Shaped by Booms and Busts: How the Economy Impacts CEO Careers and Management Styles
研究发现，经理人进入劳动力市场时的经济状况对其职业生涯和管理风格有长期影响。衰退期入职的经理人更快成为CEO，但多在较小公司，且风格更保守，如减少投资和杠杆。
We show that economic conditions when managers enter the labor market have long-run effects on their career paths and managerial styles. Managers who began their careers during recessions become CEOs more quickly, but at smaller firms. They also have more conservative styles, such as lower investment in capital expenditures and research and development, more cost cutting, and lower leverage and working capital needs. These recession effects appear to be largely driven by the characteristics of the CEO’s first job (recession CEOs tend to start in smaller or private firms), which suggests that the early work environment is important to the formation and selection of managers.