How Firms Respond to Financial Restatement: CEO Successors and External Reactions
研究了财务重述后企业如何通过选择具有特定资质的CEO继任者（如先前CEO经验、精英教育）来向市场、分析师和媒体传递修复声誉的信号，并发现这类任命能带来更积极的外部反应。
Although past studies have paid considerable attention to firms' reputations, few have investigated the actions that firms take following a reputation-damaging event. We identify firms involved in financial earnings restatements and examine whether naming a successor CEO with specific qualities serves to signal the seriousness of a firm's efforts to restore its reputation. Using theories of market signaling, we argue that attributes of successor CEOs significantly influence the reactions of key external constituencies. In particular, firms with more severe restatement tend to name successors who have prior CEO or turnaround experience and a more elite education. The naming of such successors results in more positive reactions from the stock market, financial analysts, and mass media. We argue that these attributes send messages to stakeholders and the broader public about the CEO's credibility and the firm's efforts.