{"title":"CEO turnovers as organizational responses to shocks in competition","authors":"Haofei Zhang , Jin Peng , Mingming Zhou","doi":"10.1016/j.iref.2024.103650","DOIUrl":null,"url":null,"abstract":"<div><div>This paper provides novel evidence of organizational responses in the form of CEO turnover to competition shocks induced by unexpected tariff cuts. We find that the likelihood of CEO turnover increases with unexpected surge in industry competitiveness, and this result is mainly driven by non-exporting firms. Among non-exporting firms, the higher likelihood of CEO turnover is confined to firms with weak governance, high leverage, and in financial distress. Exporting firms, on the other hand, experience increased exports and show no significant CEO turnover changes.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103650"},"PeriodicalIF":4.8000,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Economics & Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1059056024006427","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
This paper provides novel evidence of organizational responses in the form of CEO turnover to competition shocks induced by unexpected tariff cuts. We find that the likelihood of CEO turnover increases with unexpected surge in industry competitiveness, and this result is mainly driven by non-exporting firms. Among non-exporting firms, the higher likelihood of CEO turnover is confined to firms with weak governance, high leverage, and in financial distress. Exporting firms, on the other hand, experience increased exports and show no significant CEO turnover changes.
期刊介绍：
The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.
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