How Do Chief Executive Officers Make Strategy?

The authors thank Michael Porter, Todd Zenger, and five anonymous referees as well as the associate editor for helpful comments. The authors also thank seminar participants at Harvard Business School, Eccles School of Business, Rotman School of Management, the Empirical Management Conference 2018, the Comparative Analysis of Enterprise Data (CAED) Conference 2019, the Strategy Science Conference 2019, and the National Bureau of Economic Research Organizational Economics Fall 2019 meeting for their comments and Kerenssa Kay and Tejas Ramdas for excellent research assistance. The author names are in a randomized order. Some of the results in this paper were obtained while Mu-Jeung Yang was a Special-Sworn Status Researcher at the Northwest Census Research Datacenter and the Wasatch Front Census Research Datacenter. Any opinions and conclusions expressed herein are those of the authors and do not necessarily represent the views of the U.S. Census Bureau. All results have been reviewed to ensure that no confidential information is disclosed.