Does CEO Succession Planning (Disclosure) Create Shareholder Value?

被引：10

作者：

McConnell, John J. ^{[1
]}

Qi, Qianru ^{[2
]}

机构：

[1] Purdue Univ, Krannert Sch Management, W Lafayette, IN 47907 USA

[2] Univ Ottawa, Telfer Sch Management, Ottawa, ON, Canada

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2022年 / 57卷 / 06期

关键词：

CORPORATE GOVERNANCE; TURNOVER; EXPERTISE; DIRECTORS;

D O I：

10.1017/S0022109022000345

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Average cumulative abnormal returns around proxy statements containing "in-depth" disclosures of planning for CEO succession are significantly positive indicating that succession planning is a value-added undertaking. Exploiting a quasi-natural experiment based on a 2009 SEC ruling that induced more succession planning disclosures, we find that succession planning is not value-adding for all firms. Rather, succession planning is value-enhancing for larger, more complex, and more stable firms. Importantly, CEO succession planning appears to be value reducing for smaller, simpler, and less stable firms.

引用

页码：2355 / 2384

页数：30

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