作者：Fos, Vyacheslav; Li, Kai; Tsoutsoura, Margarita
作者单位：Boston College; University of British Columbia; Cornell University
摘要：Using a hand-collected sample of election nominations for more than 30,000 directors over the period 2001-2010, we construct a novel measure of director proximity to elections called Years-to-election. We find that the closer directors of a board are to their next elections, the higher CEO turnover-performance sensitivity is. A series of tests, including one that exploits variation in Years-to-election that comes from other boards, supports a causal interpretation. Further analyses show that o...
