Does the CEO effect on performance differ in private versus public firms?
利用1997-2013年瑞典上市公司和大型私营企业的纵向数据，研究发现私营企业CEO对绩效的影响比上市公司CEO更大，无论好坏。
Scholars have long debated the effect CEOs have on firm performance, including a focus on how their effect shifts across industries, national settings, and time. Unexplored, however, is the possibility that the CEO effect might differ in publicly traded versus privately held firms. Drawing on a unique longitudinal sample of both publicly traded and large, privately held Swedish firms from 1997 to 2013, we replicate and build upon prior CEO effects studies and find that private-firm CEOs have a greater effect on firm performance, for good or for ill, than do their public firm counterparts. Our results are strengthened after controlling for industry, firm profitability, and size in a matched-pair sample. We discuss the implications and potential future research stemming from these findings.