Poor performance and CEO turnover in community banks: the role of gender in managerial successions
研究美国社区银行绩效不佳对CEO更替的影响，发现绩效差会引发更替，但更替与性别无关；继任CEO为女性时，银行会调整运营和资产负债表以降低杠杆和风险，但财务绩效改善不显著。
This paper examines the impact of poor financial performance on community bank CEO turnover and addresses the role of CEO gender in these successions and subsequent bank actions and outcomes. We document that poor performance has a causal impact on CEO turnover in U.S. community banks. Although poor financial performance is a key determinant of CEO turnovers, it is neither linked to the gender of the bank’s dismissed nor the incoming CEO. We find strong evidence of asymmetric post-turnover operational and balance sheet adjustments depending on the gender of the incoming CEO, especially for banks undergoing CEO turnover amidst periods of poor performance. These adjustments suggest differential attempts at reducing leverage and risk for banks transitioning to female leadership. However, we do not find conclusive evidence that transitions to female leadership would lead to post-turnover improvements in financial performance or risk profile.