In this paper we explore powerful statistical methods to analyze the effect of executives on firm’s policy. We use two different methods in that pursue. First, we run corrected simultaneous tests that are not subjected to the criticisms previously attributed to the F- tests. This tests allow us to conclude weather or not there is heterogeneity among CEOs’ policies. Second, we explore a two-step procedure in which in the first step we calculate the CEO fixed effects, and then use the differences between the fixed-effects of the former and the new CEO entering a firm during an external turnover (outside hire). Thus, we explore the contrast between the CEOs’ preferences to quantify the effect of CEO heterogeneity on corporate policy. This regressions allow us to observe weather of not there is an actual change in the policy around the turnover and how fast the policy will take to converge to the new equilibrium.
(2003) find that CEOs’ styles affect firms’ policy, while Fee, Hadlock, and Pierce (2013) point that that endogeneity and serial correlations might be the main drivers of the existing results. In our methodology, we implement a similar strategy as suggested by Fee, Hadlock, and Pierce (2013) to correct for biases, in that we only use turnovers that we can classify as exogenous. Our results provide an alternative (and in our opinion improved) way of measuring the CEO impact on the firm’s decision.
Consistent with Bertrand and Schoar (2003) we find that even correcting for biases and serial correlation CEOs influence the levels of the variables considered in this study. Our re- sults are largely unaffected when we restrict our attention to turnovers considered exogenous. Therefore, our results point out to the fact that the relation between CEOs and subsequent corporate policy does not seem to be driven by the characteristics of the exiting CEO, but is instead determined largely by the contrasts between characteristics of the new CEO.
Our methodology helps reinstating the intuition that CEOs should and do influence firm’s policy, but also present the challenges in identifying that. The fact that the results do not change when we consider exogenous turnovers, could be evidence of another source of bias: board of directors could be selecting CEOs with a pre-established agenda in their mind. For this reason, it would be very difficult to separate the role of the board and the role of the CEO when we are analyzing changes in policy around CEO turnovers. If these biases are present, our results show exogenous turnovers, largely used in the literature, are not able to eliminate the endogeneity issues on this type of regression.
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