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CEO career horizon and tenure: Future performance implications under different contingencies

机译：CEO的职业生涯和任期：不同情况下对未来绩效的影响

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摘要

This paper examines the influence of CEO career horizon and tenure on the future performance of firms. Specifically, we argue that CEOs with shorter career horizons (as measured by their age) will adopt risk-averse strategies that will, on average, adversely influence future firm performance. Further, we argue that at high levels of CEO ownership, this relationship is exacerbated due to the accompanying power that comes with high ownership. In terms of CEO tenure, we propose that CEOs' paradigms will become increasingly obsolete as their tenure increases with this process hurting future performance in dynamic industries. However, such performance declines may not occur in more stable industries. Using a sample of US-based firms from the S&P 500, we find support for our arguments when examining the future Return on Assets of firms. With market-based performance, we find support for only our career horizon arguments.
机译：本文考察了CEO的职业前景和任期对公司未来绩效的影响。具体而言，我们认为，职业生涯较短（按年龄衡量）的首席执行官将采取规避风险的策略，这些策略平均会对未来公司的业绩产生不利影响。此外，我们认为，在高CEO所有权下，这种关系由于高所有权所伴随的权力而加剧。在首席执行官任期方面，我们建议，随着首席执行官任期的增加，CEO的范式将变得越来越过时，这一过程损害了动态行业的未来表现。但是，这种性能下降可能不会在更稳定的行业中发生。使用标准普尔500指数中位于美国的公司样本，我们在检查公司未来资产收益率时发现了支持我们的观点的证据。凭借基于市场的绩效，我们发现仅支持我们的职业视野争论。

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