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dc.contributor.authorNguyen, Duc Duy
dc.contributor.authorHagendorff, Jens
dc.contributor.authorEshraghi, Arman
dc.identifier.citationNguyen , D D , Hagendorff , J & Eshraghi , A 2018 , ' Does a CEO's cultural heritage affect performance under competitive pressure? ' , Review of Financial Studies , vol. 31 , no. 1 , pp. 97-141 .
dc.identifier.otherPURE: 248968252
dc.identifier.otherPURE UUID: a14f891d-21de-417a-a7f3-033cc95468ff
dc.identifier.otherScopus: 85042420247
dc.identifier.otherWOS: 000428741900003
dc.description.abstractWe exploit variation in cultural heritage across CEOs who are the children or grandchildren of immigrants to demonstrate that the cultural origins of CEOs matter for corporate outcomes. Following shocks to industry competition, firms led by CEOs who are second- or third-generation immigrants are associated with a 6.2% higher profitability than the average firm. This effect weakens over successive immigrant generations and cannot be detected for top executives other than the CEO. Additional analysis attributes this effect to various cultural values that prevail in a CEO’s ancestral country of origin.
dc.relation.ispartofReview of Financial Studiesen
dc.rightsCopyright © 2017, the Author(s). Published by Oxford University Press on behalf of The Society for Financial Studies. This work is made available online in accordance with the publisher’s policies. This is the author created, accepted version manuscript following peer review and may differ slightly from the final published version. The final published version of this work is available at
dc.subjectCultural valuesen
dc.subjectCorporate investmentsen
dc.subjectHG Financeen
dc.titleDoes a CEO's cultural heritage affect performance under competitive pressure?en
dc.typeJournal articleen
dc.contributor.institutionUniversity of St Andrews.School of Managementen
dc.contributor.institutionUniversity of St Andrews.Centre for Responsible Banking and Financeen
dc.description.statusPeer revieweden

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