This study investigates whether CEOs exercise discretion in recognizing environmental liabilities surrounding their turnover. Extant theories on the agency problem predict that outgoing CEOs tend to boost or maintain the reported earnings in their final years (“Horizon” problem or...

What are the costs and benefits of retaining the former CEO on the board? Corporate boards frequently debate this question as part of the CEO succession process. Like many governance issues, empirical evidence indicates that a number of factors are involved in and may drive this on-going...

Responsibility for succession planning belongs in the boardroom and nowhere else. The board of directors is legally authorized, temperamentally suited, and in possession of the authority and experience needed for effective succession planning.The issues that can lead boards to neglect succession...

CEO Succession Practices: 2012 Edition documents and analyzes succession events of chief executive officers (CEOs) of S&P 500 companies. In addition to updates on historical trends, the study features discussions of the most notable cases of CEO succession that took place in 2011 (based on press...

Prior CEO turnover literature characterizes the board's decision as a choice between retaining versus replacing the CEO. We focus instead on the CEO's decision rights and introduce a third option in which the incumbent CEO is removed but retained on the board for an extended period, which we...

This study examines how manager's power affects capital expenditure in conglomerates, and how the firm's corporate governance mitigates the influence of subsidiary managers' informal power on capital expenditure. We conducted an empirical study using Taiwanese Business Group data, which includes...