Douglas Cumming, Peigong Li, Feng Zhan, Wanwan Zhu
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引用次数: 0
摘要
基于手工收集的美国银行控股公司（BHC）首席执行官继任事件的独特数据集，我们发现新任命首席执行官的先前首席执行官经验会提高首席执行官继任后的银行盈利能力，但主要是在表现不佳的银行。我们根据前任首席执行官的经验来源对其进行了区分，发现业绩效应是由在银行外部获得的经验驱动的。此外，我们的研究表明，与那些在银行内部获得 CEO 经验的人或那些没有任何 CEO 经验的人相比，在银行外部获得 CEO 经验的新任 CEO 更有可能通过盈利操纵来提高盈利能力。
Changes in bank profitability Post-CEO succession: Does prior CEO experience improve bank performance?
Based on a unique hand-collected dataset of CEO succession events in US bank holding companies (BHCs), we find that prior CEO experience of the newly appointed CEO improves bank profitability post-CEO succession, but primarily in underperforming banks. We distinguish prior CEO experience based on where the experience was obtained and find that the performance effect is driven by the experience gained outside the bank. Moreover, our study indicates that new CEOs with previous CEO experience acquired outside the bank are more likely to enhance profitability through earnings manipulation than those who obtained CEO experience within the bank or those without any previous CEO experience.
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