Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/319068 
Erscheinungsjahr: 
2025
Schriftenreihe/Nr.: 
IWH Discussion Papers No. 7/2025
Verlag: 
Halle Institute for Economic Research (IWH), Halle (Saale)
Zusammenfassung: 
Institutional common ownership of firm pairs in the same industry increases the likelihood of a preexisting social connection among their CEOs. We establish this relationship using a quasi-natural experiment that exploits institutional mergers combined with firms' hiring events and detailed information on CEO biographies. In addition, for peer firms, gaining a CEO connection from a hiring firm's CEO appointment correlates with higher returns on assets, stock market returns, and decreasing product similarity between companies. We find evidence consistent with common owners allocating CEO connections to shape managerial decision-making and increase portfolio firms' performance.
Schlagwörter: 
CEO appointments
CEO connections
common ownership
firm performance
product similarity
JEL: 
G23
G32
G34
L21
L22
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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