Outside Succession, CEO-TMT Similarity and Firm Performance

›› 2019, Vol. 35 ›› Issue (2): 65-73.

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Outside Succession, CEO-TMT Similarity and Firm Performance

ZHANG Dunli, ZHAO Lijuan

School of Accounting, Zhongnan University of Economics and Law, Wuhan 430073, China

Received:2018-08-10 Online:2019-02-10 Published:2019-01-28

外部继任、CEO-TMT相似度与公司业绩

张敦力, 赵丽娟

中南财经政法大学会计学院,湖北武汉 430073

作者简介:张敦力(1971-),男,安徽庐江人,中南财经政法大学会计学院教授,博士;赵丽娟(1984-),女,江苏如皋人,中南财经政法大学会计学院博士生。
基金资助:
国家社会科学基金项目(17CGL017);中南财经政法大学研究生科研创新项目(2017Y23)

Abstract

Abstract: This article selects publicly traded companies in Shenzhen and Shanghai stock markets that had CEO succession between 2002 and 2016 as initial samples to examine the impact of outside CEO succession on the firm's performance by using the PSM model, multiple regression model and the Heckman two-stage model. Furthermore, it explores how the CEO-TMT similarity regulates the relationship between outside CEO succession and the firm performance. The empirical results are as follows:Outside CEO succession is significantly positively correlated with the firm's performance;When environmental volatility is great, outsider succession has a more pronounced effect on the firm performance; The CEO-TMT similarity plays an inverted U-shaped regulatory role between the outside succession and the firm performance. This article is of important theoretical and practical significance for companies to select suitable outside successors and achieve improvement of the firm performance.

Key words: Outside CEO Succession, CEO-TMT Similarity, Firm Performance

摘要： 本文选取2001~2016年间发生CEO继任的A股上市公司为研究样本,实证检验外部继任对公司业绩的影响,以及CEO-TMT相似度在外部继任与公司业绩两者间的调节作用。研究结果表明:外部继任与公司业绩显著正相关;环境波动性较大时,外部继任对公司业绩的提升作用更明显;CEO-TMT相似度在外部继任与公司业绩的正向关系间发挥着倒U型的调节作用。本文对公司选择合适的外部继任者,实现公司业绩的改善具有重要的理论与现实意义。

关键词: 外部继任, CEO-TMT相似度, 公司业绩

CLC Number:

F276.6

ZHANG Dunli, ZHAO Lijuan. Outside Succession, CEO-TMT Similarity and Firm Performance[J]. , 2019, 35(2): 65-73.

张敦力, 赵丽娟. 外部继任、CEO-TMT相似度与公司业绩[J]. 财经论丛, 2019, 35(2): 65-73.

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Outside Succession, CEO-TMT Similarity and Firm Performance

外部继任、CEO-TMT相似度与公司业绩

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