期刊
STRATEGIC MANAGEMENT JOURNAL
卷 31, 期 3, 页码 334-346出版社
JOHN WILEY & SONS LTD
DOI: 10.1002/smj.812
关键词
CEO origin; CEO tenure; strategic change; upper echelon
In this study, we examine how the relationship between the level of strategic change in the pattern of resource allocation and firm performance differs between firms led by outside CEOs and those led by inside CEOs. Based on longitudinal data air the tenure histories of 193 CEOs who left office between 1993 and 1998, we find that the level of strategic change hers air inverted U-shaped relationship with firm performance. As the level of change increases from slight to moderate, performance increases; as the level of change increases from moderate to great, performance declines. Further, we find that this inverted U-shaped relationship differs between firms led by outside CEOs and those led by inside CEOs. That is, both the positive effect of strategic change on firm performance when the level of change is relatively low and the negative effect of strategic change on firm performance when the level of change is relatively high are more pronounced for outside CEOs than for inside CEOs. Supplementary analyses also suggest that this difference between outside and inside CEOs exists in later years but not in the early years of CEO tenure. Copyright (C) 2009 John Wiley & Sons, Ltd.
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