Heavy is the crown: CEOs’ social interactions and layoff decisions
研究CEO在裁员时面临的非货币成本，发现CEO更难以解雇距离自己工作地点近的员工，且这种效应在社交互动更不匿名的环境中更强。
Abstract We develop a theory of non-monetary costs incurred by chief executive officers (CEOs) when deciding about layoffs and test its predictions on French data. Our results support the idea that, being embedded in their social environment, CEOs find it more difficult to fire employees closer to their own workplace. This effect is stronger whenever social interactions are less anonymous in the CEOs’ local environment. It is weaker when CEOs live further away from where they work, because of limited exposure to local discontent.