Oskar Kowalewski, Aleksandra Majda-Kariozen, Blazej Socha
{"title":"Founder involvement in <scp>CEO</scp> turnover","authors":"Oskar Kowalewski, Aleksandra Majda-Kariozen, Blazej Socha","doi":"10.1002/jsc.2547","DOIUrl":null,"url":null,"abstract":"Abstract We study the role of a company founder in the internal governance of firms. Using a sample of 484 CEO turnovers for 2000–2015, we establish that CEOs are fired for poor performance. However, the likelihood of a poor‐performing founder‐CEO being fired is lower than that of an outsider CEO. Moreover, having a founder as a member of the executive or supervisory board decreases the likelihood that a CEO will be dismissed for poor performance. Similarly, founder ownership may have the same effect on CEO turnover. Finally, being a founder does not guarantee a poor‐performing CEO a chairman position after being fired.","PeriodicalId":46986,"journal":{"name":"Strategic Change-Briefings in Entrepreneurial Finance","volume":null,"pages":null},"PeriodicalIF":3.6000,"publicationDate":"2023-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Strategic Change-Briefings in Entrepreneurial Finance","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1002/jsc.2547","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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Abstract
Abstract We study the role of a company founder in the internal governance of firms. Using a sample of 484 CEO turnovers for 2000–2015, we establish that CEOs are fired for poor performance. However, the likelihood of a poor‐performing founder‐CEO being fired is lower than that of an outsider CEO. Moreover, having a founder as a member of the executive or supervisory board decreases the likelihood that a CEO will be dismissed for poor performance. Similarly, founder ownership may have the same effect on CEO turnover. Finally, being a founder does not guarantee a poor‐performing CEO a chairman position after being fired.
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