William Mullins

Assistant Professor of Finance

Rady School of Management, UC San Diego

Email: wmullins at ucsd dot edu

CV link

Rady School of Management page / bio


How do CEOs see their roles? Management Philosophies and Styles in Family and non-Family Firms (with Antoinette Schoar)

Journal of Financial Economics (2016) Non-technical summary

Appendix 1; Survey Appendix; Appendix 2

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.

Working papers

- Unconventional Monetary Policy and Bank Lending Relationships (with A. Duquerroy and C. Cahn)

Best Paper Prize at the Colorado Finance Summit, December 2017

- Credit Guarantees and New Bank Relationships (with P. Toro)

- The Governance Impact of Indexing: Evidence from Regression Discontinuity