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Turnover threat and CEO risk-taking behavior in the banking industry

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  • Chen, Zhongdong
  • Ebrahim, Alireza

Abstract

We examine how the threat of turnover affects bank CEOs' risk-taking behavior. Using a sample of 212 U.S. banks from 1995 to 2010, in contrast with prior studies focusing on non-banking firms, we find a non-monotonic relationship between CEO turnover threat and CEO risk-taking behavior in the banking industry. Bank CEOs increase their risk-taking when the perceived turnover threat is moderate but reduce risk-taking when turnover threat is more imminent. This effect tends to concentrate on banks with a majority of independent directors.

Suggested Citation

  • Chen, Zhongdong & Ebrahim, Alireza, 2018. "Turnover threat and CEO risk-taking behavior in the banking industry," Journal of Banking & Finance, Elsevier, vol. 96(C), pages 87-105.
    • Handle: RePEc:eee:jbfina:v:96:y:2018:i:c:p:87-105
    DOI: 10.1016/j.jbankfin.2018.08.007
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    More about this item

    Keywords

    CEO risk-taking; CEO turnover; Board independence;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods

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