How do CEOs see their roles? Management Philosophies and Styles in Family and non-Family Firms (with Antoinette Schoar)
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.
Best Paper Prize at the Colorado Finance Summit, December 2017
Presented at: Banque de France-Banca d'Italia Workshop on Corporate Finance, 25th Finance Forum (Barcelona), FDIC 17th Bank Research Conference, ECB Non-standard Monetary Policy Workshop, JFI-Olin Banking Conference, USC Finance seminar, Colorado Finance Summit, Midwest Finance Association Meetings, Swiss Winter Conference on Financial Intermediation (Lenzerheide). Upcoming: SFS Cavalcade, FIRS, WFA
- Credit Guarantees and New Bank Relationships (with P. Toro)
Presented at: Finance UC International Conference, UC San Diego (Rady) Finance Seminar, Central Bank of Chile, Universidad de Chile, International Conference on Small Business Finance, Edinburgh Corporate Finance Conference, MIT Golub Center 4th Annual Conference, NBER Entrepreneurship, and Chicago Financial Institutions Conference.
Presented at: Georgetown, U. of Colorado (Boulder), University of Rochester, University of Maryland, Boston College, University of Michigan, London Business School, London School of Economics, Wharton. Invited, but did not present: NYU Stern, University of Washington (Seattle).