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CEO succession origin and annual reports readability

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  • Oradi, Javad
  • Hesarzadeh, Reza
  • E-Vahdati, Sahar
  • Nadeem, Muhammad

Abstract

We examine the association between the origin of chief executive officer (CEO) succession (i.e., promoting a CEO from within the firm as opposed to recruiting from outside) and annual reports readability. Based on a sample of large U.S. companies during the period 2004–2020, we predict and find that companies with insider CEOs issue more readable 10-K reports compared to those who hire from outside. This positive association between insider CEOs and readability is less pronounced for insider CEOs who wield greater power. We further document that the association is stronger if CEOs have a financial background. To further explore the underlying mechanism, we test whether the association is driven by earnings management or firms’ business strategies. Our results show that the effect of CEO succession origin on readability is primarily attributable to business strategies. We address endogeneity issues and check the robustness of our results in several ways. Finally, we document important policy implications emerging from our study.

Suggested Citation

  • Oradi, Javad & Hesarzadeh, Reza & E-Vahdati, Sahar & Nadeem, Muhammad, 2024. "CEO succession origin and annual reports readability," The British Accounting Review, Elsevier, vol. 56(6).
    • Handle: RePEc:eee:bracre:v:56:y:2024:i:6:s0890838924001331
    DOI: 10.1016/j.bar.2024.101384
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    JEL classification:

    • M12 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Personnel Management; Executives; Executive Compensation
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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