More than Connectedness – Heterogeneity of CEO Social Network and Firm Value

Yiwei Fang, Bill Francis, Iftekhar Hasan
2012 Social Science Research Network  
This paper examines through various channels the effects of CEO social network heterogeneity on firm value. We construct four measures of heterogeneity based on demographic attributes, intellectual backgrounds, professional experience, and international exposures of individuals in the CEO social network. We find that CEO social network heterogeneity leads to higher Tobin's Q of firms. Greater CEO social network heterogeneity also leads to: (i) more innovation, (ii) more foreign sales growth,
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doi:10.2139/ssrn.2172767 fatcat:3ra6kcdaones5hhqtv6rfh6c5m