Managing with Style: The Effect of Managers on Firm Policies
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ID: 289847
2003
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Abstract
This paper investigates whether and how individual managers affect corporate behavior and performance. We construct a manager-e rm matched panel data set which enables us to track the top managers across different e rms over time. We e nd that manager e xed effects matter for a wide range of corporate decisions. A signie cant extent of the heterogeneity in investment, e nancial, and organizational practices of e rms can be explained by the presence of manager e xed effects. We identify specie c patterns in managerial decision-making that appear to indicate general differences in “ style” across managers. Moreover, we show that management style is signie cantly related to manager e xed effects in performance and that managers with higher performance e xed effects receive higher compensation and are more likely to be found in better governed e rms. In a e nal step, we tie back these e ndings to observable managerial characteristics. We e nd that executives from earlier birth cohorts appear on average to be more conservative; on the other hand, managers who hold an MBA degree seem to follow on average more aggressive strategies.
| Reference Key |
openalex_W1677595927
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SciMatic Manuscript Manager or Thesis Manager
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|---|---|
| Authors | Bertrand Moine, Antoinette Schoar |
| Journal | the quarterly journal of economics |
| Year | 2003 |
| DOI |
10.1162/003355303322552775
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| URL | |
| Keywords | Keywords not found |
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