Title:
Opportunist or steward?
Subtitle:
The influence of the board chairman on CEO dismissals and replacements ; Paper
presented at the 26th annual conference of the Strategic Management Society,
Vienna, October 2006
Author(s):
Bresser, Rudi K. F.; Valle Thiele, Reynaldo; Biedermann, Annette; Lüdeke, Holger
Year of publication:
2006
Available Date:
2008-08-06T08:41:32.165Z
Abstract:
Based on a sample of large, publicly traded German companies, we study
performance implications of CEO duality for executive succession events. We
find that CEO dismissals are more frequent at low levels of pre-succession
market-based performance and CEO duality. Postsuccession sales growth and
operating earnings are higher for firms with CEO dismissals and CEO duality.
Our results provide partial support to stewardship theory and no support to
agency theory.
Keywords:
executive succession
CEO duality
stewardship theory
agency theory
DDC-Classification:
330 Wirtschaft
Department/institution:
Wirtschaftswissenschaft
Betriebswirtschaftslehre / Management-Department
Series/Multivolume:
Diskussionsbeiträge des Instituts für Management
Series/Multivolume Number:
2006,1
