A. M. Chijoke-Mgbame, A. Boateng, C. O. Mgbame, K. Yekini
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Specifically, CEO internal experience and performance combine to reduce the likelihood of CEO turnover. However, CEO network size and age when combined with firm performance increase the likelihood of CEO turnover.\n\n\nPractical implications\nThe results imply that boards should pay more attention to CEO attributes in their decisions to hire and fire executive managers as these factors may affect a wide variety of firm outcomes.\n\n\nOriginality/value\nThis paper makes key contributions to the CEO turnover and corporate governance literature by providing evidence of key factors other than performance that can affect the CEO dismissal decision. Specifically, this study shows that CEO attributes such as CEO internal experience, CEO networks and CEO age far outweigh the importance of performance as a factor influencing CEO turnover decisions.\n","PeriodicalId":47880,"journal":{"name":"Corporate Governance-The International Journal of Business in Society","volume":null,"pages":null},"PeriodicalIF":5.5000,"publicationDate":"2023-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Firm performance and CEO turnover: the moderating role of CEO attributes\",\"authors\":\"A. M. Chijoke-Mgbame, A. Boateng, C. O. Mgbame, K. 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Firm performance and CEO turnover: the moderating role of CEO attributes
Purpose
This study aims to examine the effects of firm performance on chief executive officer (CEO) turnover and the moderating role of CEO attributes on the firm performance–CEO turnover relationship.
Design/methodology/approach
Probit regressions were used to examine the relationship between various CEO attributes and CEO turnover and the moderation effect of firm performance on the CEO attributes–CEO turnover relationship. The sample comprises firms from the FTSE 350 Index covering the period 1999–2018.
Findings
The results indicate that firm performance negatively and significantly impacts CEO turnover. Further analysis reveals that selected CEO attributes, namely, CEO internal experience, CEO network size and CEO age, moderate the relationship between firm performance and CEO turnover. Specifically, CEO internal experience and performance combine to reduce the likelihood of CEO turnover. However, CEO network size and age when combined with firm performance increase the likelihood of CEO turnover.
Practical implications
The results imply that boards should pay more attention to CEO attributes in their decisions to hire and fire executive managers as these factors may affect a wide variety of firm outcomes.
Originality/value
This paper makes key contributions to the CEO turnover and corporate governance literature by providing evidence of key factors other than performance that can affect the CEO dismissal decision. Specifically, this study shows that CEO attributes such as CEO internal experience, CEO networks and CEO age far outweigh the importance of performance as a factor influencing CEO turnover decisions.
期刊介绍：
Providing a consistent source of in-depth information, analysis and advice considering corporate governance on an international scale, Corporate Governance: The International Journal of Business in Society focuses on knowledge development, practice and performance standards for scholars and Boards of Directors/ Governors of companies throughout the world. The journal publishes a diverse range of substantive theoretical and methodological debates as well as practical developments in the field of corporate governance worldwide. The journal particularly encourages attention to the impact of changes of business/corporate governance forms and practices on people, and the sustainability of different governance models. Articles that highlight models and structures that advance the interests, dignity and well being of all stakeholders, in a sustainable manner, are particularly welcome. The journal covers a broad spectrum of governance-related themes including: -Effective boardroom performance -Control and regulation -Executive leadership -The role and contribution of external (non-executive) directors -The growing importance of governance in the wake of ever-greater corporate scandals -Redefinitions and reassessments of corporate governance models -The role of business in society -The changing nature of the relationship and responsibilities of the firm towards various stakeholders -The incentives required to encourage more socially- and environmentally-responsible corporate action -The role and impact of local and international regulatory agencies and regimes on corporate behaviour.
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