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Hong Cheng’s Paper in Cooperation with Stanford University Scholars Published by U.S. NBER

July 2, 2018

(Correspondent Tang Li) On June 25 of 2018, Professor Hong Cheng and his coauthors’ paper titled “Do CEO Knows Best? Evidence from China” was published in full text on the top of the column “New This Week” on the website of National Bureau of Economic Research (NBER), a U.S. authority in economic research. This paper was worked out in cooperation with Professor Nicholas Bloom, Professor Mark Duggan and Professor Hongbin Li and their research team from Stanford University, and is another piece of remarkable research achievements of IQDS’s cooperation with the world’s top economists.


This paper is an empirical study based on the valuable, first-hand data collected from China Employer-Employee Survey (CEES). Based on the CEES three-year follow-up investigation on 1,208 firms and 11,366 employees in China, the research team collected the world’s first management data from the perspectives of firms and employees. They analyzed the scores and views of the CEOs, senior management and workers on their firm’s management capabilities, and found that the CEOs know best of firm performance, compared with the senior managers and the workers, and the CEO’s management scores are the most predictive of a firm’s performance, production and innovation. They also concluded that enhancing the consistency in management across the levels in a firm is an effective way to improve firm performance and innovation capabilities. The paper was reproduced by the Corporate Governance and Financial Regulation forum of the Law School, Harvard University at the same day of its online publication on NBER, and then drew great attention from the academics.


This paper is a representative achievement of the cooperative research jointly conducted by IQDS and the world’s top economists and universities. The coauthor Professor Nicholas Bloom is one of the world’s most famous economists. He creatively proposed the Standardized Measurement Scale for the evaluation of firm management efficiency and published more than 20 papers in the internationally famous journals in economics such as AER, QJE, RES and JLE. Another coauthor Professor Mark Dugan, a world-renowned labor economist, obtained the ASHEcon award from the American Society of Health Economics. This award is conferred to the American scholars under the age of 40 who have made great contribution to Health Economics. Professor Hongbin Li, a worldwide famous Chinese economist, is the CEES’s sponsor and project partner.


NBER Working Papers:  http://www.nber.org/papers/w24760