Robust Models of CEO Turnover: New Evidence on Relative Performance Evaluation
研究了CEO更替实证模型的稳健性，发现公司异常绩效对更替的影响非常稳健，而行业绩效的影响则很弱且不稳定，对行业绩效影响CEO更替的假设提出质疑。
We examine the robustness of empirical models and findings concerning CEO turnover. We show that the sensitivity of turnover to abnormal firm performance is an extremely robust result. In contrast, evidence indicating a relation between turnover and industry performance is both weak and fragile. We show that small changes in turnover modeling choices can affect inferences in a large way. Our evidence casts substantial doubt on the hypothesis that there is a large industry performance component to turnover decisions. We use our findings to offer some general prescriptions for checking robustness results in CEO turnover research. Received June 6, 2017; editorial decision July 10, 2017 by Editor Uday Rajan.