Does School Matter? An Empirical Analysis of CEO Education, Compensation, and Firm Performance

CGN: General Management (Topic) Pub Date : 2011-02-28 DOI:10.19030/IBER.V1I1.3882

Terrance Jalbert, R. Rao, M. Jalbert

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引用次数: 98

Abstract

In this paper the educational background of the Chief Executive Officers (CEOs) of Large U.S. Firms are examined. Specifically, the educational background of CEOs from large U.S. firms, as identified in the Forbes 800 Compensation List, are examined. Information concerning the number of Chief Executive Officers that received their undergraduate and graduate degrees from 463 institutes of higher education are compiled. We find that most CEOs have an undergraduate degree, while about half possess a graduate degree. The results indicate that there are preferred educational backgrounds for selection as the CEO of a major corporation. We also examine how the educational background of the CEO is related to the CEO’s total compensation. The evidence indicates that those CEOs that do not have a degree earn significantly more than those CEO’s that do have a college degree. We find little evidence that the school attended affects the compensation that the CEO receives. Finally, we examine firm ROA and Tobin’s Q based on the educational background of the CEO. We find an association between possession of a degree as well as where the degree was earned and the ROA and Tobin’s Q of the firm.

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学校重要吗?CEO教育、薪酬与企业绩效的实证分析

本文对美国大型企业首席执行官的教育背景进行了研究。具体来说，我们考察了福布斯800位薪酬榜单中美国大公司ceo的教育背景。汇编了从463所高等教育机构获得本科和研究生学位的首席执行官人数的资料。我们发现，大多数ceo拥有本科学位，而大约一半的ceo拥有研究生学位。结果表明，大企业CEO的选择存在学历偏好。我们还研究了CEO的教育背景如何与CEO的总薪酬相关。有证据表明，那些没有大学文凭的CEO比那些有大学文凭的CEO挣得多得多。我们发现几乎没有证据表明所就读的学校会影响CEO的薪酬。最后，我们根据CEO的教育背景考察了公司ROA和Tobin’s Q。我们发现拥有学位以及获得学位的地方与公司的ROA和托宾Q之间存在关联。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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CGN: General Management (Topic)

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