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The Accounting Review, 2021
ABSTRACT Our study is the first to provide systematic evidence of a hump-shaped CEO tenure-firm value relation. Cross-sectionally, firm value starts to decline after fewer years of CEO tenure in more dynamic industries, if CEOs are less adaptable to changes, and in the presence of greater labor market frictions.
Brochet, Francois +3 more
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ABSTRACT Our study is the first to provide systematic evidence of a hump-shaped CEO tenure-firm value relation. Cross-sectionally, firm value starts to decline after fewer years of CEO tenure in more dynamic industries, if CEOs are less adaptable to changes, and in the presence of greater labor market frictions.
Brochet, Francois +3 more
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CEO Tenure and Earnings Management
SSRN Electronic Journal, 2012This study examines changes in CEOs’ incentive to manage their firms’ earnings during their tenure as CEO. We show that earnings are more likely to be overstated in the early years than in the later years of CEOs’ service, and that this association is weaker for firms with greater institutional ownership.
Ashiq Ali, Weining Zhang
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Journal of Management, 2012
Prior research on strategic changes has asserted that long-tenured CEOs are less likely to initiate strategic changes. The authors argue that this assertion may exclude CEOs’ prior experiences since it implicitly assumes that all new CEOs have the same inclination toward change.
Weng, David H., Lin, Zhiang (John)
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Prior research on strategic changes has asserted that long-tenured CEOs are less likely to initiate strategic changes. The authors argue that this assertion may exclude CEOs’ prior experiences since it implicitly assumes that all new CEOs have the same inclination toward change.
Weng, David H., Lin, Zhiang (John)
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CEO Tenure, Board Composition and Regulation
SSRN Electronic Journal, 1998We examine the effect of deregulation in the 1970s and 1980s on the size of the board of directors, its composition, and on CEO tenure. Using panel data techniques, we consider those effects in the aggregate and for individual industries while controlling for firm size, CEO age, time and firm-specific effects.
Rick Geddes, Hrishikesh D. Vinod
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CEO TENURE AS A DETERMINANT OF CEO PAY.
Academy of Management Journal, 1991Our hypotheses were that the influence of chief executive officers (CEOs) over boards of directors and the likelihood that the CEOs' compensation packages will reflect their preferences increase wi...
C. W. L. Hill, P. Phan
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CEO tenure and mergers and acquisitions
Finance Research Letters, 2020Abstract In this study, we examine the relationship between CEO tenure and corporate mergers and acquisitions (M&A) performance. Using a large sample of 16,516 M&As in the United States between 1999 and 2015, we find that long-tenured CEOs tend to create more shareholder value than short-tenured CEOs in M&A deals.
Bing Zhou, Shantanu Dutta, Pengcheng Zhu
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Review of Quantitative Finance and Accounting, 2019
We examine the relationship between CEO tenure and audit fees. After controlling for client and auditor attributes in the analyses, we find that audit fees are higher in the initial 3 years of CEOs’ service, suggesting that CEOs in their early career are more likely to show high risk-taking behavior and manage earnings that increases the probability of
Santanu Mitra +3 more
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We examine the relationship between CEO tenure and audit fees. After controlling for client and auditor attributes in the analyses, we find that audit fees are higher in the initial 3 years of CEOs’ service, suggesting that CEOs in their early career are more likely to show high risk-taking behavior and manage earnings that increases the probability of
Santanu Mitra +3 more
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CEO Tenure and Stock Returns Performance
SSRN Electronic Journal, 2018This study shows that CEO tenure has positive and robust predictive power on cross-sectional stock returns. We show that a hedge portfolio constructed based on CEO tenure yields an annualised alpha of 1.32% and attribute this to seasoned CEOs having greater firm-specific knowledge and experience.
Minhao Leong, Xianzhen Chen, Xinyuan Yao
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Tenure, firm's performance, and CEO's compensation
Managerial Finance, 2008PurposeThe purpose of this paper is to assess the association between Chief Executive Officer (CEO) tenure, compensation, and firm's performance.Design/methodology/approachThe paper compares the influence firms' performance on CEOs' cash and total compensation based on the length of tenure.
Mahmoud M. Nourayi, Steven M. Mintz
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The effect of CEO tenure on CEO compensation
Managerial Finance, 2010PurposeThe paper aims to study the effect of tenure on the structure of CEO compensation. The relation between CEO compensation and CEO tenure provides a good testing bed for many effects: the managerial power effect, the portfolio consideration effect, the learning effect, and the career concern effect.Design/methodology/approachTobit regressions were
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