How do CEOs see their roles? Management philosophies and styles in family and non-family firms
Name
Schoar_How do CEOs see their roles.pdf
Size
407.97 KB
Format
Adobe PDF
Checksum (MD5)
7ac405b63d65276d8ea913522caf3308
Author(s) •
Mullins, William
Schoar, Antoinette
Date Issued
August 2015
Journal
Journal of Financial Economics
Publisher
Elsevier BV
Citation
Mullins, William and Antoinette Schoar. “How Do CEOs See Their Roles? Management Philosophies and Styles in Family and Non-Family Firms.” Journal of Financial Economics 119, 1 (January 2016): 24–43 © 2015 Elsevier B.V.
Version
Author's final manuscript
Abstract
Using a survey of 800 Chief Executive Officers (CEOs) in 22 emerging economies, we show that CEOs' management styles and philosophies vary with the ownership and governance structure of their firms. Founders and CEOs of firms with greater family involvement display a greater stakeholder focus, and feel more accountable to employees and banks than to shareholders. They also have a more hierarchical management approach, and see their role as maintaining the status quo rather than bringing about change. In contrast, CEOs of non-family firms emphasize shareholder-value-maximization. Finally, firm-level variation in ownership is as important in explaining management philosophies as cross-country or industry-level differences. Keywords: CEOs; Founder; Family firms; Stakeholders; Delegation
MIT Department
Sloan School of Management
Terms of Use
Creative Commons Attribution-NonCommercial-NoDerivs License
Persistent DSpace Link
DOI of Published Version
https://doi.org/10.1016/J.JFINECO.2015.08.011