频繁的领导层变动会影响公司绩效吗?来自中国的启示

IF 0.9 Q3 ECONOMICS

Economics and Business Letters Pub Date : 2021-01-01 DOI:10.17811/ebl.10.3.2021.291-298

A. Akbar, Xinfeng Jiang, Zeeshan Fareed, M. Akbar

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引用次数: 5

摘要

这封信是第一次尝试调查一年中频繁的领导层变动与公司业绩之间的关系。本文分析了一年内CEO频次对中国上市公司绩效指标的影响。面板固定效应回归结果显示，CEO离职导致以ROA和ROE衡量的公司绩效下降。而且，随着年更替频率的增加，绩效下降的程度也更加明显。在使用2SLS的替代计量经济规范控制内生性后，这些结果仍然是稳健的。研究结果表明，频繁更换CEO不利于公司绩效。因此，CEO任期的稳定性对于维持和优化企业的财务绩效至关重要。

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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Does frequent leadership changes influence firm performance? Insights from China

This letter is a first attempt to investigate the relationship between frequent leadership changes during the year and firm performance. We analyze how CEO frequency during one-year period impact performance indicators of Chinese listed firms. The results of panel fixed-effect regression reveal that CEO turnover leads to a decline in corporate performance measured by ROA and ROE. Moreover, with an increase in annual turnover frequency, the degree of performance decline gets more pronounced. These results remain robust after controlling for endogeneity using the alternate econometric specification of 2SLS. The study findings assert that frequent CEO changes are not conducive to firm performance. Hence, stability in the CEO tenure is essential to sustain and optimize financial performance of an enterprise.

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来源期刊

Economics and Business Letters ECONOMICS-

CiteScore

1.80

自引率

11.10%

发文量

期刊介绍： Economics and Business Letters is an open access journal that publishes both theoretical and empirical quality original papers in all economics and business fields. In addition, relevant discussions on current policy issues will be considered for the Policy Watch section. As general strategy of EBL, the journal will launch calls for papers for special issues on topics of interest, generally with invited guest editors. The maximum length of the letters is limited to 2,500 words.