Stale in the Saddle: CEO Tenure and the Match Between Organization and Environment
研究发现CEO任期越长，组织战略与环境越难匹配，尤其在不确定环境和股权集中时，而匹配度低会损害财务绩效。
It has often been argued that an organization's strategy and structure must be tailored or matched to the challenges posed by its environment. Our research shows that this match is less likely to be achieved by long-tenured CEO's than by their counterparts with less tenure. It also suggests that the failure to match strategy and environment hurts financial performance. More specifically, CEO tenure related inversely to the prescribed match between organization and environment, especially in uncertain settings and where ownership was concentrated. The match between environment and strategy was in turn positively related to financial performance.