Robust Models of CEO Turnover: New Evidence on Relative Performance Evaluation

被引：25

作者：

Fee, C. Edward ^{[1
]}

Hadlock, Charles J. ^{[2
]}

Huang, Jing ^{[3
]}

Pierce, Joshua R. ^{[4
]}

机构：

[1] Tulane Univ, New Orleans, LA 70118 USA

[2] Michigan State Univ, E Lansing, MI 48824 USA

[3] EY, London, England

[4] Univ Alabama, Tuscaloosa, AL 35487 USA

来源：

REVIEW OF CORPORATE FINANCE STUDIES | 2018年 / 7卷 / 01期

关键词：

D O I：

10.1093/rcfs/cfx018

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the robustness of empirical models and findings concerning CEO turnover. We show that the sensitivity of turnover to abnormal firm performance is an extremely robust result. In contrast, evidence indicating a relation between turnover and industry performance is both weak and fragile. We show that small changes in turnover modeling choices can affect inferences in a large way. Our evidence casts substantial doubt on the hypothesis that there is a large industry performance component to turnover decisions. We use our findings to offer some general prescriptions for checking robustness results in CEO turnover research.

引用

页码：70 / 100

页数：31

共 34 条

[1] Why do managers diversify their firms? Agency reconsidered [J].