CEO Divorce and Firm Operating Performance

Ingo Ralf Kleindienst · Kaleb Girma Abreha · Denis Schweizer · Juliane Proelss · Tünde Cserpes

15 citations0/0 files storedAcademy of Management Discoveries

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Corporate Finance and Governance Family Dynamics and Relationships Family Business Performance and Succession

Abstract

We examine how CEO divorce affects firm operating performance. To this end, we use population-level data of CEOs in Denmark over the 2000-2012 sample period. Applying a difference-in-differences research design, we study matching pairs of firms with married and divorcing CEOs. We find that CEO divorce is associated with significant underperformance — as measured by operating ROA (OROA) and industry-adjusted OROA — but only under specific circumstances: in small firms, in high-growth industries, when children are present in the CEO household, and when the income difference between the CEO and spouse is high. Overall, in addition to social implications, we find that CEO divorce can have significant economic ramifications for firms.

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1967The social readjustment rating scale 1986Research in Organizational Behavior.1984Upper Echelons: The Organization as a Reflection of Its Top Managers 2007Upper Echelons Theory: An Update 2000The Consequences of Divorce for Adults and Children 1995Managerial and Organizational Cognition: Notes from a Trip Down Memory Lane 2009Strategic leadership: theory and research on executives, top management teams, and boards 2011A meta-analysis of work–family conflict and various outcomes with a special emphasis on cross-domain versus matching-domain relations.

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