歧视、管理者与企业绩效：来自纳粹德国“雅利安化”的证据

中文摘要

歧视的大规模加剧可能导致高资质管理者被解雇。我们研究了因纳粹德国歧视加剧而导致的资深犹太管理者被驱逐，如何影响大型企业。失去犹太管理者的企业经历了股价、股息和资产回报率的持续下降。因驱逐行为，总市值下降了约占德国国民生产总值的1.8%。担任与其他企业关键联结者的管理者以及受过高等教育的管理者对企业绩效尤为重要。研究结果表明，个体管理者驱动企业绩效。对具备资质的商业领袖的歧视会导致一阶经济损失。

Abstract

Large-scale increases in discrimination can lead to dismissals of highly qualified managers. We investigate how expulsions of senior Jewish managers, due to rising discrimination in Nazi Germany, affected large corporations. Firms that lost Jewish managers experienced persistent reductions in stock prices, dividends, and returns on assets. Aggregate market value fell by roughly 1.8% of German GNP because of the expulsions. Managers who served as key connectors to other firms and managers who were highly educated were particularly important for firm performance. The findings imply that individual managers drive firm performance. Discrimination against qualified business leaders causes first-order economic losses.