Which CEO Characteristics and Abilities Matter?

Steven Neil Kaplan · Mark M. Klebanov · Morten Sørensen

740 citations0/0 files storedThe Journal of Finance

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Corporate Finance and Governance Human Resource and Talent Management Private Equity and Venture Capital

Abstract

ABSTRACT We exploit a unique data set to study individual characteristics of CEO candidates for companies involved in buyout and venture capital transactions and relate these characteristics to subsequent corporate performance. CEO candidates vary along two primary dimensions: one that captures general ability and another that contrasts communication and interpersonal skills with execution skills. We find that subsequent performance is positively related to general ability and execution skills. The findings expand our view of CEO characteristics and types relative to previous studies.

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References

2003Managing with Style: The Effect of Managers on Firm Policies 2005CEO Overconfidence and Corporate Investment 2002Venture Capital and the Professionalization of Start‐Up Firms: Empirical Evidence 2007Whom You Know Matters: Venture Capital Networks and Investment Performance 2008Why Has CEO Pay Increased So Much? *2003Powerful CEOs and Their Impact on Corporate Performance 2004Characteristics, Contracts, and Actions: Evidence from Venture Capitalist Analyses 2002Managerial Optimism and Corporate Finance

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