CEO tenure and the performance-turnover relation

被引：123

作者：

Dikolli, Shane S. ^{[1
]}

Mayew, William J. ^{[1
]}

Nanda, Dhananjay ^{[2
]}

机构：

[1] Duke Univ, Fuqua Sch Business, Durham, NC 27708 USA

[2] Univ Miami, Sch Business Adm, Coral Gables, FL 33124 USA

来源：

REVIEW OF ACCOUNTING STUDIES | 2014年 / 19卷 / 01期

关键词：

CEO turnover; Performance measurement; CEO tenure; CEO ability; INTERACTION TERMS; FIRM-PERFORMANCE; MARKET VALUATION; DIRECTORS; APPOINTMENTS; GOVERNANCE; OWNERSHIP; MODELS; IMPACT; BOARDS;

D O I：

10.1007/s11142-013-9247-6

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In a broad cross-section of US firms, we document that the likelihood of a CEO's performance-related dismissal declines in his tenure. This finding is consistent with both firm performance revealing information about a CEO's uncertain executive ability and CEO tenure reflecting weak firm governance choices that reduce the likelihood of performance-related dismissal. In a sample of CEOs who begin their appointment during our sample period, we find evidence more broadly in favor of the former explanation. Specifically, we find that (1) CEO survival is associated with superior firm performance, (2) this relation is unaffected by firm governance choices, (3) the intensity with which a firm monitors its CEO declines over his tenure, and (4) firms' monitoring intensity increases following CEO turnover. Collectively, our results suggest that periodic performance reports increasingly resolve uncertainty regarding executive ability, thereby lowering firm owners' demand for monitoring their CEO over his tenure.

引用

页码：281 / 327

页数：47

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