When the known devil is better than an unknown god: An empirical study of the antecedents and consequences of relay CEO successions

• 成果类型: Article
• 署名作者: Zhang, Y; Rajagopalan, N
• 署名单位: Rice University; University of Southern California
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/20159598
• 发表日期: 2004
• 页码: 483-500
• 关键词: EXECUTIVE SUCCESSION; TOP-MANAGEMENT; ORGANIZATIONAL CONTEXT; performance; POWER; turnover; COMPENSATION; environments; RECRUITMENT; dimensions

摘要

Taking an organizational learning and adaptation perspective, we compared relay CEO successions with nonrelay inside successions and outside successions. Data on 204 CEO successions between 1993 and 1998 in nondiversified U.S. manufacturing firms showed that the likelihood of relay succession was negatively associated with the number of internal candidates and positively associated with presuccession firm performance. We also found that relay successions led to better postsuccession firm performance, particularly at lower levels of presuccession firm performance and higher levels of postsuccession strategic and industry instability.