{"title":"国企ceo重要吗?来自巴西的证据，1973-1993年","authors":"A. Musacchio, S. Lazzarini, Cláudia Bruschi","doi":"10.2139/ssrn.2096210","DOIUrl":null,"url":null,"abstract":"We study if CEOs and their backgrounds matter for the performance of state-owned enterprises (SOEs) exploiting the fact that these companies had different CEOs (with different backgrounds) in different moments in time. We construct a database of Brazilian SOEs between 1973 and 1993 and make three tests. First, we use variance decomposition to study CEO effects. Second, we look at how much of the variation in performance can be explained by CEOs who switch companies. Third, we test if CEO background and ability matter for performance. We find sizable effects of CEOs on performance, especially for military managers and those who attended top universities.","PeriodicalId":307125,"journal":{"name":"Institutional & Transition Economics Policy Paper Series","volume":"49 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2012-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Do CEOs of State-Owned Enterprises Matter? Evidence from Brazil, 1973-1993\",\"authors\":\"A. Musacchio, S. Lazzarini, Cláudia Bruschi\",\"doi\":\"10.2139/ssrn.2096210\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We study if CEOs and their backgrounds matter for the performance of state-owned enterprises (SOEs) exploiting the fact that these companies had different CEOs (with different backgrounds) in different moments in time. We construct a database of Brazilian SOEs between 1973 and 1993 and make three tests. First, we use variance decomposition to study CEO effects. Second, we look at how much of the variation in performance can be explained by CEOs who switch companies. Third, we test if CEO background and ability matter for performance. We find sizable effects of CEOs on performance, especially for military managers and those who attended top universities.\",\"PeriodicalId\":307125,\"journal\":{\"name\":\"Institutional & Transition Economics Policy Paper Series\",\"volume\":\"49 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2012-06-26\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Institutional & Transition Economics Policy Paper Series\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.2096210\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Institutional & Transition Economics Policy Paper Series","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.2096210","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Do CEOs of State-Owned Enterprises Matter? Evidence from Brazil, 1973-1993
We study if CEOs and their backgrounds matter for the performance of state-owned enterprises (SOEs) exploiting the fact that these companies had different CEOs (with different backgrounds) in different moments in time. We construct a database of Brazilian SOEs between 1973 and 1993 and make three tests. First, we use variance decomposition to study CEO effects. Second, we look at how much of the variation in performance can be explained by CEOs who switch companies. Third, we test if CEO background and ability matter for performance. We find sizable effects of CEOs on performance, especially for military managers and those who attended top universities.
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