메뉴 건너뛰기




Volumn 65, Issue 6, 2010, Pages 2403-2436

Managerial legacies, entrenchment, and strategic inertia

Author keywords

[No Author keywords available]

Indexed keywords


EID: 78249244140     PISSN: 00221082     EISSN: 15406261     Source Type: Journal    
DOI: 10.1111/j.1540-6261.2010.01619.x     Document Type: Article
Times cited : (36)

References (44)
  • 1
    • 79960507269 scopus 로고    scopus 로고
    • The impact of CEO tenure on the relation between firm performance and turnover
    • Allgood, Sam, and Kathleen Farrell, 2000, The impact of CEO tenure on the relation between firm performance and turnover, Journal of Financial Research 23, 373-390.
    • (2000) Journal of Financial Research , vol.23 , pp. 373-390
    • Allgood, S.1    Farrell, K.2
  • 2
    • 0742323902 scopus 로고    scopus 로고
    • The match between CEO and firm
    • Allgood, Sam, and Kathleen Farrell, 2003, The match between CEO and firm, Journal of Business 76, 317-341.
    • (2003) Journal of Business , vol.76 , pp. 317-341
    • Allgood, S.1    Farrell, K.2
  • 3
    • 0142250311 scopus 로고    scopus 로고
    • Entrenchment and severance pay in optimal governance structures
    • Almazan, Andres, and Javier Suarez, 2003, Entrenchment and severance pay in optimal governance structures, Journal of Finance 58, 519-548.
    • (2003) Journal of Finance , vol.58 , pp. 519-548
    • Almazan, A.1    Suarez, J.2
  • 4
    • 3042718598 scopus 로고    scopus 로고
    • Pay without Performance: The Unfulfilled Promise of Executive Compensation
    • Harvard University Press, Cambridge, MA).
    • Bebchuk, Lucian, and Jesse Fried, 2004, Pay without Performance: The Unfulfilled Promise of Executive Compensation (Harvard University Press, Cambridge, MA).
    • (2004)
    • Bebchuk, L.1    Fried, J.2
  • 5
    • 0345447671 scopus 로고    scopus 로고
    • Managing with style: The effect of managers on firm policies
    • Bertrand, Marianne, and Antoinette Schoar, 2003, Managing with style: The effect of managers on firm policies, Quarterly Journal of Economics 118, 1169-1208.
    • (2003) Quarterly Journal of Economics , vol.118 , pp. 1169-1208
    • Bertrand, M.1    Schoar, A.2
  • 6
    • 84977730652 scopus 로고
    • Why hang on to losers? Divestitures and takeovers
    • Boot, Arnoud, 1992, Why hang on to losers? Divestitures and takeovers, Journal of Finance 47, 1401-1423.
    • (1992) Journal of Finance , vol.47 , pp. 1401-1423
    • Boot, A.1
  • 7
    • 0742269353 scopus 로고    scopus 로고
    • Empirical research on CEO turnover and firm-performance: A discussion
    • Brickley, James, 2003, Empirical research on CEO turnover and firm-performance: A discussion, Journal of Accounting and Economics 36, 227-233.
    • (2003) Journal of Accounting and Economics , vol.36 , pp. 227-233
    • Brickley, J.1
  • 8
    • 78249250718 scopus 로고    scopus 로고
    • CEO tenure, performance and turnover in S&P 500 companies, ECGI-Finance Working Paper No. 191/2007;, Harvard Law and Economics, Discussion Paper No. 595.
    • Coates, John, and Reinier Kraakman, 2007, CEO tenure, performance and turnover in S&P 500 companies, ECGI-Finance Working Paper No. 191/2007; Harvard Law and Economics Discussion Paper No. 595.
    • (2007)
    • Coates, J.1    Kraakman, R.2
  • 9
    • 0001650996 scopus 로고    scopus 로고
    • Corporate governance, chief executive officer compensation and firm performance
    • Core, John, Robert Holthausen, and David Larcker, 1999, Corporate governance, chief executive officer compensation and firm performance, Journal of Financial Economics 51, 371-406.
    • (1999) Journal of Financial Economics , vol.51 , pp. 371-406
    • Core, J.1    Holthausen, R.2    Larcker, D.3
  • 10
  • 11
    • 0001510595 scopus 로고    scopus 로고
    • The economics of career concerns, part I: Comparing information structure
    • Dewatripont, Mathias, Ian Jewitt, and Jean Tirole, 1999, The economics of career concerns, part I: Comparing information structure, Review of Economic Studies 66, 183-201.
    • (1999) Review of Economic Studies , vol.66 , pp. 183-201
    • Dewatripont, M.1    Jewitt, I.2    Tirole, J.3
  • 12
    • 28244486112 scopus 로고    scopus 로고
    • CEO compensation, change and corporate strategy
    • Dow, James, and Clara Raposo, 2005, CEO compensation, change and corporate strategy, Journal of Finance 60, 2701-2727.
    • (2005) Journal of Finance , vol.60 , pp. 2701-2727
    • Dow, J.1    Raposo, C.2
  • 14
    • 36849034933 scopus 로고    scopus 로고
    • Managerial incentives, capital reallocation and the business cycle
    • Eisfeldt, Andrea, and Adriano Rampini, 2008, Managerial incentives, capital reallocation and the business cycle, Journal of Financial Economics 87, 177-199.
    • (2008) Journal of Financial Economics , vol.87 , pp. 177-199
    • Eisfeldt, A.1    Rampini, A.2
  • 15
    • 78249281505 scopus 로고    scopus 로고
    • Inside the CEO labor market: The role of CEO talent in pay and turnover decisions, Working paper, Washington University in Saint Louis
    • Falato, Antonio, Dan Li, and Todd Milbourn, 2009, Inside the CEO labor market: The role of CEO talent in pay and turnover decisions, Working paper, Washington University in Saint Louis.
    • (2009)
    • Falato, A.1    Li, D.2    Milbourn, T.3
  • 16
    • 0042392135 scopus 로고
    • The analysis of interfirm worker mobility
    • Farber, Henry, 1994, The analysis of interfirm worker mobility, Journal of Labor Economics 12, 554-593.
    • (1994) Journal of Labor Economics , vol.12 , pp. 554-593
    • Farber, H.1
  • 17
    • 0242710644 scopus 로고    scopus 로고
    • Raids, rewards and reputations in the market for managerial talent
    • Fee, Edward, and Charles Hadlock, 2003, Raids, rewards and reputations in the market for managerial talent, Review of Financial Studies 16, 1315-1357.
    • (2003) Review of Financial Studies , vol.16 , pp. 1315-1357
    • Fee, E.1    Hadlock, C.2
  • 18
    • 78249237397 scopus 로고    scopus 로고
    • Rising through the ranks: The evolution of the market for corporate executives, 1936-2003, Working paper, MIT
    • Frydman, Carola, 2007, Rising through the ranks: The evolution of the market for corporate executives, 1936-2003, Working paper, MIT.
    • (2007)
    • Frydman, C.1
  • 19
    • 84897711429 scopus 로고
    • Optimal incentive contracts in the presence of career concerns: Theory and evidence
    • Gibbons, Robert, and Kevin J. Murphy, 1992, Optimal incentive contracts in the presence of career concerns: Theory and evidence, Journal of Political Economy 100, 468-505.
    • (1992) Journal of Political Economy , vol.100 , pp. 468-505
    • Gibbons, R.1    Murphy, K.J.2
  • 20
    • 77951215839 scopus 로고    scopus 로고
    • Strategic flexibility and the optimality of pay for sector performance
    • Gopalan, Radhakrishnan, Todd Milbourn, and Fenghua Song, 2010, Strategic flexibility and the optimality of pay for sector performance, Review of Financial Studies 23, 2060-2098.
    • (2010) Review of Financial Studies , vol.23 , pp. 2060-2098
    • Gopalan, R.1    Milbourn, T.2    Song, F.3
  • 21
    • 0001416044 scopus 로고    scopus 로고
    • Convergence versus strategic reorientation: The antecedents of fast-paced organizational change
    • Gordon, Shelley, Wayne Stewart, Robert Sweo, and William Luker, 2000, Convergence versus strategic reorientation: The antecedents of fast-paced organizational change, Journal of Management 26, 911-945.
    • (2000) Journal of Management , vol.26 , pp. 911-945
    • Gordon, S.1    Stewart, W.2    Sweo, R.3    Luker, W.4
  • 23
    • 0012583968 scopus 로고    scopus 로고
    • Boards of directors as an endogenously determined institution: A survey of the economic literature
    • Hermalin, Benjamin, and Michael Weisbach, 2003, Boards of directors as an endogenously determined institution: A survey of the economic literature, Economic Policy Review 9, 7-26.
    • (2003) Economic Policy Review , vol.9 , pp. 7-26
    • Hermalin, B.1    Weisbach, M.2
  • 26
    • 0031413974 scopus 로고    scopus 로고
    • Financial intermediation, loanable funds and the real sector
    • Holmstrom, Bengt, and Jean Tirole, 1997, Financial intermediation, loanable funds and the real sector, Quarterly Journal of Economics 112, 663-691.
    • (1997) Quarterly Journal of Economics , vol.112 , pp. 663-691
    • Holmstrom, B.1    Tirole, J.2
  • 27
    • 78249263064 scopus 로고    scopus 로고
    • Incentives for CEOs to exit, Working paper No. FIN-05-014, New York University
    • Inderst, Roman, and Holger Mueller, 2005, Incentives for CEOs to exit, Working paper No. FIN-05-014, New York University.
    • (2005)
    • Inderst, R.1    Mueller, H.2
  • 28
    • 10944235165 scopus 로고    scopus 로고
    • Reputational concerns and managerial incentives in investment decisions
    • Jeon, Seonghoon, 1998, Reputational concerns and managerial incentives in investment decisions, European Economic Review 42, 1203-1219.
    • (1998) European Economic Review , vol.42 , pp. 1203-1219
    • Jeon, S.1
  • 29
    • 0000861982 scopus 로고
    • Job matching and the theory of turnover
    • Jovanovic, Boyan, 1979, Job matching and the theory of turnover, Journal of Political Economy 87, 972-990.
    • (1979) Journal of Political Economy , vol.87 , pp. 972-990
    • Jovanovic, B.1
  • 30
    • 78249234852 scopus 로고    scopus 로고
    • The performance consequences of CEO turnover, Working paper, MIT
    • Khurana, Rakesh, and Nitin Nohria, 2000, The performance consequences of CEO turnover, Working paper, MIT.
    • (2000)
    • Khurana, R.1    Nohria, N.2
  • 31
    • 84989012142 scopus 로고
    • The role of managerial learning and interpretation in strategic persistence and reorientation: An empirical exploration
    • Lant, Theresa, and Frances Milliken, 1992, The role of managerial learning and interpretation in strategic persistence and reorientation: An empirical exploration, Strategic Management Journal 13, 585-608.
    • (1992) Strategic Management Journal , vol.13 , pp. 585-608
    • Lant, T.1    Milliken, F.2
  • 32
    • 0037404254 scopus 로고    scopus 로고
    • CEO reputation and stock-based compensation
    • Milbourn, Todd, 2003, CEO reputation and stock-based compensation, Journal of Financial Economics 68, 233-262.
    • (2003) Journal of Financial Economics , vol.68 , pp. 233-262
    • Milbourn, T.1
  • 33
    • 0035634223 scopus 로고    scopus 로고
    • Managerial career concerns and investments in information
    • Milbourn, Todd, Richard Shockley, and Anjan Thakor, 2001, Managerial career concerns and investments in information, RAND Journal of Economics 32, 334-351.
    • (2001) RAND Journal of Economics , vol.32 , pp. 334-351
    • Milbourn, T.1    Shockley, R.2    Thakor, A.3
  • 34
    • 0004233157 scopus 로고    scopus 로고
    • Handbook of Labor Economics
    • in, Orley Ashenfelter and, David Card, eds.: (Elsevier Science, North Holland).
    • Murphy, Kevin, 1999, Executive compensation, in Orley Ashenfelter and David Card, eds.: Handbook of Labor Economics (Elsevier Science, North Holland).
    • (1999) Executive compensation
    • Murphy, K.1
  • 35
    • 78249238666 scopus 로고    scopus 로고
    • Managerial capital and the market for CEOs, Working paper, Queen's University
    • Murphy, Kevin, and Jan Zabojnik, 2007, Managerial capital and the market for CEOs, Working paper, Queen's University.
    • (2007)
    • Murphy, K.1    Zabojnik, J.2
  • 36
    • 0000531051 scopus 로고
    • Earnings management and non-routine executive changes
    • Pourciau, Susan, 1993, Earnings management and non-routine executive changes, Journal of Accounting and Economics 16, 317-336.
    • (1993) Journal of Accounting and Economics , vol.16 , pp. 317-336
    • Pourciau, S.1
  • 37
    • 0000033632 scopus 로고    scopus 로고
    • Impetuous youngsters and jaded old-timers: Acquiring a reputation for learning
    • Prendergast, Canice, and Lars Stole, 1996, Impetuous youngsters and jaded old-timers: Acquiring a reputation for learning, Journal of Political Economy 104, 1105-1134.
    • (1996) Journal of Political Economy , vol.104 , pp. 1105-1134
    • Prendergast, C.1    Stole, L.2
  • 38
    • 7744232518 scopus 로고
    • Organizational transformation as punctuated equilibrium
    • Romanelli, Elaine, and Michael Tushman, 1994, Organizational transformation as punctuated equilibrium, Academy of Management Journal 37, 1141-1166.
    • (1994) Academy of Management Journal , vol.37 , pp. 1141-1166
    • Romanelli, E.1    Tushman, M.2
  • 39
    • 0034553084 scopus 로고    scopus 로고
    • Visionaries, managers, and strategic direction
    • Rotemberg, Julio, and Garth Saloner, 2000, Visionaries, managers, and strategic direction, Rand Journal of Economics 31, 693-716.
    • (2000) Rand Journal of Economics , vol.31 , pp. 693-716
    • Rotemberg, J.1    Saloner, G.2
  • 40
    • 45349109969 scopus 로고
    • Managerial entrenchment: The case of manager-specific investments
    • Shleifer, Andrei, and Robert Vishny, 1989, Managerial entrenchment: The case of manager-specific investments, Journal of Financial Economics 25, 123-139.
    • (1989) Journal of Financial Economics , vol.25 , pp. 123-139
    • Shleifer, A.1    Vishny, R.2
  • 41
    • 38549122951 scopus 로고    scopus 로고
    • Managerial turnover and strategic change
    • Sliwka, Dirk, 2007, Managerial turnover and strategic change, Management Science 53, 1675-1687.
    • (2007) Management Science , vol.53 , pp. 1675-1687
    • Sliwka, D.1
  • 42
    • 12444299083 scopus 로고    scopus 로고
    • When to fire a CEO: Optimal termination in dynamic contracts
    • Spear, Stephen, and Cheng Wang, 2005, When to fire a CEO: Optimal termination in dynamic contracts, Journal of Economic Theory 120(2), 239-256.
    • (2005) Journal of Economic Theory , vol.120 , Issue.2 , pp. 239-256
    • Spear, S.1    Wang, C.2
  • 43
    • 84924953133 scopus 로고
    • Long-term contracts, short-term investment and monitoring
    • Von Thadden, Ernst-Ludwig, 1995, Long-term contracts, short-term investment and monitoring, Review of Economic Studies 62, 557-575.
    • (1995) Review of Economic Studies , vol.62 , pp. 557-575
    • Von Thadden, E.1
  • 44
    • 0001163724 scopus 로고
    • CEO turnover and the firm's investment decisions
    • Weisbach, Michael, 1995, CEO turnover and the firm's investment decisions, Journal of Financial Economics 37, 159-188.
    • (1995) Journal of Financial Economics , vol.37 , pp. 159-188
    • Weisbach, M.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.