PhD CEOs and firm performance
研究发现拥有博士学位的CEO能提升企业绩效3.03%，来自顶尖大学的博士CEO提升4.65%，原因在于更好的成本控制和现金流管理。
Abstract This paper investigates the relationship between the education of a Chief Executive Officer (CEO) and firm performance and provides robust evidence that firms led by CEOs with PhDs outperform their peers. We find that CEOs with PhDs increase firm performance by 3.03% while CEOs with a PhD from a highly ranked university increase firm performance by 4.65%. Our results are robust to endogenous CEO selection, transition firms, alternative rankings, unobserved firm characteristics and the network of the CEO. We also show that the increase in firm performance is due to a tighter control of costs and superior cash flow management.