This paper analyzes the interconnection between elites and its effects on economic growth. For decades, the bureaucratic elite has been joining the business elite after leaving office, and this in growing numbers. This relationship has been termed "the revolving door" in English, "pantouflage"...

In this paper, I show that CEO power, which arises from differences in national culture, can weaken a firm's governance. Based on a hand-collected dataset with more than 5,000 forced and voluntary CEO transitions across 37 countries, I find that CEOs are less likely to be dismissed for bad...