The Effect of CEO Succession on Stockholder Wealth in Large Firms Following the Death of the Predecessor

D. L. Worrell · Wallace N. Davidson

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Corporate Finance and Governance Human Resource and Talent Management Family Business Performance and Succession

Abstract

Using event time methodology, this study explores, over the 17-year period of 1966 to 1982, the effect on the price of common stock in large publicly held corporations of Chief Executive Officer (CEO) succession following the death of each CEO's predecessor. The market was found to react positively to the announcement of internal succession, but external succession was not associated with significant abnormal returns. The findings support the importance of examining the organizational conditions surrounding succession events.

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2018Outside CEOs and innovation 2004Succession planning.2016CEO succession in family firms: Stewardship perspective in the pre-succession context 2016CEO succession: what we know and where to go?2005The Value of an Heir Apparent in Succession Planning 2017Worth the wait? Delay in CEO succession after unplanned CEO departures

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