Empirical research on CEO turnover and firm-performance: a discussion

被引：129

作者：

Brickley, JA ^{[1
]}

机构：

[1] Univ Rochester, William E Simon Grad Sch Business Adm, Rochester, NY 14627 USA

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 2003年 / 36卷 / 1-3期

关键词：

CEO turnover; agency problems; incentives;

D O I：

10.1016/j.jacceco.2003.09.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Engel/Hayes/Wang and Farrell/Whidbee provide new evidence on how firms weight alternative performance measures in making CEO retention and replacement decisions. While their results are statistically significant, firm performance continues to explain very little of the variation in CEO turnover. I argue we have probably reached a point of diminishing returns in estimating logit models that focus on the relation between CEO turnover and firm performance measures. We will have to consider other less-explored issues to increase our understanding of CEO turnovers and replacements. Analyzing age-related issues is one example. (C) 2003 Elsevier B.V. All rights reserved.

引用

页码：227 / 233

页数：7

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