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Glassdoor: Are the Top CEOs Representing the Best Investments

Author

Listed:
  • Greg Filbeck

    (Penn State Behrend, Pennsylvania State University, Erie, Pennsylvania, USA)

  • Xin Zhao

    (Penn State Behrend, Pennsylvania State University, Erie, Pennsylvania, USA)

Abstract

In 2013, Glassdoor launched the Employees’ Choice Awards for the Top CEOs. Glassdoor’s awards are unique in that feedback from employees exclusively determines the winners. Given Glassdoor’s notoriety, claiming 64 million unique visitors and 11 million job listings monthly, being listed as a Top CEO certainly has reputational value — but does it translate to higher shareholder returns? We find that the overall Top CEO sample statistically outperforms a matched sample and the S&P 500 index on a raw and risk-adjusted basis with superior Tobin’s Q and annual returns one year after the announcement.

Suggested Citation

  • Greg Filbeck & Xin Zhao, 2022. "Glassdoor: Are the Top CEOs Representing the Best Investments," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 12(03), pages 1-22, September.
    • Handle: RePEc:wsi:qjfxxx:v:12:y:2022:i:03:n:s2010139222500094
    DOI: 10.1142/S2010139222500094
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    More about this item

    Keywords

    Shareholders wealth; event study; investment strategy;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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