The Fragility of Organization Capital
研究发现，组织资本（由关键员工提供的企业特定生产要素）的脆弱性，即其对潜在干扰的敏感度，是独立的风险维度。用高管团队规模衡量脆弱性，小团队公司年收益比大团队高5%，且该差异随组织资本水平上升而扩大。
Abstract Firms with high levels of organization capital (OK), a firm-specific production factor provided by key employees, are known to be risky and earn high stock returns. We argue that fragility of OK (i.e., its sensitivity to potential disruptions) is an independently important dimension of this risk. We proxy for fragility by the size of the top management team and show that firms with small teams outperform firms with big teams by 5% annually. The return spread increases in the level of OK and correlates with the outside options of top executives. Further supporting our interpretation, shocks to team composition from unexpected deaths of chief executive officers cause larger value losses in smaller teams.