[2020년 제 5차] Technological Fit and the Market for Managerial Talent
작성자 : 관리자
조회수 : 195
게시일 :
2020-12-11
We show that the similarity of a firm’s technological expertise with other firms affects outcomes
in the managerial labor market. Using each firm’s patent portfolio to estimate its technological
expertise, we find that its similarity in technological expertise with other firms is strongly related
to the benchmark group used for CEO compensation, and to job transitions. Furthermore, we show
that CEO compensation increases with the level of a firm’s overall technological similarity with
other firms. Our results thus demonstrate the crucial role of technological similarity in determining
the value of outside options and the boundaries of the managerial labor market.
