Working Paper: NBER ID: w10350
Authors: Rachel M. Hayes; Paul Oyer; Scott Schaefer
Abstract: We investigate the hypothesis that complementarities across co-workers (which may arise from matching or investments in specific skills) affect the value of employment relationships between senior executives and firms. We analyze the changes in the composition of top management teams when a key member of the team (the CEO) departs. Our empirical analysis establishes several facts that are consistent with co-worker complementarity being an important determinant of management team stability.
Keywords: No keywords provided
JEL Codes: J44; J63; M50
Edges that are evidenced by causal inference methods are in orange, and the rest are in light blue.
| Cause | Effect |
|---|---|
| CEO turnover (M12) | managerial turnover (M51) |
| CEO turnover (M12) | managerial turnover (for managers with similar tenure) (J63) |
| new CEO (M12) | managerial turnover (for long-tenured managers) (J63) |
| CEO turnover (incoming CEO < 5 years) (M12) | managerial turnover (M51) |