PhD CEOs and firm performance

被引：18

作者：

Urquhart, Andrew ^{[1
]}

Zhang, Hanxiong ^{[2
]}

机构：

[1] Univ Reading, Henley Business Sch, ICMA Ctr, Reading RG6 6UR, Berks, England

[2] Univ Surrey, Surrey Business Sch, Surrey, England

来源：

EUROPEAN FINANCIAL MANAGEMENT | 2022年 / 28卷 / 02期

关键词：

CEO characteristics; education; firm performance; PhD; SENSATION SEEKING; BOARD; OVERCONFIDENCE; RISK; TRAITS; DETERMINANTS; EXPERIENCE; EXECUTIVES; DIRECTORS; MANAGERS;

D O I：

10.1111/eufm.12316

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the relationship between the education of a Chief Executive Officer (CEO) and firm performance and provides robust evidence that firms led by CEOs with PhDs outperform their peers. We find that CEOs with PhDs increase firm performance by 3.03% while CEOs with a PhD from a highly ranked university increase firm performance by 4.65%. Our results are robust to endogenous CEO selection, transition firms, alternative rankings, unobserved firm characteristics and the network of the CEO. We also show that the increase in firm performance is due to a tighter control of costs and superior cash flow management.

引用

页码：433 / 481

页数：49

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