ECONOMIC POLICY UNCERTAINTY AND BOARD MONITORING: EVIDENCE FROM CEO TURNOVERS

被引：14
|
作者：
Frye, Melissa B. [1 ]
Pham, Duong T. [2 ]
机构：
[1] Univ Cent Florida, Orlando, FL 32816 USA
[2] Georgia Southern Univ, Statesboro, GA USA
来源：
JOURNAL OF FINANCIAL RESEARCH | 2020年 / 43卷 / 03期
关键词：
POLITICAL UNCERTAINTY; DIRECTORS; DETERMINANTS; REPLACEMENT; SUCCESSION; IMPACT;
D O I：
10.1111/jfir.12222
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine whether economic policy uncertainty (EPU) affects a board's chief executive officer (CEO) replacement decision. We find that high EPU reduces the likelihood of forced CEO turnover. Our results support the idea that performance assessment may be more difficult when uncertainty is high. We provide evidence that succession planning may be important to firms in reducing the effects of EPU, as firms with an identifiable heir apparent are not influenced by high EPU. Likewise, voluntary CEO turnovers are not affected by EPU. Overall, our results provide evidence that boards make personnel decisions in response to external macroeconomic pressures.
引用
收藏
页码：675 / 703
页数：29
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