首席执行官更替是组织对竞争冲击的反应

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE International Review of Economics & Finance Pub Date : 2024-09-21 DOI:10.1016/j.iref.2024.103650

Haofei Zhang , Jin Peng , Mingming Zhou

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引用次数: 0

摘要

本文提供了新颖的证据，证明了企业以首席执行官更替的形式来应对由意外关税削减引发的竞争冲击。我们发现，首席执行官更替的可能性会随着行业竞争力的意外飙升而增加，而这一结果主要是由非出口企业驱动的。在非出口企业中，首席执行官更替可能性较高的企业仅限于治理薄弱、高杠杆率和陷入财务困境的企业。另一方面，出口企业的出口量增加，首席执行官的更替却没有显著变化。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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CEO turnovers as organizational responses to shocks in competition

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.

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来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

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.