STRATEGIC CHOICES AMONG FOUNDER AND NON-FOUNDER CEOS: AN EMPIRICAL INVESTIGATION

摘要

The literature on founder-CEO influence on firm performance seems to particularly focus on founders’ role at the early stage of venture formation such as initial public offering (IPO). While they obviously play a crucial role in creating organizational identity at the firm’s inception, their role as leaders of larger and older organizations is yet unclear. The purpose of this paper is to empirically examine whether founder-CEO led firms significantly differ from their non-founder counterparts in their strategic choices. We tested our predictions on 111 publicly-traded U.S. manufacturing firms between 1985-2010. The results of our empirical analysis generally indicate that there is indeed a statistically significant difference in the level of merger & acquisition intensity.