CEO turnovers as organizational responses to shocks in competition

Haofei Zhang, Jin Peng and Mingming Zhou

International Review of Economics & Finance, 2024, vol. 96, issue PB

Abstract: This paper provides novel evidence of organizational responses in the form of CEO turnover to competition shocks induced by unexpected tariff cuts. We find that the likelihood of CEO turnover increases with unexpected surge in industry competitiveness, and this result is mainly driven by non-exporting firms. Among non-exporting firms, the higher likelihood of CEO turnover is confined to firms with weak governance, high leverage, and in financial distress. Exporting firms, on the other hand, experience increased exports and show no significant CEO turnover changes.

Keywords: Organizational response; Product market competition; Tariff cut; CEO turnover; Export (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:96:y:2024:i:pb:s1059056024006427

DOI: 10.1016/j.iref.2024.103650

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