NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Co-Worker Complemetarity and the Stability of Top Management Teams

Rachel M. Hayes, Paul Oyer, Scott Schaefer

NBER Working Paper No. 10350
Issued in March 2004
NBER Program(s):   LS   LE

We investigate the hypothesis that complementarities across co-workers (which may arise from matching or investments in specific skills) affect the value of employment relationships between senior executives and firms. We analyze the changes in the composition of top management teams when a key member of the team (the CEO) departs. Our empirical analysis establishes several facts that are consistent with co-worker complementarity being an important determinant of management team stability.

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Document Object Identifier (DOI): 10.3386/w10350

Published: Hayes, Rachel M., Paul Oyer and Scott Schaefer. "Coworker Complementarity Of The Stability Of Top-Management Teams," Journal of Law, Economics and Organization, 2006, v22(1,Apr), 184-212.

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