Agency, firm growth, and managerial turnover: A Chinese study

Kangkang FU, Wing Chun Kwok*, George Wong

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

Abstract

Consistent with the notions of growth-induced and disciplinary-induced CEO turnover, we find that the probability of CEO dismissal in the US and China is significantly higher for firms with better growth prospects or poorer past performance. Relative to the US, Chinese firms display a stronger incentive to replace their CEOs when better growth opportunities arise. We find weaker evidence for both growth- and disciplinary-induced CEO dismissal for Chinese state-owned enterprises (SOEs).

Original languageEnglish
Article number101401
JournalPacific Basin Finance Journal
Volume63
DOIs
Publication statusPublished - Oct 2020

Scopus Subject Areas

  • Finance
  • Economics and Econometrics

User-Defined Keywords

  • Firm growth
  • Life-cycle
  • Managerial turnover
  • State-owned enterprises

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