executive job search nber (1)

7/25/2019 Executive Job Search NBER (1)

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Who Says Yes When the Headhunter Calls?

Understanding Executive Job Search

Peter Cappelli

Monia Ha!ori


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Who Says Yes When the Headhunter Calls? Understanding Executive Job Search

Peter Cappelli and Monia Ha!ori

"bstract

We e$amine an aspect of (o% search in the important conte$t of e$ecutive)level (o%s usin* auni+ue data set from a prominent e$ecutive search firm& Specifically, #e o%serve #hether ornot e$ecutives pursue offers to %e considered for a position at other companies& The fact thatthe initialcall from the search firm, #hich #e o%serve, is an e$o*enous event for thee$ecutive makes the conte$t particularly useful& We use insi*hts from the Multi)'rm Bandit

pro%lem to analye the individuals decision as it emphasies assessments of future prospectsin the decision process, #hich are particularly relevant for e$ecutive careers& More than halfthe e$ecutives #e o%serve #ere #illin* to %e a candidate for a (o% else#here& "$ecutives aremore likely to search #here their current roles are less certain and #here their careere$perience has %een %roader& Search is more likely even for %roader e$perience #ithin the

same employer& In the latter case, the array of likely opportunities is also %roader, makin*search more useful&

-eter appelli

The Wharton Schoolenter for .uman ResourcesUniversity of -ennsylvania-hiladelphia -'/0/12 3456


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#ntroduction

We e$amine an important aspect of e$ecutive search, an institution of *ro#in*importance in %usiness& Specifically, #hen approached %y a leadin* search firm a%out

%ecomin* a candidate for a position else#here, do the e$ecutives say yes or no: The decision,

#hich is reported %y the search firm ;i&e&, not self)reported


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Job Search and Executive Search

The literature on (o% search, #hich dates from Sti*ler ;/03/< and in its more formal

conte$t from Mcall ;/0A1< and Mortensen ;/0A1irst, the focus of this

research, %oth at its %e*innin* and even more so in recent years, has %een on the unemployed

#orker and the decisions they make to find a (o%& In the standard model=

W;#< # C %W;#< #here W;#< represents #hat one earns from acceptin* a (o% #ith #a*e

# #hile #orkin* ;W


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employer transition directly into another (o%J >allick and >leischman ;9112< more recently

report a similar findin*&

Burdett ;/0A6< pioneered research on (o% search that takes place #here one is

already employed& The %asic idea is similar to the a%ove in that employed individuals also

sample #a*e offers and take up a ne# position #hen they are offered a #a*e a%ove their

reservation price& The main conceptual issue is identifyin* the individuals reservation price&

/

The empirical research e$aminin* #hy an individual currently employed undertakes

active search is much more limited& GellaKi*na and -asserman ;9112< consider a series of

varia%les includin* dispositional attri%utes related to personality ;e&*&, #hether the respondent

acts in an impatient manner< to predict the len*th of (o% search for a cross section of the la%orforce& Lise ;91/4< e$amines ho# savin*s decisions affect on)the)(o% searchJ .a*edorn and

Manovskii ;91/4< e$plore ho# on)the)(o% search affects #a*e outcomes& There is a psycholo*y)

%ased literature on #hy individuals en*a*e in (o% search ;see, e&*&, Sch#a%, Rynes, H 'lda*,

/06AJ Tur%an et al& 91/4< that mainly focuses on individual dispositions associated #ith

personality& Research on the related topic as to #hat keeps employees from +uittin* is

voluminous and far too e$tensive to revie# here ;see, e&*&, riffeth, .om, H

aertner, 9111


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The conte$t of e$ecutive la%or markets is distinct from other (o%s, #hich makes (o%

search there distinctive as #ell& >irms lookin* to hire e$ecutives rarely post advertisements,and employed e$ecutives interested in movin* rarely circulate resumes ;apell, 911/J .o#ell

9112


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Ohurana 9119


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$he Executive Search Context%5

The specific conte$t of our study is the ?retained search@ %usiness, #here search firmsare paid a retainer %y clients to help them find candidates to fill e$ecutive vacancies, and they

are paid #hether or not they find an accepta%le candidate ;Spencer Stuart 9112


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lead to a ne*otiated packa*e that is attractive enou*h to cause them to leave their current (o%

;itrin and Smith 9114, p& 955rom the perspective of the individual e$ecutive in this data%ase, the call from the search

firm is an e$o*enous event& Retained search consultants call candidates, not vice versa&

onsultants have a *ood idea #hich individuals could fill a *iven position and do not approach

candidates a%out positions that they %elieve #ould o%viously %e unattractive, such as those

representin* an apparent step do#n in pay and title ;.o#ell 9112


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Multi&"r! 'andit Models and Executive Search=

' formaliation of e$ecutive search that tracks the e$perience realistically is the

?Bandit@ model that is used e$tensively in statistics and operations research ;see Thompson

/044 and Ro%%ins /059 for the seminal #ork


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finds that less e$perienced #orkers are more likely to try out (o%s that are more risky and

apparently have lo# e$pected return #hile those #ith more la%or market e$perience and

presuma%ly a %etter understandin* of the pro%a%ility of success #ith such occupations do not&

We return to this idea %elo#& Mcall and Mcall ;/06A< model the decision to mi*rate ;i&e&,

chan*e (o%s and also locations< across multiple locations as an M'B&

's a practical matter, the decision as to #hich arm of the %andit pro%lem to choose is

determined %y the arm #ith the hi*hest ittens and ones inde$& The intuition here is to

choose the approach #ith the hi*hest present discounted value over the time period in

+uestion& The decision as to #hether to a%andon the current arm and pursue another approach

is solved if the present discounted value of the e$pected returns in the current arm falls %elo#

the inde$ for the other arms&6

>ollo#in* the Bandit vie#, the individual e$ecutive in this conte$t has t#o sets of

calculations to make as the %asis of their decision& The first has to do #ith the value of

stayin*Fe$ploitin* their current role& That is %ased on the desira%ility of future prospects there

and the uncertainty concernin* those prospects, %oth of #hich are improved #ith e$perience&

The second has to do #ith the possi%le value of the search process, #hich is %est measured %y

ho# much they are likely to learn from search& The ans#er varies dependin* on ho# much

they already kno# a%out other roles they mi*ht %e offered, #hich is reflected in the %readth of

their prior e$perience&


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firm as e$ecutives typically receive part of their total compensation %ased on firm

performance and in *eneral are more likely to see %etter future career opportunities in a

company that is doin* #ell& Nther studies have sho#n that firm performance in terms of net

income and operatin* mar*ins are ne*atively related to voluntary turnover amon* e$ecutives

;Weil and Oim%all /005irms #ith more positive reputations in the %usiness #orld may

represent more attractive (o%s, other thin*s e+ual, reducin* the interests of employees to look

else#here& Similarly, the *ood social reputation of an or*aniation increases the identification

of or*aniation mem%ers #ith the or*aniation ;Mael and 'shforth /009J Gutton, Gukerich

and .ar+uail /002J Bhattacharya et al& /005< ar*ua%ly makin* it more difficult to leave&

' second hypothesis follo#s from .ypothesis / and addresses uncertainty in ones

current role& iven the standard assumption that individuals are risk averse, if prospects for

e$ploitation in their current role are less certain, that role is also less valua%le&

.-NT."SIS 9 ;.9


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and UO ;onyon et al& 9119


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.-NT."SIS 4a ;.4a


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name of the employin* or*aniation, the e$ecutives title, function and function se*ment,

industry affiliation, industry se*ment and the month and year #hen the e$ecutive started and

ended the (o%< as #ell as the e$ecutives educational %ack*round and international e$perience&

'dditional data on the e$ecutives employer, #hich is included in the data%ase, #ere collected

from the .oovers and ompustat data%ases&

's descri%ed in more detail %elo#, e$ecutives in the top echelon ;"Ns and

hairpersons< represent /4 percent of our dataset, hief >inancial Nfficers 5 percent, "$ecutive

and Senior Kice -residents /6 percent, Senior Mana*ers includin* directors, vice presidents and

mana*in* directors, as #ell as partners and principals 26 percent& Mana*ers and professionals

account for most of the remainder of the entries& The e$ecutives are employed in four se*ments of

the financial services industry= investment %anks and securities ;25 percent


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create and maintain the data%ase&0The four lar*est e$ecutive search firms OornF>erry,

.eidrick and Stru**les, Spencer Stuart, and Russell Reynolds all report that they havedata%ases that are used in this same #ay& The firms have an incentive to make the

information in the data%ase as accurate as possi%le %ecause it ena%les them to tar*et potential

candidates %etter and save effort and cost on sourcin* calls ;.o#ell 9112urther, there is no reason to constrain the data%ase to candidates interested in movin*

even if it #as possi%le to do so& The search firm can simply ask them #hether they #ill

consider chan*in* employers at the point #hen each search takes place, #hich is in fact #hat

they do& 's representatives in this firm and in others report, they also %elieve that virtually all

candidates can %e moved if the ri*ht fit comes alon*, so there is no reason to e$clude any

other#ise promisin* candidate from initial consideration %ased on a priori statements a%out

#illin*ness to move&

)ariables


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approach is that it is then possi%le to *eneralie conclusions to the %roader pool of

candidates, not (ust to those #ho have %een contacted&

We classify e$ecutives #ho a*reed to share their resumes and %e intervie#ed %y the

search consultant for a position as ?searchers@ ;/< and ?stayers@ ;1< if they turned do#n the

invitation&

#ndependent variables* We e$amine .ypothesis / #ith a series of varia%les that

measure the attractiveness of ones current position& These are=

#ep!tation. #ep!tation is the sum of t#o varia%les=%est employer and&ost admired

employer&(%est employer) ;1 to/1< measures the perception of the e$ecutives employer in

the %usiness #orld as o%tained from*ort!nema*aines /11 Best ompanies to #ork for

rankin*s, #hich rank candidate or*aniations %ased on their trust#orthiness ;credi%ility,

fairness, and socially friendly atmosphere< and ten .RM practices ;recruitin*, development

and learnin*, #orkFlife pro*rams, etc&


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*reater tenure should %e associated #ith %etter information and *reater certainty a%out future

prospects& -en!re since last employer changestands for the num%er of years #ith the current

employer& In order to control for the fact that some employer chan*es #ere missin* from the

data, #e include a dummy,mployer change oser'ed.?/@ si*nifies that the e$ecutive made

an across)employer move that is recorded %y the dataset& 1 values indicate e$ecutives #hose

current and previous (o%s #ere #ith the same employer& The %inary varia%le &/$ indicates

the employers that #ere involved in a mer*er or ac+uisition in the past t#o years&

.ypothesis 4 proposes that search is less likely #here potential candidates have

%roader prior e$perience& We e$amine %readth of e$perience #ith an inde$& +areer readthis

the simple sum of the follo#in* items= +hange in 0o f!nction;1F/< indicates #hether the

current (o% represents a chan*e in (o% functions ;e&*&, a (o% chan*e from the sales to the

finance function< from the previous (o%& +hange in ind!stry;1F/< represents moves that take

place across industries& +hange in ind!stry segment;1F/< represents moves that take place

across different industry se*ments #ithin the financial services industry. International

assignments ;1F/< identifies #hether e$ecutives have had a #ork assi*nment outside the

United States in their current or previous (o%&

Control )ariables* There are many varia%les that mi*ht %e relevant that #e cannot

control for here, the most important of #hich are attri%utes of the individuals that have %een

sho#n as relevant in prior studies& We have no reason to %elieve that those attri%utes are


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Ind!stry segment. We *roup employers into four su%)cate*ories of the financial

industry= /& asset and money mana*ement firms, 9& domestic and international %anks, 4&

consumer finance companies, and 2& investment %anks ;omitted cate*ory


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all (o% titles #ho are actively searchin* for alternative (o%s is rather small a%out five percent

in the late /001s, the period #ith the most recent, relia%le data ;Meisenheimer 9111


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.ypothesis / proposes that e$ecutives are less likely to search the more attractive their

current position is compared to positions else#here& Model II reveals that e$ecutives affiliated

#ith or*aniations that have a *ood social reputation and that are reno#ned for their

e$cellence are more likely to decline an invitation to e$plore a ne# opportunity %y the search

firm ;#ep!tation, V)&14, p&1/


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increases the odds that an e$ecutive #ill en*a*e in (o% search ;&/$, V&4/, p&/


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(iscussion and Conclusions

-revious studies have sho#n ho# search firms structure la%or markets and influence

e$ecutive mo%ility patterns& 's *atekeepers to corporate e$ecutive positions, they

underrepresent #omen and non)#hite applicants from lo#er socioeconomic %ack*rounds

;Greher, Lee, H lerkin 91//J ud*e, a%le, H Bret /005< and certain skill sets& Specifically,

they are less likely to consider professionals #ith lon*er e$perience in the la%or market and

#ith more previous employers ;Oin*, Burke, and -em%erton 9115ernande)Mateo 911AJ Oin* et al& 9115< and the a*encys reputation and situation in the

industry ;Biel%y H Biel%y /000< shapes #ho *ains access to ne# (o%s and, ultimately, career

advancement&

We find somethin* similar here in that the pool of e$ecutives that the search firm

tracks disproportionately includes e$ecutives from lar*e, #ell)performin* or*aniations&

T#o)sta*e .eckman models also sho# that the search firm tends to tar*et potential

candidates at the e$ecutive vice president and senior vice president levels, #ith certain types


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%roader set of alternative (o%s makes search more informative& "$ecutive pro*rams that seek

to %roaden the e$perience of promisin* e$ecutives may also have the effect of increasin* their

#illin*ness to search for positions else#here&

More *enerally, the study identifies a hi*hly credi%le measure of search that is not

self)reported and that has real conse+uences for the individual= do e$ecutives say yes #hen

presented #ith an opportunity to %ecome a candidate for a current (o% openin*& The fact that

the process is initiated %y the search firm and not %y the candidate also helps to address

concerns a%out endo*eneity and omitted varia%les& We kno# relatively little a%out ho#

individuals holdin* these important e$ecutive (o%s *et into them, and the results here advance

our understandin*&

,e-erences

'*uiar, M&J .urst, "&J H Oara%ar%ounis, L& 91/4&The life)cycle profile of time spent

on (o% search&AmericanEconomic Review, /14;4


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Biel%y, W& T&, H Biel%y, G& G& /000& Nr*aniational mediation of pro(ect)%ased la%or

markets= Talent a*encies and the careers of screen#riters&American

ociologicalReview,32, 5265&

Bin*ham, & B&, Bos#ell, W& R&, H Boudreau, & W& 9115& o% demands and (o% search amon*

hi*h)level mana*ers in the United States and "urope& Group ! "rgani#ation

Management, 41;3urther e$plorin* the relationship %et#een (o% search and voluntary

individual turnover&Personnel Psychology, 67;9& /009& Modify or e$tend: The application of the

structure conduct performance approach to service industries& ervice )ndustries

Journal& /9;/


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lark, T&J Salaman, & /006& reatin* the ?ri*ht@ impression= To#ards a dramatur*y of

mana*ement consultancy& *he ervice )ndustries Journal,/6;/ond, M& L&, H -ark, & W& /000& The effect of competition on "N turnover&Journal of

Accounting and Economics, 9A= 45)53&

Greher, & >&, Lee, &, H lerkin, T& '& 91//& Mo%ility and cash compensation= The

moderatin* effects of *ender, race and e$ecutive search firms&Journal of

Management, 4A, 35/36/&

Guncan, B& L& /0A3& Gifferential social perception and attri%ution in inter*roup violence=

Testin* the lo#er limits of stereotypin* of Blacks&Journal of Personality and ocial

Psychology, 42;2


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ittins, && H ones, G& M& /0A0& ' Gynamic 'llocation Inde$ for the Giscounted

Multiarmed Bandit -ro%lem,(iometrika, 33;4ield e$periments&Journal of Economic 2iterature,

YLII= /110)/155&

.aveman, .& "&, H ohen, L& /002& The "colo*ical Gynamics of areers& The Nr*aniational
http://proxy.library.upenn.edu:2081/ehost/viewarticle?data=dGJyMPPp44rp2%2FdV0%2Bnjisfk5Ie46bVJrqqxT66k63nn5Kx95uXxjL6trUq2pbBIr6meUbipsFKwrp5Zy5zyit%2Fk8Xnh6ueH7N%2FiVbCstkixp7BOs5zqeezdu33snOJ6u%2BHjgKTq33%2B7t8w%2B3%2BS7ULStsE63qbU%2B5OXwhd%2Fqu37z4uqM4%2B7y&hid=10http://proxy.library.upenn.edu:2081/ehost/viewarticle?data=dGJyMPPp44rp2%2FdV0%2Bnjisfk5Ie46bVJrqqxT66k63nn5Kx95uXxjL6trUq2pbBIr6meUbipsFKwrp5Zy5zyit%2Fk8Xnh6ueH7N%2FiVbCstkixp7BOs5zqeezdu33snOJ6u%2BHjgKTq33%2B7t8w%2B3%2BS7ULStsE63qbU%2B5OXwhd%2Fqu37z4uqM4%2B7y&hid=10http://proxy.library.upenn.edu:2081/ehost/viewarticle?data=dGJyMPPp44rp2%2FdV0%2Bnjisfk5Ie46bVJrqqxT66k63nn5Kx95uXxjL6trUq2pbBIr6meUbipsFKwrp5Zy5zyit%2Fk8Xnh6ueH7N%2FiVbCstkixp7BOs5zqeezdu33snOJ6u%2BHjgKTq33%2B7t8w%2B3%2BS7ULStsE63qbU%2B5OXwhd%2Fqu37z4uqM4%2B7y&hid=10http://proxy.library.upenn.edu:2081/ehost/viewarticle?data=dGJyMPPp44rp2%2FdV0%2Bnjisfk5Ie46bVJrqqxT66k63nn5Kx95uXxjL6trUq2pbBIr6meUbipsFKwrp5Zy5zyit%2Fk8Xnh6ueH7N%2FiVbCstkixp7BOs5zqeezdu33snOJ6u%2BHjgKTq33%2B7t8w%2B3%2BS7ULStsE63qbU%2B5OXwhd%2Fqu37z4uqM4%2B7y&hid=10http://www.jstor.org/action/showPublication?journalCode=amerjsoci


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ud*e, T& '&, a%le, G& M&, Boudreau, & W&, H Bret r&, R& G& /005& 'n "mpirical

Investi*ation of the -redictors of "$ecutive areer Success&Personnel Psychology,

26;4


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Lu%atkin, M&, Sch#ei*er, G&, H We%er, & /000& Top mana*ement turnover in related

MH's= 'n additional test of the theory of relative standin*&Journal of

Management, 95;/


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Sch#a% G& -&& Rynes S& L& H 'lda* R& & /06A& Theories and research on o% search and

choice&Research in Personnel and +uman Resources Management,5= /90)/33&

Shleifer, '&, H Summers, L& /066&(reach of trust in hostile take4overs& In= '&& 'uer%ach,

;"d&


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$able #* Means. Standard deviations and correlations

Karia%le Mean S& G& / 9 4 2 5 3 A 6 0 /1 // /9

/& o% search &59 &51 /&11

9& 'sset m*mt firms &94 &29 )1&// /&11

4&Banks &91 &21 1&10 )1&41 /&11

2& >inance comps &/9 &44 1&12 )1&91 )1&/6 /&11

5& Investment %anks &25 &51 1&11 )1&5/ )1&22 )1&41 /&11

3& Support function &99 &29 )1&1/ )1&14 1&// 1&/4 )1&/2 /&11

A& >inance function &32 &26 )1&15 1&1A )1&16 )1&/6 1&/9 )1&A/ /&11

6& eneral m*t &/2 &42 1&1A )1&15 )1&19 1&10 1&11 )1&9/ )1&54 /&11

0& M*rs and non)m*s &/3 &43 )1&13 1&/5 )1&1A )1&16 )1&14 1&1/ 1&/4 )1&/3 /&11

/1& Senior mana*ers &26 &51 )1&14 )1&13 )1&19 )1&12 1&/1 1&13 1&13 )1&/3 )1&2/ /&11

//& "K-s and SK-s &/6 &46 1&16 )1&11 1&/A 1&// )1&9/ 1&16 )1&15 )1&14 )1&91 )1&23 /&11

/9& hief >in Nffs &15 &99 )1&1/ 1&12 1&19 )1&1/ )1&12 )1&19 1&19 )1&11 )1&/1 )1&94 )1&// /&11

/4& Top "chelon &/4 &44 1&12 )1&13 )1&19 1&/1 1&11 )1&/5 )1&96 1&55 )1&/A )1&46 )1&/4 )1&1A

/2& Nr*aniation sie 4&13 /&32 )1&15 )1&/0 1&9A 1&15 )1&16 1&0 )1&1/ )1&10 )1&10 1&/3 1&/1 )1&15

p1&11/J p1&1/J p1&15

4/


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$able /* continued

Karia%le / 9 4 2 5 3 A 6 0 /1 // /9 /4 /2

/5& Reputation )1&// )1&// 1&1/ )1&11 1&10 1&15 1&12 )1&1A )1&13 1&19 )1&11 )1&12 )1&12 1&26

/3& TimeXer ch* )1&/4 1&1/ 1&14 )1&11 )1&14 1&14 )1&1/ 1&1/ )1&12 )1&13 1&13 )1&12 )1&19 1&/4

/A& "r chan*e 1&/2 1&19 )1&16 )1&14 1&13 1&19 1&19 )1&13 1&10 1&11 )1&10 )1&14 )1&15 )1&96

/6& areer %readth 1&/6 )1&1/ )1&12 1&10 )1&19 1&10 )1&94 1&9/ )1&12 )1&15 )1&15 1&1/ 1&// )1&/9

/0& han*eXind 1&16 )1&14 )1&15 1&10 1&1/ 1&91 )1&/0 1&19 1&15 )1&15 )1&1A 1&19 1&13 )1&/A

91& han*eXse*m 1&12 1&10 )1&12 1&13 )1&10 )1&1/ 1&11 1&19 )1&11 )1&1/ 1&15 )1&19 1&11 1&19

9/& h (o% function 1&1A )1&12 )1&15 1&15 1&12 1&1/ )1&94 1&90 )1&/1 1&16 )1&14 1&1/ 1&/4 )1&//

99& Intl assi*nment 1&/6 )1&12 1&10 )1&19 )1&14 )1&14 )1&19 1&1A )1&12 1&14 )1&1/ 1&19 1&19 1&12

94& MH' 1&15 )1&10 1&99 )1&10 )1&12 1&19 1&12 )1&1A )1&12 )1&1/ 1&16 )1&11 )1&12 1&/6

92& Tar*et pop& 1&16 )1&19 1&1A 1&10 )1&10 )1&16 )1&/6 1&45 )1&99 )1&2/ 1&9A 1&25 1&53 )1&14

95& urrent tenure )1&13 1&15 1&14 )1&1/ )1&13 1&1/ )1&1/ 1&1/ 1&11 )1&1/ 1&1/ )1&12 )1&19 )1&15

49


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$able / continued

Karia%le Mean S&G& /5 /3 /A /6 /0 91 9/ 99 94 92 95

/5& Reputation 9&5/ 4&04 /&11

/3& TimeXer chan*e 5&1/ 4&33 1&1A /&11

/A& "mployr chan*e &36 &2A )1&94 )1&20 /&11

/6& areer %readth /&13 &62 )1&/9 )1&/6 1&93 /&11

/0& han*eXindustry &90 &25 )1&// )1&/0 1&4/ 1&25 /&11

91& hXse*ments &94 &29 1&1/ )1&19 1&10 1&44 )1&45 /&11

9/& h (o% function &44 &2A )1&// )1&16 1&16 1&35 1&/6 )1&1/ /&11

99& Intl assi*nment &91 &21 1&11 )1&15 1&1/ 1&20 )1&19 1&15 1&11 /&11

94& MH' &1A &93 1&/3 )1&19 )1&10 )1&1A )1&13 1&19 )1&1A )1&19 /&11

92& Tar*et pop& &43 &24 )1&12 )1&14 )1&16 1&1A 1&12 1&1/ 1&16 1&14 1&11 /&11

95& urrent tenure 4&30 9&64 )1&16 1&A9 1&14 )1&14 )1&1/ 1&19 )1&14 )1&1A )1&15 )1&15 /&11

44


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$able /a* Correlation table -or the sa!ple o- public co!panies 0here -inancial and co!pensation data are available

Karia%le Mean SG / 9 4 2 5 3 A 6 0 / 1 // /9 /4 /2 /5 /3

/& o% search &25 &51 /&11

9& 'sset m*mt firms &/A &46 )&// /&11

4& Banks &45 &26 &10 )&41 /&11

2& >inance comps &/1 &90 &12 )&91 )&/6 /&11

5& Investment %anks &46 &20 &11 )&5/ )&22 )&41WWW /&11

3& Support function &95 &24 )&1/ )&14 &//WWW &/4WWW )&/2WWW /&11

A& >inance function &35 &26 )&15 &1AW )&16 ) &/ 6WWW &/ 9WWW )&A9WW W /&11

6& eneral m*t &/1 &41 &1AW )&15 )&19 &10WWW &11 )&9/WWW )&54WWW /&11

0& M*rs and non)m*s &/9 &49 )&13W &/ 3WW W )&1AWW )&16WWW )&14 )&1/ &/4WWW )&/3 /&11

/1& S enior mana*ers &55 &51 )&14 )&13 )&14 )&15 & /1WWW &13WW &13WW )&/3 )&2/ /&11

//& " K-s and SK-s &99 &29 &1AW )&11 &/AWWW &//WWW )&91WWW &16WWW )&15 )&14 )&91 )&23 /&11

/9& hief >in Nffs &15 &99 )&1/ &12 &19 )&1/ )&12 )&19 &19 )&11 )&/1 )&94 )&// /&11

/4& Top "chelon &13 &92 &19 )&10 )&/1 &14 &/2WWW ) &/ 5W WW ) &/ 0W WW &22WWW )&/A )&46 )&/6 )&10 /&11

/2& Nr*aniation sie 2&90 &31 )&15 )&/0 &9AWWW &15W )&16WWW &10WWW )&19 )&10 )&10 &/3 &/1 )&15W )&92 /&11

/5& Reputation 5&2A 2&30 )&// )&// &1/ )&11 &10WWW &19 &12 )&1A )&1AWW &/5 &11 )&12 )&/9 &26WWW /&11

/3& RN" /4&2/ A&25 )&/9 &/6WWW &1/ &9 9W WW ) &9 6W WW &1A )&/4WWW &/1 &19 )&// &16W &14 &19 )&10WW &19 /&11

/A& ompensation &11 &65 )&/3 &11 )&1/ &11 &11 )&16 &/4WWW )&10 &15 )&19 )&19 )&19 )&10W &/0WWW &9AWWW )&16

42


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$"'1E 2 3re+uencies o- responses to search re+uest

4o to search 56 o- total7 Yes to search 56 o- total7 $otal

(y function

8eneral !anage!ent A/ /16 /A0.? 79.


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$able :* $0o&stage Hec!an probit !odels* ();Job search

I II III

+ontrol 'ariales

'sset mana*ement firms )1&99 ;1&10< )1&99 ;1&10

executive job search nber (1)

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