{"title":"内部招聘与外部招聘首席执行官:主要区别","authors":"Sanjiv Jaggia, Satish Thosar","doi":"10.1108/mf-01-2024-0015","DOIUrl":null,"url":null,"abstract":"<h3>Purpose</h3>\n<p>Historically, most CEOs were promoted from within the organization. The internal candidates offer continuity, are well known to the Board, and have deep institutional knowledge. However, if the Board is seeking changes to the firm’s strategy, operations, or culture, they turn to outside candidates with proven track records. Shareholders react positively to the announcement of an external successor but the longer-term evidence on the performance front is mixed. Most empirical studies have tended to focus on a narrow aspect of the hiring choice, whereas we undertake a more holistic examination involving various elements.</p><!--/ Abstract__block -->\n<h3>Design/methodology/approach</h3>\n<p>We consider the salience of the CEO hiring choice from several perspectives: educational background, gender, compensation, and firm performance. We use a propensity score matching approach to ensure comparability between internally promoted and externally hired CEOs. The observed covariates for the matching algorithm include firm size, CEO tenure, and industry sector.</p><!--/ Abstract__block -->\n<h3>Findings</h3>\n<p>We find that external CEOs are significantly more likely to have received their undergraduate degree from an elite institution, majored in a STEM discipline, and earned an MBA credential. They earn higher total compensation (with a higher proportion of equity-linked performance pay) but do not outperform in terms of the ROA or Tobin’s Q metrics. Gender does not appear to play a distinguishing role in the internal versus external hiring choice. We also do not detect significant differences in firm performance outcomes associated with educational pedigree, a STEM education, or an MBA credential, whether the CEO is internally promoted or hired externally.</p><!--/ Abstract__block -->\n<h3>Originality/value</h3>\n<p>Our paper contributes by providing novel evidence on the impact of educational background on external CEO hiring decisions. Our findings carry implications for testing hypotheses stemming from signaling theory and exploring the significant role of social networks associated with elite educational institutions. Also, the finding that externally appointed CEOs do not outperform their internally promoted counterparts may be noteworthy for corporate boards' hiring committees, especially when reviewing candidates who are edge cases.</p><!--/ Abstract__block -->","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":"8 1","pages":""},"PeriodicalIF":1.9000,"publicationDate":"2024-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Internal versus external CEO hires: key differences\",\"authors\":\"Sanjiv Jaggia, Satish Thosar\",\"doi\":\"10.1108/mf-01-2024-0015\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<h3>Purpose</h3>\\n<p>Historically, most CEOs were promoted from within the organization. The internal candidates offer continuity, are well known to the Board, and have deep institutional knowledge. However, if the Board is seeking changes to the firm’s strategy, operations, or culture, they turn to outside candidates with proven track records. Shareholders react positively to the announcement of an external successor but the longer-term evidence on the performance front is mixed. Most empirical studies have tended to focus on a narrow aspect of the hiring choice, whereas we undertake a more holistic examination involving various elements.</p><!--/ Abstract__block -->\\n<h3>Design/methodology/approach</h3>\\n<p>We consider the salience of the CEO hiring choice from several perspectives: educational background, gender, compensation, and firm performance. We use a propensity score matching approach to ensure comparability between internally promoted and externally hired CEOs. 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引用次数: 0
摘要
目的从历史上看,大多数首席执行官都是从组织内部晋升的。内部候选人具有连续性,为董事会所熟知,并拥有深厚的机构知识。但是,如果董事会希望改变公司的战略、运营或文化,他们就会转而寻求有良好业绩记录的外部候选人。股东对外部继任者的宣布反应积极,但长期绩效方面的证据却喜忧参半。大多数实证研究倾向于关注聘用选择的一个狭隘方面,而我们则进行了涉及各种因素的更全面的研究。我们从教育背景、性别、薪酬和公司业绩等几个方面考虑了首席执行官聘用选择的显著性。我们采用倾向得分匹配法来确保内部晋升和外部聘用的首席执行官之间的可比性。匹配算法的观测协变量包括公司规模、首席执行官任期和行业部门。研究结果我们发现,外部首席执行官更有可能在精英院校获得本科学位,主修 STEM 学科,并获得 MBA 证书。他们获得的薪酬总额更高(与股权挂钩的绩效薪酬比例更高),但在投资回报率或托宾 Q 指标方面的表现并不突出。在内部与外部招聘的选择中,性别似乎并没有起到区分作用。无论首席执行官是内部晋升还是外部聘用,我们也没有发现与教育背景、STEM 教育或 MBA 文凭相关的公司业绩结果的显著差异。我们的研究结果对检验信号传递理论的假设和探索与精英教育机构相关的社会网络的重要作用具有重要意义。此外,外部任命的首席执行官并不优于内部晋升的首席执行官,这一发现对于公司董事会的招聘委员会来说可能值得注意,尤其是在审查边缘候选人时。
Internal versus external CEO hires: key differences
Purpose
Historically, most CEOs were promoted from within the organization. The internal candidates offer continuity, are well known to the Board, and have deep institutional knowledge. However, if the Board is seeking changes to the firm’s strategy, operations, or culture, they turn to outside candidates with proven track records. Shareholders react positively to the announcement of an external successor but the longer-term evidence on the performance front is mixed. Most empirical studies have tended to focus on a narrow aspect of the hiring choice, whereas we undertake a more holistic examination involving various elements.
Design/methodology/approach
We consider the salience of the CEO hiring choice from several perspectives: educational background, gender, compensation, and firm performance. We use a propensity score matching approach to ensure comparability between internally promoted and externally hired CEOs. The observed covariates for the matching algorithm include firm size, CEO tenure, and industry sector.
Findings
We find that external CEOs are significantly more likely to have received their undergraduate degree from an elite institution, majored in a STEM discipline, and earned an MBA credential. They earn higher total compensation (with a higher proportion of equity-linked performance pay) but do not outperform in terms of the ROA or Tobin’s Q metrics. Gender does not appear to play a distinguishing role in the internal versus external hiring choice. We also do not detect significant differences in firm performance outcomes associated with educational pedigree, a STEM education, or an MBA credential, whether the CEO is internally promoted or hired externally.
Originality/value
Our paper contributes by providing novel evidence on the impact of educational background on external CEO hiring decisions. Our findings carry implications for testing hypotheses stemming from signaling theory and exploring the significant role of social networks associated with elite educational institutions. Also, the finding that externally appointed CEOs do not outperform their internally promoted counterparts may be noteworthy for corporate boards' hiring committees, especially when reviewing candidates who are edge cases.
期刊介绍:
Managerial Finance provides an international forum for the publication of high quality and topical research in the area of finance, such as corporate finance, financial management, financial markets and institutions, international finance, banking, insurance and risk management, real estate and financial education. Theoretical and empirical research is welcome as well as cross-disciplinary work, such as papers investigating the relationship of finance with other sectors.