TY  - RPRT
        AU  - Bassanini, Andrea
AU  - Caroli, Eve
AU  - Geay, Kevin
AU  - Rebérioux, Antoine
        TI  - Heavy Is the Crown: CEOs' Social Interactions and Layoff Decisions
        PY  - 2024/Jan/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 16748
        UR  - https://www.iza.org/index.php/publications/dp16748
        AB  - We develop a theory of non-monetary costs incurred by CEOs when deciding about layoffs and test its predictions on French data. Our results support the idea that, being embedded in their social environment, CEOs find it more difficult to fire employees closer to their own workplace. This effect is stronger whenever social interactions are less anonymous in the CEOs' local environment. It is weaker when CEOs live further away from where they work, because of limited exposure to local discontent.
        KW  - social embeddedness
KW  - layoffs
KW  - non-monetary costs
KW  - CEO
        ER  -