The DOI matches its Crossref record; 4 of the 4 references it cites were found in a registry or an index.
Inherited Control and Firm Performance
Abstract
I use data from chief executive officer (CEO) successions to examine the impact of inherited control on firms' performance. I find that firms where incoming CEOs are related to the departing CEO, to a founder, or to a large shareholder by either blood or marriage underperform in terms of operating profitability and market-to-book ratios, relative to firms that promote unrelated CEOs. Consistent with wasteful nepotism, lower performance is prominent in firms that appoint family CEOs who did not attend “selective” undergraduate institutions. Overall, the evidence indicates that nepotism hurts performance by limiting the scope of labor market competition.
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Cites
Common risk factors in the returns on stocks and bonds
Fama, E. F., & French, K. R. (1993) · Journal of Financial Economics · doi:10.1016/0304-405x(93)90023-5 · Cited by 25,754
Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency
JEGADEESH, N., & TITMAN, S. (1993) · The Journal of Finance · doi:10.1111/j.1540-6261.1993.tb04702.x · Cited by 11,584
Corporate Governance and Equity Prices
Gompers, P., Ishii, J., & Metrick, A. (2003) · The Quarterly Journal of Economics · doi:10.1162/00335530360535162 · Cited by 6,120
The separation of ownership and control in East Asian Corporations
Claessens, S., Djankov, S., & Lang, L. H. P. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00067-2 · Cited by 5,754
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Dimensionalizing Cultures: The Hofstede Model in Context
Hofstede, G. (2011) · Online Readings in Psychology and Culture · doi:10.9707/2307-0919.1014 · Cited by 7,250
What Matters in Corporate Governance?
Bebchuk, L., Cohen, A., & Ferrell, A. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhn099 · Cited by 2,906
Measuring and Explaining Management Practices Across Firms and Countries
Bloom, N., & Van Reenen, J. (2007) · The Quarterly Journal of Economics · doi:10.1162/qjec.2007.122.4.1351 · Cited by 2,373
Income Inequality, Equality of Opportunity, and Intergenerational Mobility
Corak, M. (2013) · Journal of Economic Perspectives · doi:10.1257/jep.27.3.79 · Cited by 1,898
Innovation in family firms: A systematic literature review and guidance for future research
Calabrò, A., Vecchiarini, M., Gast, J., Campopiano, G., De Massis, A., & Kraus, S. (2019) · International Journal of Management Reviews · doi:10.1111/ijmr.12192 · Cited by 495
What Matters in Corporate Governance?
Bebchuk, L. A., Cohen, A., & Ferrell, A. (2004) · doi:10.2139/ssrn.593423 · Cited by 443
“Capitalists in the Twenty-First Century”
Smith, M., Yagan, D., Zidar, O., & Zwick, E. (2019) · The Quarterly Journal of Economics · doi:10.1093/qje/qjz020 · Cited by 263
The Untenable Case for Perpetual Dual-Class Stock
Bebchuk, L. A., & Kastiel, K. (2017) · doi:10.2139/ssrn.2954630 · Cited by 81
Metadata
- Authors
- Pérez-González, F.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2006-11-01
- Volume
- 96
- Issue
- 5
- Pages
- 1559-1588
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W2026769862
- Cited by
- 1,142
- References
- 4
- FWCI
- 77.51
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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