What does a CEO of a firm in crisis do? Evidence from Finnish firms
The objective is to analyze managerial work and the importance of information to CEOs, contrasting crisis firms with non-crisis firms. It is assumed that CEOs of firms in crisis address work and information differently than their counterparts in non-crisis firms. The study is based on a survey completed by 215 top Finnish managers (CEOs. The sample is classified on the basis of financial performance as crisis firms (31) and non-crisis firms (127), with firms of undefined status excluded. Managerial work is captured by Mintzbergs (1973) classification of work roles. The findings show that CEOs of crisis firms suffer from role ambiguity and tend to emphasize interpersonal and decisional roles less than their counterparts. They spend less time on long-term tasks and work less at their offices. CEOs of crisis firms also suffer from low availability of information and pay less attention to information from different sectors.
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