Managerial Turnover and Strategic Change
研究管理层更替与战略变革的关系，发现经理人因声誉顾虑不愿改变自己制定的战略，即使内部会计信息显示需要调整；有时解雇高能力经理而留住低能力者反而更有利于推动战略变革。
The connection between strategic change and managerial turnover is studied within a model where managers decide on a firm's strategy. Managers as well as firm owners care for the long-term success of a company, but managers are also interested in their own reputation. Due to reputational concerns, managers are reluctant to alter strategic decisions they themselves made in the past even when internal accounting information indicates that they should do so. It is shown that it may well be optimal in some cases to dismiss managers of higher ability while someone less talented may be kept in office when strategic change has to be enforced.