Kleindienst, I, Haj Youssef, M, Harakeh, M and Yu, M (2024) Does the CEO effect differ in times of crisis? Evidence from US and China during the global financial crisis. Journal of Business Research, 182. ISSN 0148-2963

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Abstract

This study investigates short-term fluctuations in the CEO effect, measured as the proportion of variance in firm performance attributable to individual CEOs, in response to macroeconomic crises, with a specific focus on the global financial crisis. Utilizing multilevel modeling on a 15-year dataset of US firms and assessing three performance metrics, we identify a significant decline (increase) in the CEO effect on accounting-based (market-based) performance measures (measure) from the pre-crisis to the crisis period, followed by a significant rebound post-crisis. We replicate the analysis using a sample of Chinese firms and find a consistent pattern. Our research advances the CEO effect literature by emphasizing the dynamic nature of the CEO effect in an international context. Our findings highlight that the CEO effect is not static but can undergo short-term fluctuations due to significant changes in the macroeconomic environment.

Item Type:	Article
Uncontrolled Keywords:	1505 Marketing; Marketing
Subjects:	H Social Sciences > HF Commerce > HF5001 Business H Social Sciences > HG Finance
Divisions:	Liverpool Business School
Publisher:	Elsevier
SWORD Depositor:	A Symplectic
Date Deposited:	27 Jun 2024 12:54
Last Modified:	10 Jul 2024 09:45
DOI or ID number:	10.1016/j.jbusres.2024.114807
URI:	https://researchonline.ljmu.ac.uk/id/eprint/23640

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