Financial Management · 16 May 2018

解雇CEO是否值得？

作者：George Alexandridis (ICMA Centre, Henley Business School, University of Reading, UK) John A. Doukas (Strome College of Business, Old Dominion University, USA; Judge Business School, University of Cambridge, UK)

Christos P. Mavis (Surrey Business School, University of Surrey, UK )

摘要：我们通过是否改善公司前景来研究非自愿的CEO替换是否值得。我们发现，CEO继任者的收购投资与股东收益显著地高于其前任和CEO平均水平。这一离职后收购表现的改善似乎是董事会独立性、对冲基金所有权与新CEO相对经验的一个函数。CEO继任者也通过利用资产弃置和终止经营的手段改变其前任的投资项目、运用更高效投资策略的方式，创造了可观的股东价值。我们的证据表明解雇一个CEO是值得的。

Does Firing a CEO Pay Off?

George Alexandridis (ICMA Centre, Henley Business School, University of Reading, UK) , John A. Doukas (Strome College of Business, Old Dominion University, USA; Judge Business School, University of Cambridge, UK), Christos P. Mavis (Surrey Business School, University of Surrey, UK )

ABSTRACT

We examine whether involuntary CEO replacements pay off by improving firm prospects. We find CEO successors’ acquisition investments to be associated with significantly higher shareholder gains relative to their predecessors and the average CEO. This improvement in post‐turnover acquisition performance appears to be a function of board independence, hedge fund ownership, and the new CEO's relative experience. CEO successors also create sizeable shareholder value by reversing prior investments through asset disposals and discontinuing operations and by employing more efficient investment strategies. Our evidence suggests that firing a CEO pays off.

原文链接：https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12228

翻译：施懿