CEO turnover and outside succession - A cross-sectional analysis

• 成果类型: Article
• 署名作者: Parrino, R
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(97)00028-7
• 发表日期: 1997
• 页码: 165-197
• 关键词: Management turnover; corporate governance

摘要

This study examines chief executive officer (CEO) turnover. It reports new evidence on factors that affect the likelihoods of voluntary and forced turnover, and for both of these turnover types, whether the new CEO is from inside the firm, from another firm in the industry, or from outside the industry. The evidence is consistent with arguments that poor CEOs are easier to identify and less costly to replace in industries that consist of similar firms than in heterogeneous industries. The likelihoods of forced turnover and of an intra-industry appointment increase with industry homogeneity.