CEO Turnovers and Disruptions in Customer–Supplier Relationships
研究发现客户公司CEO更替会显著减少供应商的销售额，尤其是当原CEO地位稳固时，损失主要源于继任者剥离资产，进而导致供应商财务业绩下滑和负面股价反应。
Events that disrupt customer–supplier relationships pose a source of risk for suppliers that depend on a customer for a large portion of their revenues. We identify the replacement of a customer’s chief executive officer (CEO) as a disruptive event that results in suppliers losing substantial sales. These losses are greater when an incumbent customer CEO is more likely to be entrenched and stem largely from the successor divesting assets. Finally, we document that losses in sales following a customer CEO turnover lead to declines in a supplier’s financial performance and that suppliers experience negative abnormal stock returns to announcements of customer CEO departures.