As the direction and strategies of new ventures depend on the top management team (TMT)'s stability and continuous efforts, we investigate the relationship between executive turnover and research and development (R&D) investment investment. Furthermore, we assess the moderating role of the...

This article examines recent literature on corporate boards and the interplay between director gender and CEO turnover and how it affects firm performance after CEO turnover. The primary focus is board gender diversity and CEO job embeddedness in entrepreneurial firms. This article discusses...

Purpose This paper aims to study the impact of CEOs' cultural background on corporate innovation. The paper constructs a measure of CEOs' cultural individualism based on their birthplaces and investigates its relationship with firms' patents and citations. The study aims to shed light on the...

In this study, we examine the three components of executive compensation including salary, equity, and bonus pay over a CEO’s tenure for US publicly-traded firms. We confirm a positive and significant relationship between two separate measures of firm performance and incentive pay. We also...

This paper examines the relationship between insider abnormal trading returns, executive pay disparity, and CEO turnover. Our study finds both independent and interaction effects of insider abnormal returns and CEO pay gap on the probability of CEO turnovers. First, an increase in insider...

This study presents a review of theoretical concepts described in the literature that explain how corporate events might be perceived by investors. The theoretical discussion in this paper is related to three corporate events: CEO turnovers, dividend payouts, and block trades. The objective of...

In an increasingly competitive market environment, as an important decision for strategic change, CEO succession is a key step to driving sustainable development. The formulation of succession plans and how to improve the effectiveness of internal promotion mechanisms have been researched topics...

Using a sample of firms listed on the S&P1500 index for the period 2006 – 2021, we develop a comprehensive board refreshment index to examine why firms refresh as well as to consider the effects of such changes on the monitoring efforts of the board. We measure refreshment as a within board...

We find that CEO turnover is significantly higher and considerably less sensitive to performance in firms with short investor horizons. Decisions to dismiss a CEO lead to worse operating performance, which is even poorer when investors have short horizons. Further, new managers respond to...

This study documents that big bath accounting following CEO turnovers is pervasive worldwide and shows that the extent to which CEOs engage in big bath accounting is associated with the degree of discretion they have available in their respective countries. Our analysis is based on a new...

This study examines the relationship between corporate social responsibility (CSR) and different types of CEO turnover. Our findings based on a sample of over 2,500 publicly-traded US firms clarify how firms’ CSR engagement relates to CEO turnover by reason and source of new CEO. Firms with...

I examine gender differences in CEO turnover-performance sensitivity to provide evidence for gendered performance evaluation in leadership positions from a new perspective. Using a large sample of Chinese listed companies from 2010 to 2019, I find that on average the turnover-performance...

In many countries, local governments struggle with inefficiency and corruption, often perpetuated by entrenched elites. This paper explores how leadership changes affect local bureaucratic performance. Combining personnel and citizen surveys with a regression discontinuity design in a large...

We examine the effect of algorithmic trading (AT) on directors’ learning from stock prices. We find that the sensitivity of forced CEO turnover to stock returns decreases with AT. We mitigate correlated omitted variable bias by using the 2016 Tick Size Pilot Program as an exogenous shock to...

Using U.S. states' staggered enactment of majority voting legislation (MVL) as plausibly negative exogenous shocks to director job security, we find an increase in the unconditional likelihood of forced CEO turnover and the sensitivity of forced CEO turnover to firm performance following its...

This paper examines the M&A strategy of firms during the first year in office following the appointment of a new CEO and its effect on longer-term firm performance. Using a unique sample of large European listed companies, the results show that CEOs of UK firms execute more deals than their...

Motivated by the rise of linking CEO compensation to corporate social responsibility (hereafter, CSR contracting), we examine the impact of CSR contracting on CEO performance-induced turnover. Using a sample of S&P 500 firms with hand collected information on the use and substantiveness of CSR...

We examine CEO turnover and succession planning using a unique and highly comprehensive data set from the company exechange. Exechange applies a novel methodology that evaluates the circumstances surrounding a CEO departure to determine the degree to which the turnover event might be voluntary...

We present a modified principal-agent model to identify a link between the anticipated likelihood of future CEO turnover and the optimal sensitivity of incentive pay to firm performance. The analysis focuses on the optimal sequence of standard one-period incentive contracts when CEO effort...

This study examines the relationship between perk consumption and forced CEO turnover. The results based on Chinese firms indicate that the likelihood of forced CEO turnover increases with excess perk consumption by executives. The positive effect of excess perk consumption on CEO dismissal...

This paper empirically tests the impact of CEO’s alumni relationships on the stock price crash risk during CEO turnover. Empirical tests find that CEOs’ advantage among alumni networks will increase stock price crash risk during CEO turnover to some degree. However, this effect is built on...

This study examines the relationship between perk consumption and forced CEO turnover. The results based on Chinese firms indicate that the likelihood of forced CEO turnover increases with excess perk consumption by executives. The positive effect of excess perk consumption on CEO dismissal...

This study investigates how capital market investors assess CEO succession planning in the context of CEO turnover events. Conducting empirical tests using a manually collected sample of 676 CEO turnover cases, we find that CEO succession planning mitigates the negative association between CEO...

This study investigates how capital market investors assess CEO succession planning in the context of CEO turnover events. Conducting empirical tests using a manually collected sample of 676 CEO turnover cases, we find that CEO succession planning mitigates the negative association between CEO...