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Relational ownership and CEO continuity : a property rights perspective

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Zeitoun, Hossam and Pamini, Paolo (2017) Relational ownership and CEO continuity : a property rights perspective. British Journal of Management, 28 (3). pp. 464-480. doi:10.1111/1467-8551.12223

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Official URL: http://doi.org/10.1111/1467-8551.12223

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Abstract

Inspired by agency theory, research on CEO succession often focuses on turnovers as a mechanism to discipline CEOs in the event of poor firm performance. Recent research extends this view by showing that CEO turnovers can also lead to substantial disruption in a firm’s management. Less is known, however, about the antecedents of disruption and continuity in the context of CEO turnovers. Drawing on modern property rights theory, this paper investigates how CEO continuity varies across different types of firms. Using a sample of Swiss, publicly traded firms, we find that relational ownership enhances the likelihood of CEOs staying in office or moving to the position of board chair. Firms with little relational ownership, in contrast, display a high degree of CEO continuity only when capital intensity is high. Provided that a CEO turnover occurs, relational ownership and capital intensity reduce the likelihood of interim CEO successions. These findings highlight the importance of a nuanced view of CEO continuity, taking into account owner types as well as contextual factors.

Item Type: Journal Article
Subjects: H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
Divisions: Faculty of Social Sciences > Warwick Business School > Behavioural Science
Faculty of Social Sciences > Warwick Business School > Strategy & International Business
Faculty of Social Sciences > Warwick Business School
Library of Congress Subject Headings (LCSH): Leadership., Chief executive officers., Management., Right of property., Executive succession., Business enterprises.
Journal or Publication Title: British Journal of Management
Publisher: Wiley-Blackwell Publishing Ltd.
ISSN: 1045-3172
Official Date: July 2017
Dates:
DateEvent
July 2017Published
3 April 2017Available
13 January 2017Accepted
Volume: 28
Number: 3
Page Range: pp. 464-480
DOI: 10.1111/1467-8551.12223
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access
Funder: Schweizerischer Nationalfonds zur Förderung der Wissenschaftlichen Forschung [Swiss National Science Foundation] (SNSF)
Grant number: PBZHP1_143612
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