Centers of Gravity: The Effect of Stable Shared Leadership in Top Management Teams on Firm Growth and Industry Evolution

This research was supported by the NSF grant No.1632833 and JSPS KAKENHI Grant No. 15KK0078. We thank Tetsuji Okazaki and Takenobu Yuki for helpful advice and data sharing; Gakushikai (the Association of University Graduates) for permission to use their restricted-use alumni lists; and Hiroko Ohga, Tomohiro Hara, Kohei Yamagata, Jun Sakamoto, and Takao Takasago for able research assistance. The manuscript has benefited from comments from two anonymous reviewers, editor Nicolai Foss, and seminars given at Erasmus, HEC Paris, Maryland, Queens University and UT Austin. Braguinsky thanks Osaka University Institute of Social and Economic Research and Ohyama thanks the University of Maryland Robert H. Smith of Business for their hospitality when conducting research on this project. All interpretations and errors are ours. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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