Promotions, Turnover, and Performance Evaluation: Evidence from the Careers of Division Managers
研究多部门公司中部门经理的离职与晋升，发现离职与部门业绩负相关、与行业业绩正相关，晋升则与相对业绩比较相关，且部门ROA是评估经理的关键指标。
ABSTRACT: We study turnover and promotions of division managers in multidivisional firms. Turnover is negatively related to divisional accounting performance, positively related to industry performance, but not significantly related to firm performance or the performance of other divisions. Consistent with tournament theory, promotions are significantly related to whether one division is performing better than others, but are not significantly related to the magnitude of any performance difference. A simple performance metric, divisional ROA, appears more closely related to job allocation decisions than several alternatives. Our evidence is consistent with the hypothesis that accounting information is used by firms when evaluating managerial personnel.