CEO Tenure and Firm Value
首次系统证明CEO任期与企业价值呈倒U型关系，发现行业动态性、CEO适应性和劳动力市场摩擦影响拐点出现时间，对投资者和董事会评估CEO更替时机有参考价值。
ABSTRACT Our study is the first to provide systematic evidence of a hump-shaped CEO tenure-firm value relation. Cross-sectionally, firm value starts to decline after fewer years of CEO tenure in more dynamic industries, if CEOs are less adaptable to changes, and in the presence of greater labor market frictions. Overall, the dynamics of CEO-firm match quality appear to be a first-order driver of the CEO tenure-firm value association, as explained by CEO characteristics (adaptability), firm/industry characteristics (dynamism), and labor market characteristics that facilitate optimal matching between firms and CEOs. Data Availability: Data used in this study are available from public sources identified in the study. JEL Classifications: G30; G34; J24.