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Have CEOs Changed?

Author

Listed:
  • Yann Decressin
  • Steven N. Kaplan
  • Morten Sorensen

Abstract

Using more than 4,900 assessments, we study changes in the characteristics and objectives of CEOs and top executives since 2001. The same four factors explain roughly half of the variation of assessed CEO characteristics in this larger sample of executive assessments as in Kaplan and Sorensen (2021). After the global financial crisis (GFC), the average interviewed CEO candidate has lower overall ability, is more execution oriented / less interpersonal, less charismatic and less creative/strategic than pre-GFC. Except for overall ability and execution oriented/interpersonal, these differences persist in hired CEOs. Interpersonal or “softer” skills do not increase over time, either for CEO candidates or hired CEOs. Pre- and post-GFC, we find a positive correlation between the ability of assessed CEOs and other C-level executives assessed at the same company, suggesting that higher-ability executives complement each other. Finally, we look at the relation between the objectives for which the CEOs are interviewed and CEO characteristics.

Suggested Citation

  • Yann Decressin & Steven N. Kaplan & Morten Sorensen, 2024. "Have CEOs Changed?," NBER Working Papers 32854, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:32854
    Note: CF
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    More about this item

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • J4 - Labor and Demographic Economics - - Particular Labor Markets
    • M5 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics
    • M51 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Firm Employment Decisions; Promotions

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