出版社：Suntory Toyota International Centres for Economics and Related Disciplines
摘要：CEOs a↵ect the performance of the firms they manage, and family CEOs seem to weaken it. Yet little is known about what top executives actually do, and whether it di↵ers by firm ownership. We study CEOs in the Indian manufacturing sector, where family ownership is widespread and the productivity dispersion across firms is substantial. Time use analysis of 356 CEOs of listed firms yields three sets of findings. First, there is substantial variation in the number of hours CEOs devote to work activities, and longer working hours are associated with higher firm productivity, growth, profitability and CEO pay. Second, family CEOs record 8% fewer working hours relative to professional CEOs. The di↵erence in hours worked is more pronounced in lowcompetition environments and does not seem to be explained by measurement error. Third, di↵erence in di↵erences estimates with respect to the cost of e↵ort, due to weather shocks and popular sport events, reveal that the observed di↵erence between family and professional CEOs is consistent with heterogeneous preferences for work versus leisure. Evidence from six other countries reveals similar findings in economies at di↵erent stages of development.
