Founder and professional CEOs' performance differences across institutions: A meta-analytic study

IF 5.7 2区管理学 Q1 BUSINESS

Global Strategy Journal Pub Date : 2021-07-01 DOI:10.1002/gsj.1414

Aten Zaandam, Dinesh Hasija, Alan E. Ellstrand, Michael E. Cummings

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引用次数: 6

Abstract

Research Summary

We examine the effect of institutions on performance differences between founder and professional CEOs. We do so by integrating an institutional perspective with findings from the literatures on CEOs' managerial discretion and cognition. Specifically, we theorize that in informal institutional environments characterized by high power distance and individualism and in formal institutional contexts characterized by low regulatory and political quality, differences in cognitive styles lead founders to enjoy performance advantages over professional CEOs. The results of our meta-analysis of 117 studies across 22 countries conducted between 1987 and 2020 support our predictions. We conclude by discussing the implications for research and policy regarding institutional development and the governance of entrepreneurial firms.

Managerial Summary

We develop a framework to examine the influence of the institutional environment on performance differences between founder and professional CEOs. Our results show that founder CEOs experience performance advantages across high discretionary institutional settings when compared with professional CEOs. Boards may use this information to guide their recommendations or decisions related to founder CEO succession or retention. Moreover, firms pursuing international strategies such as joint ventures may also use this information as one of their search criteria while shortlisting their potential prospect partners.

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不同机构创始人和职业ceo绩效差异:一项元分析研究

本研究考察了制度对创始人ceo和职业ceo绩效差异的影响。为此，我们将制度视角与有关ceo管理自由裁量权和认知的文献研究结果相结合。具体而言，我们的理论认为，在以高权力距离和个人主义为特征的非正式制度环境中，以及在以低监管和政治质量为特征的正式制度环境中，认知风格的差异导致创始人比职业ceo享有绩效优势。我们对1987年至2020年间在22个国家进行的117项研究进行的荟萃分析的结果支持了我们的预测。最后，我们讨论了制度发展和创业公司治理对研究和政策的影响。我们开发了一个框架来检验制度环境对创始人和职业ceo之间绩效差异的影响。我们的研究结果表明，与职业ceo相比，创始人ceo在高度自由裁量的制度设置中具有绩效优势。董事会可能会使用这些信息来指导其关于创始人CEO继任或留任的建议或决策。此外，追求国际战略的公司，如合资企业，在列出潜在的潜在合作伙伴名单时，也可能将这些信息作为搜索标准之一。

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

Global Strategy Journal MANAGEMENT-

CiteScore

14.20

自引率

11.80%

发文量

期刊介绍： The Global Strategy Journal is a premier platform dedicated to publishing highly influential managerially-oriented global strategy research worldwide. Covering themes such as international and global strategy, assembling the global enterprise, and strategic management, GSJ plays a vital role in advancing our understanding of global business dynamics.