Agency, firm growth, and managerial turnover: A Chinese study

Kangkang Fu, Wing Chun Kwok and George Wong

Pacific-Basin Finance Journal, 2020, vol. 63, issue C

Abstract: Consistent with the notions of growth-induced and disciplinary-induced CEO turnover, we find that the probability of CEO dismissal in the US and China is significantly higher for firms with better growth prospects or poorer past performance. Relative to the US, Chinese firms display a stronger incentive to replace their CEOs when better growth opportunities arise. We find weaker evidence for both growth- and disciplinary-induced CEO dismissal for Chinese state-owned enterprises (SOEs).

Keywords: Firm growth; Life-cycle; Managerial turnover; State-owned enterprises (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eee:pacfin:v:63:y:2020:i:c:s0927538x20302018

DOI: 10.1016/j.pacfin.2020.101401

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