When does a generalist CEO create shareholder value? The effect of managerial challenge
研究发现，新CEO的经验对企业价值的贡献取决于企业面临的管理挑战程度，包括企业复杂性和先前业绩不佳。当企业复杂或陷入困境时，CEO的通才经验才对股东价值有正面影响。
We find that the expected contribution of new CEO's experience to firm value depends on the degree of managerial challenge faced in the hiring firm. We identify two firm dimensions of such challenge: 1) firm complexity and 2) prior poor performance of the firm. Using a multi-industry 15-year sample of 1095 newly appointed CEOs of U.S. public firms, we find that CEO's experience benefits investors only when the firm is complex and/or struggling. The more complexity or performance challenge the firm is facing, the greater is the positive effect of CEO generalist experience on shareholder value.