A study of nearly 5,000 CEOs finds that hiring a manager when a leader is needed—or vice versa—can reduce productivity. Research by Raffaella Sadun highlights the importance of matching executive skills to a company's specific needs. Sadun coauthored the working paper with Amanda Dahlstrand, an assistant professor at the University of Zurich; Oriana Bandiera, a professor at the London School of Economics; Dávid László, a research fellow at the London School of Economics; Helena Schweiger, lead research economist for the European Bank of Reconstruction and Development; and Andrea Prat, a professor at Columbia Business School.
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