Ceo change and firm performance in large corporations: Succession effects and manager effects
研究区分了CEO变更中的管理者效应和继任效应，发现变更公告通常导致公司价值下降，而继任者会显著影响公司的生产和投资决策。
Abstract This paper argues that the succession/performance relationship is a function of two distinct, complementary concepts: manager effects and succession effects. Hypotheses are tested using a cross‐sectional/longitudinal research design, with a sample of 209 large corporations. The results suggest that announcements of CEO changes are typically associated with a reduction in the value of the firm, as reflected in the perceptions of the stock market, and that CEO successors tend to significantly influence the production and investment decisions of their firms. These results hold for both insider and outsider succession.