Performance-Induced CEO Turnover
成果类型：
Article
署名作者：
Jenter, Dirk; Lewellen, Katharina
署名单位：
University of London; London School Economics & Political Science; Center for Economic & Policy Research (CEPR); Dartmouth College
刊物名称：
REVIEW OF FINANCIAL STUDIES
ISSN/ISSBN：
0893-9454
DOI：
10.1093/rfs/hhaa069
发表日期：
2021
页码：
569
关键词：
摘要：
This paper revisits the relationship between firm performance and CEO turnover. Instead of classifying turnovers into forced and voluntary, we introduce performance-induced turnover, defined as turnover that would not have occurred had performance been good. We document a close turnover-performance link and estimate that 38%-55% of turnovers are performance induced. This is significantly more than the number of forced turnovers, though the two types of turnovers are highly correlated. Compared to the predictions of Bayesian learning models, learning about CEO ability appears to be slow, and boards act as if CEO ability (or match quality) was subject to frequent shocks.