Download or read book The Performance Consequences of CEO Turnover written by Rakesh Khurana and published by . This book was released on 2000 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Previous research on executive turnover treats the departures of predecessors and the origin of successors as independent events. This approach has led to mixed empirical findings with respect to measuring the effects of executive turnover on firm performance. Using a longitudinal data set, we show that the conditions under which the predecessor departs (forced versus natural turnover) and the origin of the successor (insider versus outsider) are theoretically coupled phenomena with distinct combinations leading to differences in subsequent performance.
Download or read book Substance and Symbol written by Nitin Nohria and published by . This book was released on 1996 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes that CEO turnover has both substantive and symbolic effects that impact firm performance. The authors predict that all new CEOs will seek to distinguish themselves from their predecessors and will do so by making visible strategic changes. These substantive changes, however, are externally constrained and, thus, will be similar across different types of CEO turnover. The authors predict that some forms of turnover increase member identification with the organization while others reduce it. These differences in organizational identification influence the unobserved effort members are willing to contribute to the organization and thus have a significant impact on firm performance. The performance consequences of these symbolic effects may be greater than the performance consequences of the substantive effects of CEO turnover. The authors provide evidence that supports their theory using data on CEO turnover in the Fortune 200 from 1978-1994.
Download or read book Strategic Leadership written by Sydney Finkelstein and published by Strategic Management. This book was released on 2009 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book integrates and assesses the vast and rapidly growing literature on strategic leadership, which is the study of top executives and their effects on organizations. The basic premise is that in order to understand why organizations do the things they do, or perform the way they do, we need to deeply comprehend the people at the top-- their experiences, abilities, values, social connections, aspirations, and other human features. The actions--or inactions--of a relatively small number of key people at the apex of an organization can dramatically affect organizational outcomes. The scope of strategic leadership includes individual executives, especially chief executive officers (CEOs), groups of executives (top management teams, or TMTs); and governing bodies (particularly boards of directors). Accordingly, the book addresses an array of topics regarding CEOs (e.g., values, personality, motives, demography, succession, and compensation); TMTs (including composition, processes, and dynamics); and boards of directors (why boards look and behave the way they do, and the consequences of board profiles and behaviors). Strategic Leadership synthesizes what is known about strategic leadership and indicates new research directions. The book is meant primarily for scholars who strive to assess and understand the phenomena of strategic leadership. It offers a considerable foundation on which professionals involved in executive search, compensation, appraisal and staffing, as well as board members who evaluate executive performance and potential, might build their tools and perspectives.
Download or read book The Dynamics of Taking Charge written by John J. Gabarro and published by Harvard Business Press. This book was released on 1987 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: Through studies of actual cases of manager succession, Gabarro isolates those factors that cause managers to succeed or fail in new positions, including prior experiences and support from superiors, and the steps involved in mastering the situation. Winner of the Johnson, Smith & Knisely Award for New Perspectives on Executive Leadership.
Download or read book The Handbook of the Economics of Corporate Governance written by Benjamin Hermalin and published by Elsevier. This book was released on 2017-09-18 with total page 762 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of the Economics of Corporate Governance, Volume One, covers all issues important to economists. It is organized around fundamental principles, whereas multidisciplinary books on corporate governance often concentrate on specific topics. Specific topics include Relevant Theory and Methods, Organizational Economic Models as They Pertain to Governance, Managerial Career Concerns, Assessment & Monitoring, and Signal Jamming, The Institutions and Practice of Governance, The Law and Economics of Governance, Takeovers, Buyouts, and the Market for Control, Executive Compensation, Dominant Shareholders, and more. Providing excellent overviews and summaries of extant research, this book presents advanced students in graduate programs with details and perspectives that other books overlook. Concentrates on underlying principles that change little, even as the empirical literature moves on Helps readers see corporate governance systems as interrelated or even intertwined external (country-level) and internal (firm-level) forces Reviews the methodological tools of the field (theory and empirical), the most relevant models, and the field’s substantive findings, all of which help point the way forward
Download or read book Strategic Leadership written by Sydney Finkelstein and published by Cengage Learning. This book was released on 1996 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: A thorough, in-depth treatment of strategic leadership that highlights knowledge creation and practical insight. The authors have been at the forefront of research and writing in this field; this book represents a compilation and creative extension of their own and others research on top executives. This brief one-color text is appropriate for MBA strategy courses or as a supplement to various upper-division managerial texts. Strategic Leadership is part of the Wests Strategic Management Series edited by Michael A. Hitt, R. Duane Ireland, and Robert E. Hoskisson, authors of Strategic Management: Competitiveness and Globalization, 2nd.
Download or read book Pay Without Performance written by Lucian A. Bebchuk and published by Harvard University Press. This book was released on 2004 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders. Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives. This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate performance.
Download or read book The Impact of Tenure on the Firm Performance Ceo Turnover Relation written by Kathleen A. Farrell and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the effect of CEO tenure on the relation between firm performance and forced turnover. We find that the performance-forced turnover relation is conditional on CEO tenure. Our results suggest a constant negative relation between firm performance and forced turnover throughout an inside CEO's tenure. Founders are entrenched early in their careers but held accountable for firm performance later in their careers. We find evidence that outside hires experience a probationary period, followed by a period of apparent entrenchment during their intermediate years that weakens later in their tenure.
Download or read book The Impact of Firm Performance Expectations on CEO Turnover and Replacement Decisions written by Kathleen A. Farrell and published by . This book was released on 2004 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our analysis suggests that boards focus on deviation from expected performance, rather than performance alone, in making the CEO turnover decision, especially when there is agreement (less dispersion) among analysts about the firm's earnings forecast or there are a large number of analysts following the firm. In addition, our results suggest that boards are more likely to appoint a CEO that will change firm policies and strategies (i.e., an outsider) when forecasted five-year EPS growth is low and there is greater uncertainty (more dispersion) among analysts about the firm's long-term forecasts.
Download or read book Why CEOs Fail written by David L. Dotlich and published by John Wiley & Sons. This book was released on 2007-12-10 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: Führungskräfte in Unternehmen wollen erfolgreich sein. Doch nicht selten sabotieren sie ihren Erfolg, weil sie zu bestimmten negativen Verhaltensweisen neigen - den sog. 11 Todsünden. Obwohl dieselben Verhaltensweisen sie in gewissem Maße in diese Führungsposition gebracht haben mögen, können sie ab einem bestimmten Zeitpunkt negativ, ja zerstörerisch werden. "Why CEOs Fail" ist ein praktischer Leitfaden, wie man diese 11 Todsünden vermeidet. Die Autoren - beide Psychologen und erfahrene Coaches mit internationaler Klientel - erläutern hier in kurzen, übersichtlichen Kapiteln die 11 Todsünden am Beispiel von zahlreichen pikanten Geschichten und lehrreichen Anekdoten aus ihrer täglichen Beratungspraxis. Überzeugend, direkt und präzise auf den Punkt gebracht! Mit einem Vorwort von Ram Charan, dem Mitautor des Mega-Bestsellers "Execution". "Why CEOs Fail" - Eine fesselnde und inspirierende Lektüre, wie man die typischen Verhaltensfehler meidet und als Führungskraft erfolgreich ist.
Download or read book Leadership Succession written by Stewart D. Friedman and published by Transaction Publishers. This book was released on 1987 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume focuses on the most critical strategic activity in any organization, namely, who gets chosen to sit in the top echelon of the pyramid. Friedman argues that it is the quality of corporate leadership that will determine corporate winners and losers in the global competitive game. The stakes in leadership succession are high. The selection of key figures is the one human resource activity that no one belittles for being of secondary importance. Indeed, leadership succession is so important and central in many executive minds that it crowds out any other work. The succession process is often fraught with political intrigue, it lacks discipline, and excludes meaningful involvement of senior human resource executives. The contributors to this imaginative volume reveal a succession planning process that is frequently sloppy, superficial, and regularly sabotaged by senior management when they give it short shrift in terms of quality time. In addition, senior management often overrides sound decisions when it comes to filling key positions. The result is a lack of integrity throughout the human resource systems that eventually leads to a collapse of belief in the system and its governance. Noel M. Tichy, a leading figure in the studies of human resource management, has said, "Stewart Friedman is to be congratulated for a successful effort in providing a state of the art look at leadership succession. [He] provides us with an empirical database of what is happening in U.S. corporations, helpful prescriptions for future improvement of leadership succession, and a realistic assessment of the human resource executive challenges in this area."
Download or read book CEO Turnover written by Kathleen Anne Farrell and published by . This book was released on 1994 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Executive Compensation and Shareholder Value written by Jennifer Carpenter and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: Executive compensation has gained widespread public attention in recent years, with the pay of top U.S. executives reaching unprecedented levels compared either with past levels, with the remuneration of top executives in other countries, or with the wages and salaries of typical employees. The extraordinary levels of executive compensation have been achieved at a time when U.S. public companies have realized substantial gains in stock market value. Many have cited this as evidence that U.S. executive compensation works well, rewarding managers who make difficult decisions that lead to higher shareholder values, while others have argued that the overly generous salaries and benefits bear little relation to company performance. Recent conceptual and empirical research permits for the first time a truly rigorous debate on these and related issues, which is the subject of this volume.
Download or read book How Has CEO Turnover Changed written by Steven N. Kaplan and published by . This book was released on 2006 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study CEO turnover - both internal (board driven) and external (through takeover and bankruptcy) - from 1992 to 2005 for a sample of large U.S. companies. Annual CEO turnover is higher than that estimated in previous studies over earlier periods. Turnover is 14.9% from 1992 to 2005, implying an average tenure as CEO of less than seven years. In the more recent period since 1998, total CEO turnover increases to 16.5%, implying an average tenure of just over six years. Internal turnover is significantly related to three components of firm performance - performance relative to industry, industry performance relative to the overall market, and the performance of the overall stock market. Also in the more recent period since 1998, the relation of internal turnover to performance is more strongly related to all three measures of performance in the contemporaneous year. External turnover is not significantly related to any of the measures of stock performance over the entire sample period, nor over the two sub-periods. We discuss the implications of these findings for various issues in corporate governance.
Download or read book Individual and Organizational Factors Surrounding Top Executive Turnover written by Stephanie Brecht-Bergen and published by Logos Verlag Berlin GmbH. This book was released on 2018 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author analyzes the multi-faceted phenomenon of top executive turnover from various theoretical angles and empirically shows how individual and organizational factors such as performance, compensation and gender relate to it. Managerial implications on how to deal with turnover in times of talent shortage are derived. The book contributes to turnover research in three distinct ways. From a corporate governance perspective, it inspects potential antecedents and consequences of top executive dismissal with a focus on firm performance consequences. Taking a labor economics view, it scrutinizes compensation structure as a likely antecedent of voluntary turnover. From an OB and HRM angle, it examines gender as a characteristic of top executives and possible antecedent of turnover.
Download or read book Compensation and Organizational Performance written by Luis R. Gomez-Mejia and published by Routledge. This book was released on 2014-12-18 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt: This up-to-date, research-oriented textbook focuses on the relationship between compensation systems and firm overall performance. In contrast to more traditional compensation texts, it provides a strategic perspective to compensation administration rather than a functional viewpoint. The text emphasizes the role of managerial pay, its importance, determinants, and impact on organizations. It analyzes recent topics in executive compensation, such as pay in high technology firms, managerial risk taking, rewards in family companies, and the link between compensation and social responsibility and ethical issues, among others. The authors provide a thorough and comprehensive review of the vast literatures relevant to compensation and revisit debates grounded in different theoretical perspectives. They provide insights from disciplines as diverse as management, economics, sociology, and psychology, and amplify previous discussions with the latest empirical findings on compensation, its dynamics, and its contribution to firm overall performance.
Download or read book How Has CEO Turnover Changed Increasingly Performance Sensitive Boards and Increasingly Uneasy CEOS written by Steven N. Kaplan and published by . This book was released on 2010 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study CEO turnover - both internal (board driven) and external (through takeover and bankruptcy) - from 1992 to 2005 for a sample of large U.S. companies. Annual CEO turnover is higher than that estimated in previous studies over earlier periods. Turnover is 14.9% from 1992 to 2005, implying an average tenure as CEO of less than seven years. In the more recent period since 1998, total CEO turnover increases to 16.5%, implying an average tenure of just over six years. Internal turnover is significantly related to three components of firm performance - performance relative to industry, industry performance relative to the overall market, and the performance of the overall stock market. Also in the more recent period since 1998, the relation of internal turnover to performance is more strongly related to all three measures of performance in the contemporaneous year. External turnover is not significantly related to any of the measures of stock performance over the entire sample period, nor over the two sub-periods. We discuss the implications of these findings for various issues in corporate governance.
