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 study the role of connections between CEOs and division managers in managerial career outcomes. Holding divisional and managerial characteristics constant, we find that CEOs are substantially less likely to dismiss division managers with whom they share a personal connection. Additionally,...