How Do CEOs Make Strategy?

Author names are in a randomized order. Financial support was provided by Harvard Business School. We would like to thank Michael Porter and Tim Ott for helpful comments. We also thank seminar participants at Harvard Business School, Eccles School of Business, the Empirical Management Conference 2018, the CAED conference 2019, the Strategy Science Conference 2019, the NBER Organizational Economics Fall 2019 meeting, for their comments and Kerenssa Kay and Tejas Ramdas for excellent research assistance. Some of the results in this paper have been obtained while Yang was Special-Sworn Status Researcher at the Northwest Census Research Datacenter. Any opinions and conclusions expressed herein are those of the author(s) 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 The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.