Does a CEO’s Cultural Heritage Affect Performance under Competitive Pressure?
研究发现，由第二代或第三代移民CEO领导的企业在面临行业竞争冲击时，盈利能力比平均水平高6.2%，且这一效应随移民代际减弱，仅对CEO而非其他高管显著。
We exploit variation in the cultural heritage across U.S. CEOs who are the children or grandchildren of immigrants to demonstrate that the cultural origins of CEOs matter for corporate outcomes. Following shocks to industry competition, firms led by CEOs who are second- or third-generation immigrants are associated with a 6.2% higher profitability compared with the average firm. This effect weakens over successive immigrant generations and cannot be detected for top executives apart from the CEO. Additional analysis attributes this effect to various cultural values that prevail in a CEO’s ancestral country of origin.