Does Management Matter? Evidence from India

Financial support was provided by the Alfred Sloan Foundation; the Freeman Spogli Institute, the International Initiative and the Graduate School of Business at Stanford; the International Growth Centre; IRISS; the Kauffman Foundation; the Murthy Family; the Knowledge for Change Trust Fund; the National Science Foundation; the Toulouse Network for Information Technology; and the World Bank. This research would not have been possible without our partnership with Kay Adams, James Benton and Breck Marshall, the dedicated work of the consulting team of Asif Abbas, Saurabh Bhatnagar, Shaleen Chavda, Karl Gheewalla, Kusha Goyal, Shruti Rangarajan, Jitendra Satpute, Shreyan Sarkar, and Ashutosh Tyagi, and the research support of Troy Smith. We thank our formal discussants Susantu Basu, Ray Fisman, Naushad Forbes, Vojislov Maksimovic, Ramada Nada, Paul Romer, and Steve Tadelis, as well as seminar audiences at the AEA, Barcelona GSE, Berkeley, BREAD, Boston University, Chicago, Columbia, Cornell, the EBRD, Harvard Business School, IESE, Katholieke Universiteit Leuven, Kellogg, the LSE, Maryland, the NBER, NYU, PACDEV, Stanford, TNIT, Toronto, UBC, UCL, UCLA, UCSC, Wharton, and the World Bank for comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.