CEO Tenure and Firm Value

被引：18
作者：
Brochet, Francois [1 ]
Limbach, Peter [2 ]
Schmid, Markus [3 ]
Scholz-Daneshgari, Meik [4 ]
机构：
[1] Boston Univ, Questrom Sch Business, Dept Accounting, Boston, MA 02215 USA
[2] Univ Cologne, Ctr Financial Res CFR, Cologne, Germany
[3] Univ St Gallen, Swiss Inst Banking & Finance, St Gallen, Switzerland
[4] Karlsruhe Inst Technol, Dept Finance & Banking, Karlsruhe, Germany
来源：
ACCOUNTING REVIEW | 2021年 / 96卷 / 06期
关键词：
CEO adaptability; labor market frictions; environmental dynamics; firm value; LOCALLY WEIGHTED REGRESSION; WORK EXPERIENCE; CAREER CONCERNS; PERFORMANCE; MARKET; TURNOVER; COMPENSATION; LONGEVITY; DEATHS; MATCH;
D O I：
10.2308/TAR-2019-0295
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Our study is the first to provide systematic evidence of a hump-shaped CEO tenure-firm value relation. Cross-sectionally, firm value starts to decline after fewer years of CEO tenure in more dynamic industries, if CEOs are less adaptable to changes, and in the presence of greater labor market frictions. Overall, the dynamics of CEO-firm match quality appear to be a first-order driver of the CEO tenure-firm value association, as explained by CEO characteristics (adaptability), firm/industry characteristics (dynamism), and labor market characteristics that facilitate optimal matching between firms and CEOs.
引用
收藏
页码：47 / 71
页数：25
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