Persistence and change in CEO succession processes /
A CEO succession occurs in the life of a firm approximately
| Main Author: | |
|---|---|
| Format: | Thesis Book |
| Language: | English |
| Published: |
[Place of publication not identified] :
[publisher not identified] ;
1996.
|
| Subjects: | |
| Online Access: | http://proxy.library.tamu.edu/login?url=http://proquest.umi.com/pqdweb?did=743157211&sid=1&Fmt=2&clientId=2945&RQT=309&VName=PQD |
| Summary: | A CEO succession occurs in the life of a firm approximately every seven years. This research examines whether CEO succession processes demonstrate persistence and whether firms change persistent CEO succession processes. In addition, the antecedents of change for persistent CEO succession processes and the effects of change on firm financial performance are examined. Support was found for several of the hypotheses. Relays and horse races are persistent CEO succession processes. Dismissals are not persistent. In addition, a new classification of CEO succession processes, retirements, was found in this data. Tenure was found to be an aspect of successions that is persistent; but, contrary to what was hypothesized, only for dismissals. There was weak support for a cloning effect. It was found that predecessor CEO shareholdings (as a proportion of the firm's outstanding shares) and successor CEO shareholdings are related for all types of successions. In addition, it was found that relative CEO remuneration was persistent for relays. Further, it was found that persistent processes change to more disruptive processes when the environment becomes more uncertain, incumbent CEO power decreases, firms become more diversified, and slack decreases. It was also found that relative prior performance effects type of succession process but only through incumbent CEO power. Board vigilance and firm size do not seem to cause changes in the type of succession process utilized. Finally, the type of succession process used does not affect short- or long-term financial performance. These findings are discussed, conclusions drawn, limitations of the study presented, and areas for future research proposed. |
|---|---|
| Item Description: | Vita. "Major Subject: Management". |
| Physical Description: | xiii, 153 leaves : illustrations ; 28 cm. Issued also on microfiche from University Microfilms Inc. |
| Bibliography: | Includes bibliographical references. |