The Experts below are selected from a list of 207 Experts worldwide ranked by ideXlab platform
David Gaddis Ross - One of the best experts on this subject based on the ideXlab platform.
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revisiting Managerial Style the replicability and falsifiability of manager fixed effects for firm policies
Social Science Research Network, 2020Co-Authors: Victor Jarosiewicz, David Gaddis RossAbstract:A growing literature studies the importance of top managers for firm policies and performance. We revisit the foundations of this literature by replicating and extending the analysis of Bertrand and Schoar (2003), who used manager fixed effects to provide evidence for the existence of Managerial “Style” in the form of financial statement metrics like leverage, R&D spending, and Tobin’s Q. We find that the statistical and economic significance of manager fixed effects is notably lower in our results than in theirs, although sometimes we obtain stronger results. There is no obvious pattern to the discrepancies. These discrepant findings motivated us to conduct placebo tests using data in which we randomize managers’ spells at their firms. The results with the randomized data are effectively indistinguishable from those with the real data, suggesting (a) that the apparent explanatory power of manager fixed effects is a statistical artifact and (b) that Managerial “Style” may manifest itself in more complex ways than can be ascertained from examining financial statement metrics.
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fatherhood and Managerial Style how a male ceo s children affect the wages of his employees
Administrative Science Quarterly, 2012Co-Authors: Michael S Dahl, Cristian L Dezső, David Gaddis RossAbstract:Motivated by a growing literature in the social sciences suggesting that the transition to fatherhood has a profound effect on men’s values, we study how the wages of employees change after a male chief executive officer (CEO) has children, using comprehensive panel data on the employees, CEOs, and families of CEOs in all but the smallest Danish firms between 1996 and 2006. We find that (a) a male CEO generally pays his employees less generously after fathering a child, (b) the birth of a daughter has a less negative influence on wages than does the birth of a son and has a positive influence if the daughter is the CEO’s first, and (c) the wages of female employees are less adversely affected than are those of male employees and positively affected by the CEO’s first child of either gender. We also find that male CEOs pay themselves more after fathering a child, especially after fathering a son. These results are consistent with a desire by the CEO to husband more resources for his family after fathering ...
Jie Gan - One of the best experts on this subject based on the ideXlab platform.
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fit Style and the portability of Managerial talent
Social Science Research Network, 2013Co-Authors: Sudipto Dasgupta, Jie GanAbstract:How portable are top management skills? Should (and do) firms care about firm-manager fit when they hire new managers? How is fit related to Managerial 'Style'? We hypothesize that if firms and managers are matched with each other on the basis of fit on multiple dimensions, then firms that employ the same manager at adjacent points of time should have similar characteristics. We find strong evidence that firms that employ the same manager sort on a number of characteristics. Our empirical design ensures that these results are not explained by Managerial Style, or by moves among firms of similar size, or within the same industry. We construct a measure for the quality of fit. We find that a worse fit leads to less positive stock price reaction to the announcement of Managerial appointments, lower Managerial pay, and shorter tenure for the manager, suggesting that management skills do not necessarily transfer from one firm environment to another. We also find evidence that when the firm and the manager do not fit well, managers influence several firm-specific variables, consistent with Managerial Style.
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fit Style and the portability of Managerial talent
China Internation Conference in Finance (Organized by Tsinghua University and Sloan School of Management MIT), 2012Co-Authors: Yuk Ying Chang, Sudipto Dasgupta, Jie GanAbstract:How portable are top management skills? Should (and do) firms care about firmmanager fit when they hire new managers? How is fit related to Managerial “Style”? We hypothesize that if firms and managers are matched with each other on the basis of fit on multiple dimensions, then firms that employ the same manager at adjacent points of time should have similar characteristics. We construct a measure of distance between firm characteristics and find that, for a wide range of firm characteristics, the distance between the two firms hiring the same manager is strikingly close, even during periods that are outside the manager’s tenure. Furthermore, the pre-turnover characteristics of the new firm can explain the post-turnover characteristics of the old firm. Our empirical design ensures that these results are not explained by Managerial Style, or by moves among firms of similar size, or within the same industry. We find that a worse fit leads to less positive stock price reaction to the announcement of Managerial appointments, lower Managerial pay, and shorter tenure for the manager, suggesting that management skills do not necessarily transfer from one firm environment to another. We also find evidence that when the firm and the manager do not fit well, managers influence several firm-specific variables, consistent with Managerial Style. We thank Dirk Jenter, Mike Lemmon, Ernst Maug, Peter MacKay, Kasper Nielsen, Rik Sen, and seminar participants at HKUST’s brown bag seminar and the 2011 Asian Finance Association meetings, where early versions of the paper were presented under a different title. All errors are our own. 1 Chang is from Massey University. Email: candie.chang@gmail.com. Dasgupta is from Hong Kong University of Science and Technology. Email: dasgupta@ust.hk. Gan is from the Hong Kong University of Science and Technology and the Cheung Kong Graduate School of Business. Email: jgan@ckgsb.edu.cn. 2 Dasgupta acknowledges financial support for this research from Hong Kong’s Research Grants Council (project # 640409). Gan acknowledges financial support from Hong Kong Research Grants Council (Project # 641408).
Gail Pearl - One of the best experts on this subject based on the ideXlab platform.
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survey of Managerial Style
Social Science Research Network, 2008Co-Authors: James G Clawson, Gail PearlAbstract:This original instrument measures four things. The first is the overall strength of an individual's desire to be a leader. The other three component factors of leadership are creative vision, garnering commitment to the vision, and managing progress toward the vision. The instrument is self-scored and includes an interpretive exercise.
Jan Kohoutek - One of the best experts on this subject based on the ideXlab platform.
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deconstructing institutionalisation of the european standards for quality assurance from instrument mixes to quality cultures and implications for international research
Higher Education Quarterly, 2016Co-Authors: Jan KohoutekAbstract:The paper enquires into the implementation of the European Standards and Guidelines for Internal Quality Assurance of Higher Education Institutions (ESG 1). The enquiry uses data from universities in the Czech Republic and compares them against those obtained in the relevant pan-European survey. The aims are to empirically deconstruct ESG 1 translation through instrument mixes, to identify the corresponding implementation Styles and to explore the implications of such Styles for institutional quality cultures. In these respects, the enquiry yielded three corresponding findings. First, the ESG 1 instrument mixes are complex and entail the application of up to four major types of tools, cutting across the substantive and procedural categories over time. Second, two typical ESG 1 implementation Styles were identified: Managerial and academic. Third, the Managerial Style was found to bear on regenerative culture while the academic Style bore on reproductive culture. Furthermore, utilisation of hybrid quality cultures (regenerative–reproductive, reproductive–regenerative) was found, depending on internal institutional configurations. It is through verification of these findings in other policy settings that international research on higher education quality assurance may gainfully proceed.
Tano Santos - One of the best experts on this subject based on the ideXlab platform.
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Managerial Style and attention
American Economic Journal: Microeconomics, 2021Co-Authors: Wouter Dessein, Tano SantosAbstract:Is firm behavior mainly driven by a firm’s environment or rather by the characteristics of its managers? A large empirical literature has shown how firm behavior is correlated with the background and expertise of its managers. But Managerial knowledge and expertise are largely endogenous. We develop a cognitive theory of manager fixed effects, where the allocation of Managerial attention determines firm behavior. We show that in uncertain, complex environments, the endogenous allocation of attention exacerbates manager fixed effects. Small differences in Managerial expertise then may result in dramatically different firm behavior, as managers devote scarce attention in a way which amplifies initial differences. Firm owners (e.g. boards) then prefer managers with taskspecific expertise rather than generalist managers. In contrast, in less complex and more certain environments, the endogenous allocation of attention mitigates manager fixed effects and boards optimally hire generalists with equal expertise across tasks ∗We thank our discussant, John Roberts, and seminar participants at the NBER Org Econ Conference (Stanford 2014), the Rational Inattention Workshop (PSE), and at Stony Brook, USC, UCL Louvain, Boston University, Columbia GSB, and University of Utah.
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Managerial Style and attention
Research Papers in Economics, 2019Co-Authors: Wouter Dessein, Tano SantosAbstract:Is firm behavior mainly driven by its environment or rather by the characteristics of its managers? We develop a cognitive theory of manager fixed effects, where the allocation of Managerial attention determines firm behavior. We show that in complex environments, the endogenous allocation of attention exacerbates manager fixed effects. Small differences in Managerial expertise then may result in dramatically different firm behavior, as managers devote scarce attention in a way which amplifies initial differences. In contrast, in less complex environments, the endogenous allocation of attention mitigates manager fixed effects. Firm owners prefer `managers with Style' only in complex environments.
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Managerial Style and attention
Social Science Research Network, 2016Co-Authors: Wouter Dessein, Tano SantosAbstract:Is firm behavior mainly driven by its environment or rather by the characteristics of its managers? We develop a cognitive theory of manager fixed effects, where the allocation of Managerial attention determines firm behavior. We show that in complex environments, the endogenous allocation of attention exacerbates manager fixed effects. Small differences in Managerial expertise then may result in dramatically different firm behavior, as managers devote scarce attention in a way which amplifies initial differences. In contrast, in less complex environments, the endogenous allocation of attention mitigates manager fixed effects. Firm owners prefer managers with task-specific expertise only in complex environments.