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- W4295012146 endingPage "101072" @default.
- W4295012146 startingPage "101072" @default.
- W4295012146 abstract "Long CEO tenure can harm firm performance even after the CEO is replaced. We analyze this issue by conditioning post-turnover firm performance on the length of the preceding CEO’s tenure. Identification comes from instrumenting sudden CEO deaths as an exogenous shock to tenure length. We find that when a successor takes over after a long-tenured CEO, operating performance and stock returns are significantly lower, restructuring costs are higher, “big baths” are larger, and firm recovery is slower. Weaker corporate governance and a long-tenured CEO with lower skills amplify these post-turnover effects." @default.
- W4295012146 created "2022-09-09" @default.
- W4295012146 creator A5019087375 @default.
- W4295012146 creator A5055724072 @default.
- W4295012146 date "2022-12-01" @default.
- W4295012146 modified "2023-10-12" @default.
- W4295012146 title "Easy cleanups or forbearing improvements: The effect of CEO tenure on successor’s performance" @default.
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- W4295012146 doi "https://doi.org/10.1016/j.jfs.2022.101072" @default.