Whether the CEO Turnover Can Improve the Conversion of Enterprise’s New and Old Driving Force?

Hongyu Liu, Yufei Chen, Sijian Wu and Shukuan Zhao
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Hongyu Liu: School of Management, Jilin University, Changchun 130022, China
Yufei Chen: International Business School, University of International Business and Economics; Beijing 100029, China
Sijian Wu: School of Statistics and Management, Shanghai University of Finance and Economics, Shanghai 200433, China
Shukuan Zhao: School of Management, Jilin University, Changchun 130022, China

Sustainability, 2020, vol. 12, issue 9, 1-18

Abstract: After 2014, China focused on supply-side reform and put forward the concept of replacing old driving with new driving force, which can create a new round of economic improvement. From the perspective of the conversion of old and new driving forces of enterprises, this paper takes the listed enterprises in China’s a-share manufacturing industry from 2016 to 2018 as samples. This paper also discusses the “Net Effect” of CEO turnover on the conversion of new and old driving forces of enterprises. The results reflect that CEO turnover has a negative effect on the conversion of old and new driving force. Moving forward, when the CEO and chairman changes at the same time or the ownership of the enterprise turns to state-owned, the change of CEO has a higher degree of prevention on the conversion of old and new force. The number of board’s conferences and the degree of equity balance will increase the negative effect of CEO turnover on the conversion of old and new driving force.

Keywords: CEO turnover; conversion of new and old force; PSM-DID; negative effect (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2020
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