Culture

Working Paper

01 August 2015

Mind the gap: The Age Dissimilarity between the Chair and the CEO

We study the relation between the chair of the board of directors and the CEO. We argue that substantial age dissimilarity between the two - giving rise to cognitive conflict - increases board monitoring and firm value for firms with...

Marc Goergen | Peter Limbach | Meik Scholz-Daneshgari
01 September 2016

Are CEOs Born Leaders? Lessons from Traits of a Million Individuals

What makes a CEO? Our study combines a near-exhaustive sample of CEOs of Swedish companies with data on their cognitive and non-cognitive ability and height at age 18. On average, CEOs, particularly large-company CEOs, have much higher...

Renee Adams | Matti Keloharju | Samuli Knüpfer
30 November 2019

Growing Up Under Mao and Deng: On the Ideological Determinants of Corporate Policies

Historically, economic activities have been organized around certain ideologies. We investigate the impact of politicians’ ideology on corporate policies by exploring a unique setting of ideological change—China from Mao to...

Hao Liang | Rong Wang | Haikun Zhu
24 June 2019

Shareholders and Stakeholders around the World: The Role of Values, Culture, and Law in Directors’ Decisions

This study sets out to examine the relative importance of legal and cultural institutions and personal values in directors’ discretion. We present first evidence on the way personal and institutional factors together guide public...

Amir Licht | Renee Adams
20 July 2017

Earnings Management and Managerial Honesty: The Investors’ Perspectives

Extant research shows that CEO characteristics and moral preferences affect earnings management. This paper studies how investors infer CEOs’ moral preferences from earnings management and how this perception – in conjunction...

Alexander Wagner | Rajna Gibson Brandon | Matthias Sohn | Carmen Tanner

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