Last dance or second chance? Firm performance, CEO career horizon, and the separation of board leadership roles

• 成果类型: Article
• 署名作者: Krause, Ryan; Semadeni, Matthew
• 署名单位: Texas Christian University; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.2139
• 发表日期: 2014
• 页码: 808-825
• 关键词: CORPORATE GOVERNANCE; BOARD COMPOSITION; board leadership; CEO career horizon; CEO succession

摘要

In recent years, many firms have chosen to separate their CEO and board chair positions. Prior research has demonstrated that there are three forms that a CEO-board chair separation can take: apprentice, departure, and demotion. In this paper, we examine the antecedents of these three types. Our results show that the three types of separation each have different profiles in terms of the prior performance of the firm, the independence of the board, and the career horizon of the incumbent CEO. The findings in this paper provide unique insights into the factors that drive boards' structural choices. As questions about board leadership structure become more nuanced and more relevant in both scholarship and practice, a full understanding of these factors will only become more important. Copyright (c) 2013 John Wiley & Sons, Ltd.