期刊
APPLIED ECONOMICS LETTERS
卷 26, 期 21, 页码 1744-1748出版社
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
DOI: 10.1080/13504851.2019.1593932
关键词
CEO succession; hierarchical jumps; firm performance; agency cost
类别
资金
- Natural Science Foundation of China [G0302/71403221]
- Sichuan Department of Science and Technology [2017ZR0240]
This paper analyzes the effect of CEO succession via overall hierarchical jumps on Chinese firm performance and agency cost. It categorizes hierarchical jumps into low, medium and high level. The study reveals through panel regression analysis that the CEOs appointed via medium hierarchical jumps substantially enhance firm performance. Conversely, the successors appointed through low and high hierarchical jumps have relatively no effect on firm profitability. Conclusively, this research evaluates that the aged CEOs should be preferred among the CEOs successors via high hierarchical jumps, which have mitigated the agency problem decisively.
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