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When star CEO departs : 스타 CEO 퇴임이 기업성과에 미치는 영향: 선임-후임 CEO간 유사성의 조절효과 :moderating effect of departing-incoming CEO similarity 원문보기

  • 저자

    Back Yujin

  • 학위수여기관

    고려대학교 대학원

  • 학위구분

    국내박사

  • 학과

    경영학과 경영관리전공

  • 지도교수

    김언수

  • 발행년도

    2014

  • 총페이지

    155p

  • 키워드

    Star CEO CEO departure departing CEO-successor similarity human capital loss resource-based view;

  • 언어

    eng

  • 원문 URL

    http://www.riss.kr/link?id=T13541983&outLink=K  

  • 초록

    Since Hambrick and Mason's watershed essay on upper echelons, there has been much discussion concerning the performance effect during a CEO's tenure in office. In this research stream, the current study notes the limitation that there is a lack of understanding of a CEO's departure situation. Among various characteristics of CEOs, this study focuses on the CEO celebrity, because I believe that a star CEO's departure has a significant impact on firm performance. To explain the interrelationship between star CEO departure and firm performance, I adopt a resource-based view and human capital theory. Unlike prior research, however, I highlight a resource-loss situation rather than a resource acquisition. The current study posits that the star CEO's human capital is more valuable and non-substitutable for the firm; thus, resource loss resulting from the star CEO's departure leads to negative performance. In order to examine complementary mechanisms to compensate the negative consequences of the star CEO departure, I focus on the concept of departing/incoming CEO similarity. It is important to examine this unexplored area in the CEO succession literature, because old and new CEO similarity provides firms with leadership continuity and firm stability. I look into the five sub-concepts of similarity that cover demographic or celebrity aspects. Finally, I divide the full sample into two different conditions in order to determine whether the effect of star CEO departure is contingent on certain situations. This study suggests that star CEO departure effects are context-specific and there are more negative performance consequences of star CEO departure when the firm highly depends on the CEO. Using the data on CEO succession events during 2005–2012 in Korea, this study finds that star CEO departure has a detrimental effect on subsequent firm performance relative to the case of non-star CEO departure. Age and tenure similarity between old and new CEOs weaken the negative performance consequences of star CEO departure. The subsample analyses show that the effect of star CEO departure varies with the level of industry dynamism, firm's slack, and the length of the departing CEO's tenure. The effect of star CEO departure is more negative when the industry is highly dynamic, there is low level of slack, or the departing CEO has had long tenure as the CEO. It seems that a high level of CEO dependence can amplify the negative relationship between star CEO departure and subsequent firm performance. Finally, I close the study with implications and future research directions.


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