Fired or Retired? A Competing Risks Analysis of Chief Executive Turnover

Ian Gregory-Smith (), Steve Thompson and Peter Wright

Economic Journal, 2009, vol. 119, issue 536, 463-481

Abstract: We apply duration analysis to model the tenure and mode of exit of CEOs from FTSE 350 companies from 1996-2005, a decade in which corporate governance reforms have sought to increase the accountability of the CEO to shareholders and their representatives on the board. We find a greater likelihood of dismissal in the latter part of the period. However, we also find that the likelihood of forced departure sharply decreases from the fifth year of a CEO's tenure. We find evidence that this is because CEOs who survive beyond year four are able to entrench themselves in their position. Copyright © The Author(s). Journal compilation © Royal Economic Society 2009.

Date: 2009
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