期刊
MANAGEMENT SCIENCE
卷 63, 期 3, 页码 609-630出版社
INFORMS
DOI: 10.1287/mnsc.2015.2319
关键词
CEO; geography; corporate finance; labor segmentation
资金
- Fisher College of Business at the Ohio State University
- Kelley School of Business at Indiana University
I examine the role of geography in the market for CEOs and find that firms hire locally five times more often than expected if geography were irrelevant to the matching process. This local matching bias is widespread and exists even among the largest U.S. firms. Tests reveal that both labor supply and demand influence local matching. Compensation and unforced turnover are lower for local than for nonlocal CEOs, and the compensation of local CEOs depends on local labor market factors, unlike that of nonlocal CEOs. These findings suggest the presence of market segmentation and contrast with much of the prior literature, which explicitly or implicitly assumes a single national market.
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