A debate exists on the issue of whether a governance system is value additive or even necessary for a privately-held firm. One side of the debate suggests that, in absence of agency problems, a private firm does not need a costly governance system. The other side argues that a private firm...

Employing a sample of voluntary CEO turnovers selected from S&P 500 firms over the period 2004-2012, we investigate the impact of the prior firm's performance on the length of time expired between when a CEO resigns and when he/she is hired for an equivalent job with a similar company. We find...

Mueller’s (1972) life cycle theory suggests that innovation is the driver of growth and a firm’s growth rate is what determines its life cycle. In testing various potential implications of life cycle stages, however, researchers to date have chosen proxies other than innovations (e.g., age)....