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Firm Competition and CEO Turnover: Evidence from US Railroad Deregulation

Felipe Aldunate

Financial Management, 2018, vol. 47, issue 2, 451-476

Abstract: In this article, I examine how changes in the competitive environment of firms affect matches between chief executive officers (CEOs) and firms. I exploit the 1980 Staggers Rail Act, which drastically deregulated the freight railroad industry, as a source of arguably exogenous variation in the operating environment. Using hand†collected data, I obtain three main findings: first, CEO turnover rates increase; second, relative to utility firms, railroad CEOs have more business education and show broader work experience after deregulation; and third, firm performance leads to CEO turnover only during the regulated period.

Date: 2018
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