The Match between CEO and Firm*

Sam Allgood · Kathleen A. Farrell

165 citations0/0 files storedThe Journal of Business

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Corporate Finance and Governance Labor market dynamics and wage inequality Human Resource and Talent Management

Abstract

We investigate the role of job-match heterogeneity in the CEO labor market. We document a high percentage of CEO turnovers in the early years of tenure as illustrated by the hazard that increases until the fifth year of CEO tenure and then decreases. Evidence suggests that a good match is more likely if the new CEO performs better than the previous CEO. The best matches tend to occur when inside (outside) CEOs follow previous CEOs who quit (are dismissed). Evidence consistent with match theory in the CEO labor market suggests factors that influence the likelihood of observing a good match.

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References

1996Higher market valuation of companies with a small board of directors 1988Outside directors and CEO turnover 1992The investment opportunity set and corporate financing, dividend, and compensation policies 1989Handbook of Labor Economics 1979Job Matching and the Theory of Turnover 2008Executive compensation 1991Optimal Incentive Contracts in the Presence of Career Concerns: Theory and Evidence 1988Stock prices and top management changes

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2009CEO tenure, the risk of termination and firm value 2004The Impact of Firm Performance Expectations on CEO Turnover and Replacement Decisions 2010CEO Turnover in a Competitive Assignment Framework 2008Momentum or Deceleration? Theoretical and Methodological Reflections on the Analysis of Organizational Change 2012Managerial Turnover in a Changing World 2010CEO Replacement Under Private Information

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