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

Ian Gregory‐Smith, Steve Thompson and Peter Wright
Authors registered in the RePEc Author Service: Ian Gregory-Smith ()

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.

Date: 2009
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Citations: View citations in EconPapers (10)

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https://doi.org/10.1111/j.1468-0297.2008.02243.x

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