Accounting and Finance Seminars: Louis Nguyen
Dr Louis Nguyen (University of St Andrews)
G.15, 15-19 Tyndalls Park Road
Title: Does CEO cultural heritage affect performance under competitive pressure?
We study firms led by US-born CEOs who are the children or grandchildren of immigrants. Using a hand-collected dataset that tracks the family trees of CEOs, we demonstrate that CEOs who are second- and third-generation immigrants outperform under competitive pressure. The economic magnitude of this effect weakens over successive generations. Further, how CEOs respond to higher competitive pressure is shaped by the cultural values that prevail in the country of their ancestors. To measure variation in competitive pressure, we exploit a series of competitive shocks generated by the staggered deregulation of interstate branching for US banks in the 1990s.