Ancestors and corporate performance: Evidence from the Italian Mass Migration

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Stability Pub Date : 2025-02-01 DOI:10.1016/j.jfs.2024.101371

Mingying Cheng , Erminia Florio , Stefano Manfredonia

引用次数: 0

Abstract

We study the relationship between the behavior of a CEO’s ancestors and firm performance. To do so, we collect detailed information on emigrants from Italian municipalities during the Age of Mass Migration (1892–1924) from Ellis Island ships lists. We adopt an epidemiological approach complemented with an instrumental variables strategy and find that Italian firms managed by a CEO who belongs to a family with past emigration experience tend to perform better and to be more productive. In line with an inter-generational transmission of attitudes hypothesis, we show a positive relationship between the emigration experience of a CEO’s ancestors and alternative measures of corporate risk-taking. In addition, we find a positive relationship between having an ancestor who emigrated during the Age of Mass Migration and FDI to the United States. We also provide evidence that these CEOs have better managerial practices.

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祖先与公司绩效：来自意大利大规模移民的证据

我们研究了CEO祖先的行为与公司绩效之间的关系。为此，我们从埃利斯岛船只名单中收集了大规模移民时代（1892-1924）意大利各城市移民的详细信息。我们采用流行病学方法与工具变量策略相辅相成，发现由具有过去移民经历的家庭的首席执行官管理的意大利公司往往表现更好，生产率更高。根据态度的代际传递假说，我们显示了CEO祖先的移民经历与公司风险承担的替代措施之间的正相关关系。此外，我们发现在大规模移民时代移民的祖先与美国的外国直接投资之间存在正相关关系。我们也提供证据证明这些ceo有更好的管理实践。

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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来源期刊

Journal of Financial Stability Multiple-

CiteScore

7.70

自引率

9.30%

发文量

审稿时长

34 days

期刊介绍： The Journal of Financial Stability provides an international forum for rigorous theoretical and empirical macro and micro economic and financial analysis of the causes, management, resolution and preventions of financial crises, including banking, securities market, payments and currency crises. The primary focus is on applied research that would be useful in affecting public policy with respect to financial stability. Thus, the Journal seeks to promote interaction among researchers, policy-makers and practitioners to identify potential risks to financial stability and develop means for preventing, mitigating or managing these risks both within and across countries.