Fired or Retired? a Competing Risks Analysis of Chief Executive Turnover

Ian Gregory‐Smith · Steve Thompson · Peter W. G. Wright

62 citations0/0 files storedThe Economic Journal

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Corporate Finance and Governance Firm Innovation and Growth Organizational Management and Leadership

Abstract

We apply duration analysis to model the tenure and mode of exit of CEOs from FTSE 350 companies from 1996–2005, a decade in which corporate governance reforms have sought to increase the accountability of the CEO to shareholders and their representatives on the board. We find a greater likelihood of dismissal in the latter part of the period. However, we also find that the likelihood of forced departure sharply decreases from the fifth year of a CEO’s tenure. We find evidence that this is because CEOs who survive beyond year four are able to entrench themselves in their position.

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References

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