Abstract
This article investigates a traditional belief of the Chinese zodiac that individuals born in the dragon year are superior and perform better. Using a sample of listed firms in China, supporting evidence is found for this pervasive superstition that CEOs born in dragon years are positively associated with firm value as measured by Tobin's Q and return on assets. This positive relationship becomes even stronger when the exact birth date of CEOs is known. Finally, the Dragon Survivors Hypothesis and the CEO Self-fulfillment Hypothesis are examined to explain why dragon CEOs matter to firm value.
| Original language | English |
|---|---|
| Pages (from-to) | 382-395 |
| Number of pages | 14 |
| Journal | Australian Economic Review |
| Volume | 51 |
| Issue number | 3 |
| Early online date | 30 Jul 2018 |
| DOIs | |
| Publication status | Published - Sept 2018 |
| Externally published | Yes |
Bibliographical note
Publisher Copyright:© 2018 The University of Melbourne, Melbourne Institute of Applied Economic and Social Research
Funding
I thank the editor, Ross Williams, and two anonymous referees for their helpful comments and suggestions. I also acknowledge Start-up Research Grant (SRG2018-00115-FBA) support from the University of Macau. All errors remain my own responsibility.
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