The effect of competition on CEO turnover

被引：230

作者：

DeFond, ML ^{[1
]}

Park, CW

机构：

[1] Univ So Calif, Leventhal Sch Accounting, Los Angeles, CA 90089 USA

[2] Hong Kong Univ Sci & Technol, Kowloon, Peoples R China

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 1999年 / 27卷 / 01期

关键词：

relative performance evaluation; CEO turnover; CEO performance evaluation; management compensation and turnover;

D O I：

10.1016/S0165-4101(98)00044-5

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Relative performance evaluation (RPE) is likely to improve boards of director's ability to identify unfit CEOs, and competition is likely to enhance the usefulness of RPE. Consistent with our hypotheses, the frequency of CEO turnover is greater in highly competitive industries than in less competitive industries. We also find that RPE-based (firm-specific) accounting measures are more closely associated with CEO turnover in high (low) competition industries than in low (high) competition industries. These findings suggest that the lack of support for RPE in prior studies results from not considering the effects of competition. (C) 1999 Elsevier Science B.V. All rights reserved. JEL classification: J33; J41; J63; M4.

引用

页码：35 / 56

页数：22

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