CEO turnovers and capital structure persistence

Viktoriya Staneva
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Abstract

Firm fixed effects in panel leverage regressions act as a noisy proxy for managerial effects that drive persistence in leverage. Firms that do not change their chief executive officer (CEO) for prolonged periods of time are more likely to keep debt ratios within a narrow bandwidth and to display persistent differences in their time‐series averages for up to 20 years. A CEO turnover is associated with considerable modifications to the financing policy of the firm. Significant capital structure changes take place immediately after a new executive takes office and leverage ratios remain relatively stable for the remaining tenure of the CEO.
CEO更替与资本结构持久性
面板杠杆回归中的企业固定效应作为驱动杠杆持续性的管理效应的嘈杂代理。长期不更换首席执行官(CEO)的公司更有可能将负债率保持在一个狭窄的带宽内,并在长达20年的时间序列平均值中显示出持续的差异。首席执行官的更替与公司融资政策的重大调整有关。新高管上任后,资本结构会立即发生重大变化,在CEO的剩余任期内,杠杆率会保持相对稳定。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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