Revisiting the performance consequences of CEO succession: The impacts of successor type, postsuccession senior executive turnover, and departing CEO tenure

• 成果类型: Article
• 署名作者: Shen, W; Cannella, AA Jr
• 署名单位: State University System of Florida; University of Florida; Texas A&M University System; Texas A&M University College Station
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/3069306
• 发表日期: 2002
• 页码: 717-733
• 关键词: MANAGEMENT TEAM HETEROGENEITY; organizational performance; MANAGERIAL SUCCESSION; corporate governance; DIVERSIFICATION STRATEGY; BOARD COMPOSITION; top; outcomes; POWER; pay

摘要

Highlighting the importance of succession context, this study examines the performance impacts of successor type, postsuccession senior executive turnover, and departing CEO tenure. Following a power circulation theory of control, we distinguished three types of CEO successors: followers, contenders, and outsiders. Our theory and evidence from a sample of 228 CEO successions suggest that successor type interacts with postsuccession senior executive turnover to influence firm return on assets (ROA) and that there is an inverted U-shaped relationship between departing CEO tenure and postsuccession firm ROA.