The Experts below are selected from a list of 34593 Experts worldwide ranked by ideXlab platform
Geoffrey Tweedale - One of the best experts on this subject based on the ideXlab platform.
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Double standards: the multinational asbestos industry and asbestos-related disease in South Africa.
International Journal of Health Services, 2004Co-Authors: Jock Mcculloch, Geoffrey TweedaleAbstract:This study documents and contrasts the development of knowledge about asbestos-related disease (ARD) in South Africa and the United Kingdom. It also contributes to the globalization debate by exploring Corporate Decision-Making in a multinational industry. Between the 1930s and 1960s, the leading U.K. asbestos companies developed a sophisticated knowledge of ARD, though in South Africa, where the leading companies such as Turner & Newall and Cape Asbestos owned mines, there was little attempt to apply this knowledge. Asbestos mines (and their environments) in South Africa were uniquely dusty and ARD was rife. Social and political factors in South Africa, especially apartheid, allowed these companies to apply double standards, even after 1960 when the much more serious hazard of mesothelioma was identified. This shows the need for greater regulation of multinationals. Because of the lack of such regulation in the early 1960s, an opportunity was lost to prevent the current high morbidity and mortality of ARD both in South Africa and worldwide.
Daniel Wolfenzon - One of the best experts on this subject based on the ideXlab platform.
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inside the family firm the role of families in succession Decisions and performance
Quarterly Journal of Economics, 2007Co-Authors: Morten Bennedsen, Kasper Meisner Nielsen, Francisco Perezgonzalez, Daniel WolfenzonAbstract:This paper uses a unique dataset from Denmark to investigate the impact of family characteristics in Corporate Decision Making, and the consequences of these Decisions on firm performance. We focus on the Decision to appoint either a family or an external chief executive officer (CEO). The paper uses variation in CEO succession Decisions that result from the gender of a departing CEO’s first-born child. This is a plausible instrumental variable (IV) as male firstchild firms are more likely to pass on control to a family CEO relative to female first-child firms, but the gender of a first child is unlikely to affect firms’ outcomes. We find that family successions have a large negative causal impact on firm performance: operating profitability on assets falls by at least four percentage points around CEO transitions. Our IV estimates are significantly larger than those obtained using ordinary least squares. Furthermore, we show that family-CEO underperformance is particularly large for firms in high-growth industries and for relatively large firms. Overall, the empirical results demonstrate that professional non-family CEOs provide extremely valuable services to the organizations they head.
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inside the family firm the role of families in succession Decisions and performance
National Bureau of Economic Research, 2006Co-Authors: Morten Bennedsen, Kasper Meisner Nielsen, Francisco Perezgonzalez, Daniel WolfenzonAbstract:This paper uses a unique dataset from Denmark to investigate (1) the role of family characteristics in Corporate Decision Making, and (2) the consequences of these Decisions on firm performance. We focus on the Decision to appoint either a family or an external chief executive officer (CEO). We show that a departing CEO’s family characteristics have a strong predictive power in explaining CEO succession Decisions: family CEOs are more frequently selected the larger the size of the family, the higher the ratio of male children and when the departing CEOs had only had one spouse. We then analyze the impact of family successions on performance. We overcome endogeneity and omitted variables problems of previous papers in the literature by using the gender of a departing CEO’s first-born child as an instrumental variable (IV) for family successions. This is a plausible IV as male first-child family firms are more likely to pass on control to a family CEO than female first-child firms, but the gender of the first child is unlikely to affect firms’ performance. We find that family successions have a dramatic negative causal impact on firm performance: profitability on assets falls by at least 6 percentage points around CEO transitions. These estimates are significantly larger than those obtained using ordinary least squares. Finally, our findings demonstrate that professional non-family CEOs provide extremely valuable services to the organizations they work for.
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inside the family firm the role of families in succession Decisions and performance
2006Co-Authors: Morten Bennedsen, Kasper Meisner Nielsen, Francisco Perezgonzalez, Daniel WolfenzonAbstract:This paper uses a unique dataset from Denmark to investigate the impact of family characteristics in Corporate Decision Making and the consequences of these Decisions on firm performance. We focus on the Decision to appoint either a family or external chief executive officer (CEO). The paper uses variation in CEO succession Decisions that result from the gender of a departing CEO's firstborn child. This is a plausible instrumental variable (IV), as male first-child firms are more likely to pass on control to a family CEO than are female first-child firms, but the gender of the first child is unlikely to affect firms' outcomes. We find that family successions have a large negative causal impact on firm performance: operating profitability on assets falls by at least four percentage points around CEO transitions. Our IV estimates are significantly larger than those obtained using ordinary least squares. Furthermore, we show that family CEO underperformance is particularly large in fast-growing industries, industries with highly skilled labor force and relatively large firms. Overall, our empirical results demonstrate that professional, non-family CEOs provide extremely valuable services to the organizations they head.
Amir Rubin - One of the best experts on this subject based on the ideXlab platform.
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political views and Corporate Decision Making the case of Corporate social responsibility
The Financial Review, 2008Co-Authors: Amir RubinAbstract:This paper conducts an empirical analysis of the relationship between Corporate social responsibility (CSR) and political beliefs in the United States. By analyzing the 2004 presidential election results of communities in which Corporate headquarters are located, we establish a correlation between the political beliefs of Corporate stakeholders and the CSR ratings of their firms. Companies with a high CSR rating tend to be located in Democratic, or “blue” states and counties, while companies with a low CSR rating tend to be located in Republican, or “red” states and counties.
Jock Mcculloch - One of the best experts on this subject based on the ideXlab platform.
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Double standards: the multinational asbestos industry and asbestos-related disease in South Africa.
International Journal of Health Services, 2004Co-Authors: Jock Mcculloch, Geoffrey TweedaleAbstract:This study documents and contrasts the development of knowledge about asbestos-related disease (ARD) in South Africa and the United Kingdom. It also contributes to the globalization debate by exploring Corporate Decision-Making in a multinational industry. Between the 1930s and 1960s, the leading U.K. asbestos companies developed a sophisticated knowledge of ARD, though in South Africa, where the leading companies such as Turner & Newall and Cape Asbestos owned mines, there was little attempt to apply this knowledge. Asbestos mines (and their environments) in South Africa were uniquely dusty and ARD was rife. Social and political factors in South Africa, especially apartheid, allowed these companies to apply double standards, even after 1960 when the much more serious hazard of mesothelioma was identified. This shows the need for greater regulation of multinationals. Because of the lack of such regulation in the early 1960s, an opportunity was lost to prevent the current high morbidity and mortality of ARD both in South Africa and worldwide.
Morten Bennedsen - One of the best experts on this subject based on the ideXlab platform.
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inside the family firm the role of families in succession Decisions and performance
Quarterly Journal of Economics, 2007Co-Authors: Morten Bennedsen, Kasper Meisner Nielsen, Francisco Perezgonzalez, Daniel WolfenzonAbstract:This paper uses a unique dataset from Denmark to investigate the impact of family characteristics in Corporate Decision Making, and the consequences of these Decisions on firm performance. We focus on the Decision to appoint either a family or an external chief executive officer (CEO). The paper uses variation in CEO succession Decisions that result from the gender of a departing CEO’s first-born child. This is a plausible instrumental variable (IV) as male firstchild firms are more likely to pass on control to a family CEO relative to female first-child firms, but the gender of a first child is unlikely to affect firms’ outcomes. We find that family successions have a large negative causal impact on firm performance: operating profitability on assets falls by at least four percentage points around CEO transitions. Our IV estimates are significantly larger than those obtained using ordinary least squares. Furthermore, we show that family-CEO underperformance is particularly large for firms in high-growth industries and for relatively large firms. Overall, the empirical results demonstrate that professional non-family CEOs provide extremely valuable services to the organizations they head.
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inside the family firm the role of families in succession Decisions and performance
National Bureau of Economic Research, 2006Co-Authors: Morten Bennedsen, Kasper Meisner Nielsen, Francisco Perezgonzalez, Daniel WolfenzonAbstract:This paper uses a unique dataset from Denmark to investigate (1) the role of family characteristics in Corporate Decision Making, and (2) the consequences of these Decisions on firm performance. We focus on the Decision to appoint either a family or an external chief executive officer (CEO). We show that a departing CEO’s family characteristics have a strong predictive power in explaining CEO succession Decisions: family CEOs are more frequently selected the larger the size of the family, the higher the ratio of male children and when the departing CEOs had only had one spouse. We then analyze the impact of family successions on performance. We overcome endogeneity and omitted variables problems of previous papers in the literature by using the gender of a departing CEO’s first-born child as an instrumental variable (IV) for family successions. This is a plausible IV as male first-child family firms are more likely to pass on control to a family CEO than female first-child firms, but the gender of the first child is unlikely to affect firms’ performance. We find that family successions have a dramatic negative causal impact on firm performance: profitability on assets falls by at least 6 percentage points around CEO transitions. These estimates are significantly larger than those obtained using ordinary least squares. Finally, our findings demonstrate that professional non-family CEOs provide extremely valuable services to the organizations they work for.
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inside the family firm the role of families in succession Decisions and performance
2006Co-Authors: Morten Bennedsen, Kasper Meisner Nielsen, Francisco Perezgonzalez, Daniel WolfenzonAbstract:This paper uses a unique dataset from Denmark to investigate the impact of family characteristics in Corporate Decision Making and the consequences of these Decisions on firm performance. We focus on the Decision to appoint either a family or external chief executive officer (CEO). The paper uses variation in CEO succession Decisions that result from the gender of a departing CEO's firstborn child. This is a plausible instrumental variable (IV), as male first-child firms are more likely to pass on control to a family CEO than are female first-child firms, but the gender of the first child is unlikely to affect firms' outcomes. We find that family successions have a large negative causal impact on firm performance: operating profitability on assets falls by at least four percentage points around CEO transitions. Our IV estimates are significantly larger than those obtained using ordinary least squares. Furthermore, we show that family CEO underperformance is particularly large in fast-growing industries, industries with highly skilled labor force and relatively large firms. Overall, our empirical results demonstrate that professional, non-family CEOs provide extremely valuable services to the organizations they head.
