Organizational Performance and Top-Management Turnover
研究比较了61家CEO在七年期中点变更的公司与61家管理层未变的匹配公司及行业平均绩效，发现领导层变更对营收和回报率影响不显著，但新管理者在财务风险上更谨慎。
What impacts on corporate performance does a new chief executive have? To explore this and related questions, this study compares the performance records of 61 United States corporations wherein the chief executive changed at the mid-point of a seven-year period, with the performance of 61 matched companies where top management remained the same and with industry averages. Among other results, it is found that the changes in the leadership position do not affect revenues and rates of return significantly, but there is evidence that new managers tend to be more cautious about financial risks than tenured managers.