| Item Type |
Journal paper
|
| Abstract |
This paper investigates the effect of superstar CEOs on their competitors. Exploiting shocks to CEO status due to prestigious media awards, we document a significant positive stock market performance of competitors of superstar CEOs subsequent to the award. The effect is more pronounced for competitors who have not received an Award themselves, who are geographically close to an award winner and who are not entrenched. We observe an increase in risk-taking, operating performance and Innovation activity of superstars' competitors as potential channels for this positive performance. Our results suggest a positive overall welfare impact of corporate superstar systems due to the incentivizing effect on superstars' competitors. |
| Authors |
Ammann, Manuel; Ho, Philipp & Oesch, David |
| Journal or Publication Title |
Management Science |
| Language |
English |
| Keywords |
Competition; Firm performance; Risk-taking; Innovation; Awards, CEO |
| Subjects |
business studies
finance |
| HSG Classification |
contribution to scientific community |
| HSG Profile Area |
None |
| Refereed |
No |
| Date |
18 April 2016 |
| Publisher |
INFORMS |
| Place of Publication |
Maryland, US |
| Series Name |
School of Finance Working Paper Series |
| Volume |
62 |
| Number |
10 |
| Page Range |
2842-2858 |
| ISSN |
0025-1909 |
| Publisher DOI |
https://doi.org/10.1287/mnsc.2015.2266 |
| Depositing User |
Prof. Dr. Manuel Ammann
|
| Date Deposited |
04 Jun 2015 14:24 |
| Last Modified |
20 Jul 2022 17:24 |
| URI: |
https://www.alexandria.unisg.ch/publications/241426 |
Competing with Superstars
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