New Firm Performance and the Replacement of Founder‐ CEOs
研究了4,172家丹麦初创企业中创始人CEO被替换的原因和后果，发现替换更可能发生在绩效最好和最差的企业中，替换后企业失败率更高但幸存者增长更快。
We study the causes and consequences of the replacement of founder‐ CEOs in a sample of 4,172 Danish start‐ups. We propose that founder‐ CEO replacement is driven in part by mismatches between business quality and founder ability. Our framework suggests that replacements are more likely among the worst‐ and best‐performing firms, with low (high)‐ability founders replaced by manager with higher (lower) ability. Replacement is not unambiguously associated with better subsequent performance. Firms that replaced the founder were much more likely to fail, but the surviving firms among them grew considerably faster. Our empirical results are consistent with these proposed predictions. Copyright © 2015 Strategic Management Society