http://www.loc.gov/mods/v3 http://www.loc.gov/standards/mods/v3/mods-3-2.xsd
Persistence and change in CEO succession processes
xiii, 153 leaves : illustrations ; 28 cm.
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.
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