Managerial Legacies, Entrenchment, and Strategic Inertia

被引：27

作者：

Casamatta, Catherine ^{[1
,2
,3
]}

Guembel, Alexander ^{[1
,2
]}

机构：

[1] Univ Toulouse 1, Toulouse Sch Econ, F-31042 Toulouse, France

[2] Univ Toulouse 1, Inst Adm Entreprises, F-31042 Toulouse, France

[3] Europlace Inst Finance, Paris, France

来源：

JOURNAL OF FINANCE | 2010年 / 65卷 / 06期

关键词：

CAPITAL REALLOCATION; CAREER CONCERNS; CEO TURNOVER; INVESTMENT; INCENTIVES; REORIENTATION; COMPENSATION; MANAGEMENT; GOVERNANCE; CONTRACTS;

D O I：

10.1111/j.1540-6261.2010.01619.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper argues that the legacy potential of a firm's strategy is an important determinant of CEO compensation, turnover, and strategy change. A legacy makes CEO replacement expensive, because firm performance can only partially be attributed to a newly employed manager. Boards may therefore optimally allow an incumbent to be entrenched. Moreover, when a firm changes strategy it is optimal to change the CEO, because the incumbent has a vested interest in seeing the new strategy fail. Even though CEOs have no specific skills in our model, legacy issues can explain the empirical association between CEO and strategy change.

引用

页码：2403 / 2436

页数：34

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