JOURNAL OF CORPORATE FINANCE, AVAILABLE ONLINE 20，DECEMBER 2017

值得等待？在计划外CEO离职后，CEO的继任延迟

作者：Mia L.Rivolta（Xavier University）

摘要：本文分析了股东价值和企业绩效与CEO继任延期（或缺失）之间的联系。本文发现，平均而言，延迟接班与未计划的CEO离职会带来更好的业绩。然而，延迟的价值效应各不相同，并非所有企业都受益于长期延迟。股价波动较大的企业以及CEO被聘用的企业的业绩表现较差。这些结果表明，延迟影响首席执行官劳动力市场的摩擦。如果公司没有制定继任计划，延迟的影响就显得尤为重要。

关键词：CEO更换，CEO继任，CEO劳动力市场

Worth the Wait? Delay in CEO Succession after Unplanned CEO

Mia L.Rivolta（Xavier University）

ABSTRACT

This paper analyzes changes in shareholder value and firm performance in relation to the delay (or lack thereof) in CEO succession. I find that, on average, delay in succession is associated with stronger performance after an unplanned CEO departure. However, the value effect of delay varies and not all firms benefit from long delay. Firms with higher stock price volatility and those whose CEO is hired away experience lower performance. These results suggest that delay affects frictions in the CEO labor market. The impact of delay is particularly important when firms have no succession plan in place.

Keywords: CEO Turnover, CEO Succession, CEO Labor Market

原文链接：

https://www.sciencedirect.com/science/article/pii/S0929119917302420

翻译：王秭越