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。
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 CEOTMT 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.
引文
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