Arbeitspapier
Are generalists beneficial to corporate shareholders? Evidence from sudden deaths
This study documents a positive, economically meaningful impact of executives' general managerial skills on shareholder value. Examining 171 sudden executive deaths over thirty years, we find that a one-standard-deviation increase in the general ability index corresponds to at least a 1.5 percentage point decrease in abnormal stock returns to death announcements. Generalists are found to be significantly more valuable for firms with fewer growth prospects where difficult tasks (e.g., restructurings) need to be performed and adaptations to changing business environments become necessary. Our results provide a market-based explanation for the documented generalist hiring premium and the increasing share of generalists.
- Sprache
-
Englisch
- Erschienen in
-
Series: CFR Working Paper ; No. 16-12
- Klassifikation
-
Wirtschaft
Corporate Finance and Governance: General
Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
Human Capital; Skills; Occupational Choice; Labor Productivity
- Thema
-
executive heterogeneity
managerial work experience
firm value
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Betzer, André
Ibel, Maximilian
Lee, Hye Seung
Limbach, Peter
Salas, Jesus M.
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Cologne, Centre for Financial Research (CFR)
- (wo)
-
Cologne
- (wann)
-
2016
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Betzer, André
- Ibel, Maximilian
- Lee, Hye Seung
- Limbach, Peter
- Salas, Jesus M.
- University of Cologne, Centre for Financial Research (CFR)
Entstanden
- 2016
Ähnliche Objekte (12)
Are generalists beneficial to corporate shareholders? Evidence from sudden deaths
Are Generalists Beneficial to Corporate Shareholders? Evidence from Sudden Deaths
Comparative corporate governance : shareholders as a rule maker
Corporate social responsibility intensity: Shareholders' value adding or destroying?
Minority shareholders in the Finnish system of corporate governance
Corporate Governance and Implications for Minority Shareholders in Turkey
Multiple large shareholders and corporate fraud: evidence from China
Ante-mortem characterization of sudden deaths as first-manifestation in Italy
Has COVID-19 led to more sudden cardiac deaths in football?
Corporate governance and dividend policy in the presence of controlling shareholders
Reevaluation of ambiguous genetic variants in sudden unexplained deaths of a young cohort
Namensaktien : know your shareholders
Are generalists beneficial to corporate shareholders? Evidence from sudden deaths
Are Generalists Beneficial to Corporate Shareholders? Evidence from Sudden Deaths
Comparative corporate governance : shareholders as a rule maker
Corporate social responsibility intensity: Shareholders' value adding or destroying?
Minority shareholders in the Finnish system of corporate governance
Corporate Governance and Implications for Minority Shareholders in Turkey
Multiple large shareholders and corporate fraud: evidence from China
Ante-mortem characterization of sudden deaths as first-manifestation in Italy
Has COVID-19 led to more sudden cardiac deaths in football?
Corporate governance and dividend policy in the presence of controlling shareholders
Reevaluation of ambiguous genetic variants in sudden unexplained deaths of a young cohort
Namensaktien : know your shareholders
Are generalists beneficial to corporate shareholders? Evidence from sudden deaths
Are Generalists Beneficial to Corporate Shareholders? Evidence from Sudden Deaths
Comparative corporate governance : shareholders as a rule maker
Corporate social responsibility intensity: Shareholders' value adding or destroying?
Minority shareholders in the Finnish system of corporate governance
Corporate Governance and Implications for Minority Shareholders in Turkey
Multiple large shareholders and corporate fraud: evidence from China
Ante-mortem characterization of sudden deaths as first-manifestation in Italy
Has COVID-19 led to more sudden cardiac deaths in football?
Corporate governance and dividend policy in the presence of controlling shareholders
Reevaluation of ambiguous genetic variants in sudden unexplained deaths of a young cohort