ancestral country of origin.
Item Type: | Article |
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Date Type: | Publication |
Status: | Published |
Schools: | Business (Including Economics) |
Uncontrolled Keywords: | CEOs, Cultural values, Competition, Performance, Corporate investments |
Publisher: | Oxford University Press (OUP) |
ISSN: | 0893-9454 |
Date of First Compliant Deposit: | 20 February 2017 |
Date of Acceptance: | 18 January 2017 |
Last Modified: | 06 Nov 2023 18:12 |
URI: | https://orca.cardiff.ac.uk/id/eprint/101439 |
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