Scandinavian Working Papers in Economics

Working Papers,
Copenhagen Business School, Department of Economics

No 10-2022: Neighborhood CEOs

Mario Daniele Amore (mario.amore@unibocconi.it), Morten Bennedsen (mobe@econ.ku.dk) and Birthe Larsen (bl.eco@cbs.dk)
Additional contact information
Mario Daniele Amore: Bocconi University
Morten Bennedsen: University of Copenhagen
Birthe Larsen: Department of Economics, Copenhagen Business School, Postal: Copenhagen Business School, Department of Economics, Porcelaenshaven 16 A. 1. floor, DK-2000 Frederiksberg, Denmark

Abstract: The working environment is a key driver of firms’ success. Using unique survey and register data from Denmark, we show that firms led by neighborhood CEOs –defined by physical distance and personal values - exhibit better workplace condi-tions as perceived both by a regulatory authority and firms’ own employees. The e˙ect is stronger when the CEO’s and employees’ children attend the same school, pointing to social interactions as a channel for the result. Finally, we show that CEOs who emphasize neighborhood engagement adopt a management style tilted toward employees’ welfare.

Keywords: CEO; geographic proximity; neighborhood values; working environment; management styles

JEL-codes: G34

Language: English

45 pages, May 30, 2022

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