The main topic of this paper looks at CEOs that have obtained a liberal arts degree. While past literature observes the quality of education obtained by a CEO, this paper differentiates by testing the difference in type of skills developed by a CEO through a liberal arts education. By doing so, two different theories are tested for significance. The first hypothesis states that CEOs with a liberal arts degree will have a positive effect on firm performance. Multiple OLS models are used to test for different measures of performance as well as other variable measurements. Observations come from 145 different firms pulled from the New York Stock Exchange. Initial results are reported insignificant but lead to the discussion on how further testing may yield different results. The second hypothesis looks at what types of firms tend to have a CEO with a liberal arts degree. In particular, theory developed states that more complex firms will have CEOs with a liberal arts degree. Using the same firms observed in the first regressions, a Probit model is run test for different types of firms. Again, most results are reported insignificant but lead to discussion on further research.


Sell, John



Publication Date


Degree Granted

Bachelor of Arts

Document Type

Senior Independent Study Thesis



© Copyright 2016 Matthew H. Keeney