CEO Behavior and Firm Performance
通过高频日记调查和机器学习方法，将CEO行为分为“领导者”和“管理者”两种类型，发现雇佣领导者的企业绩效更好，且新CEO需要三年才能产生影响。
We develop a new method to measure CEO behavior in large samples via a survey that collects high-frequency, high-dimensional diary data and a machine learning algorithm that estimates behavioral types. Applying this method to 1,114 CEOs in six countries reveals two types: “leaders,” who do multifunction, high-level meetings, and “managers,” who do individual meetings with core functions. Firms that hire leaders perform better, and it takes three years for a new CEO to make a difference. Structural estimates indicate that productivity differentials are due to mismatches rather than to leaders being better for all firms.