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Erscheinungsjahr: 
2012
Schriftenreihe/Nr.: 
Bank of Finland Research Discussion Papers No. 26/2012
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
This paper examines through various channels the effects of CEO social network heterogeneity on firm value. We construct four measures of heterogeneity based on demographic attributes, intellectual backgrounds, professional experience, and geographical exposures of individuals in the CEO social network. We find that CEO social network heterogeneity leads to higher Tobin's Q of firms. Greater CEO social network heterogeneity also leads to: (i) more innovation, (ii) more foreign sales growth, (iii) higher investment sensitivity to Tobin's Q, and (iv) better M&A performance. Overall, our results indicate that CEO social network heterogeneity is an aspect of CEO social capital and soft skills that deserves the attention of shareholders.
Schlagwörter: 
CEO
social networks
corporate finance policy decisions
firm value
JEL: 
G32
G30
D71
Z10
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-952-462-815-0
Dokumentart: 
Working Paper

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