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Strategic or status quo-preserving business exit: (how) do CEO turnover and succession matter?

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  • Decker, Carolin
  • Bresser, Rudi K. F.
  • Mellewigt, Thomas
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    Abstract

    Business exit has implications for a firm's corporate strategy. Two types of exit events are distinguished: those that involve strategic change and those that are status quo-preserving. This study investigates the impact of CEO turnover and succession on strategic versus status quo-preserving business exits. Based on a sample of CEO turnover and succession events and subsequent business exits of German corporations from different industries, our results suggest that neither voluntary nor involuntary CEO turnover is relevant to business exit. In contrast, outsider succession significantly affects the likelihood of strategic business exit, while a corporation's performance does not moderate this relationship. --

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    Bibliographic Info

    Paper provided by Free University Berlin, School of Business & Economics in its series Discussion Papers with number 2010/25.

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    Date of creation: 2010
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    Handle: RePEc:zbw:fubsbe:201025

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