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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
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 | ||||||||
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| 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 |
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| 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: |
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| 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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