The impact of ceo succession with gender change on firm performance and successor early departure: Evidence from China's publicly listed companies in 1997-2010

Academy of Management Journal

Volumn 59, Issue 5, 2016, Pages 1845-1868

  Zhang, Yan ^a   Qu, Hongyan ^b  

^a RICE UNIVERSITY   (United States)

^b CENTRAL UNIVERSITY OF FINANCE AND ECONOMICS   (China)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 84990903132     PISSN: 00014273     EISSN: None     Source Type: Journal    
DOI: 10.5465/amj.2014.0176     Document Type: Article

References (72)

1. Amore, M. D., Garofalo, O., & Minichilli, A. 2014. Gender interactions within the family firm. Management Science, 60: 1083-1097.
2. Ashcraft, K. 1999. Managing maternity leave:Aqualitative analysis of temporary executive succession. Administrative Science Quarterly, 44: 240-280.
3. Bargh, J. A. 1999. The cognitive monster: The case against the controllability of automatic stereotype effects. In S. Chaiken & Y. Trope (Eds.), Dual-process theories in social psychology: 361-382. New York: Guilford Press.
4. Barkema, H. G., & Shvyrkov, O. 2007. Does topmanagement team diversity promote or hamper foreign expansion? StrategicManagement Journal, 28: 663-680.
5. Blalock, H. M. 1967. Toward a theory of minority-group relations. New York: Wiley.
6. Cannella, A. A., & Shen, W. 2001. So close and yet so far: Promotion versus exit for CEO heirs apparent. Academy of Management Journal, 44: 252-270.
7. Carroll, G. R. 1984. Organizational ecology. Annual Review of Sociology, 10: 71-93.
8. Chattopadhyay, P. 1999. Beyond direct and symmetrical effects: The influence of demographic dissimilarity on organizational citizenship behavior. Academy of Management Journal, 42: 273-287.
9. Chattopadhyay, P., Tluchowska, M., & George, E. 2004. Identifying the in-group:Acloser look at the influence of demographic dissimilarity on employee social identity. Academy of Management Review, 29: 180-202.
10. Chattopahyay, P., & George, E. 2001. Examining the effects of work externalization through the lens of social identity theory. The Journal of Applied Psychology, 86: 781-788.
11. Chen, G., Crossland, C., & Huang, S. 2016. Female board representaion and corporate acquisition intensity. Strategic Management Journal, 37: 303-313.
12. Daily, C. M., Certo, S. T., & Dalton, D. R. 1999. Research notes and communications a decade of corporate women: Some progress in the boardroom, none in the executive suite. Strategic Management Journal, 20: 93-99.
13. Daily, C. M., Certo, S. T., & Dalton, D. R. 2000. International experience in the executive suite: The path to prosperity? Strategic Management Journal, 21: 515-523.
14. Davis, P. S., Babakus, E., Englis, P. D., & Pett, T. 2010. The influence of CEO gender on market orientation and performance in service small and medium-sized servise businesses. Journal of Small Business Management, 48: 475-496.
15. Dezsö, C. L., & Ross, D. G. 2012. Does female representation in top management improve firm performance? A panel data investigation. Strategic Management Journal, 33: 1072-1089.
16. Dixon-Fowler, H. R., Ellstrand, A. E., & Johnson, J. L. 2013. Strength in numbers or guilt by association? Intragroup effects of female chief executive announcements. StrategicManagement Journal, 34: 1488-1501.
17. Eagly, A. H., & Johnson, B. T. 1990. Gender and leadership style: A meta-Analysis. Psychological Bulletin, 108: 233-256.
18. Eagly, A. H., Johannesen-Schmidt, M.C., & Van Engen, M. L. 2003.Transformational, transactional, andlaissez-faire leadership styles: A meta-Analysis comparing women and men. Psychological Bulletin, 129: 569-591.
19. Eagly, A. H., & Karau, S. J. 2002. Role congruity theory of prejudice toward female leaders. Psychological Review, 109: 573-598.
20. Eagly, A. H., Makhijani, M. G., & Klonsky, B. G. 1992. Gender and the evaluation of leaders:Ameta-Analysis. Psychological Bulletin, 111: 3-22.
21. Fan, J. P. H., Wong, T. J., & Zhang, T. 2007. Politically connected CEOs, corporate governance, and Post-IPO performance of Chinas newly partially privatized firms. Journal of Financial Economics, 84: 330-357.
22. Favaro, K., Karlsson, P., & Neilson, G. L. 2011. CEO succession 2010: The four types of CEOs. http://www.strategybusiness.com/article/11207?pg5all: Booz & Company.
23. Finkelstein, S., Hambrick, D. C., & Cannella, A. A. 2009. Strategic leadership: Theory and research on executives, top management teams, and boards, Oxford: Oxford University Press.
24. Fitza, M. A. 2014. The use of variance decomposition in the investigation of CEO effects: How large must the CEO effect be to rule out chance? Strategic Management Journal, 35: 1839-1852.
25. Fredrickson, J. W., Hambrick, D. C., & Baumrin, S. 1988. A model of CEO dismissal. Academy of Management Review, 13: 255-270.
26. Goodall, K., & Warner, M. 1997. Human resources in Sinoforeign joint ventures: Selected case studies in Shanghai, compared with Beijing. International Journal of Human ResourceManagement, 8: 569-594.
27. Grusky, O. 1960. Administrative succession in formal organizations. Social Forces, 39: 105-115.
28. Grusky, O. 1964. Reply to scapegoating in baseball. American Journal of Sociology, 70: 72-76.
29. Hambrick, D. C., & Mason, P. A. 1984. Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9: 193-206.
30. Hambrick, D. C., & Quigley, T. J. 2014. Toward more accurate contextualization of the CEO effect on firm performance. Strategic Management Journal, 35: 473-491.
31. Harrison, D. A., Price, K. H., Gavin, J. H., & Florey, A. T. 2002. Time, teams, and task performance: Changing effects of surface-And deep-level diversity on group functioning. Academy of Management Journal, 45: 1029-1045.
32. Heckman, J. J. 1979. Sample selection bias as a specification error. Econometrica, 47: 153-161.
33. Helfat, C. E., Harris, D., & Wolfson, P. J. 2006. The pipeline to the top: Women and men in the top executive ranks of US corporations. The Academy of Management Perspectives, 20: 42-64.
34. Hillman, A. J., Shropshire, C., & Cannella, A. A. 2007. Organizational predictors of women on corporate boards. Academy ofManagement Journal, 50: 941-952.
35. Hogg, M. A., & Terry, D. J. 2000. Social identity and selfcategorization processes in organizational contexts. Academy of Management Review, 25: 121-140.
36. Huang, J., & Kisgen, D. J. 2013. Gender and corporate finance: Are male executives overconfident relative to female executives? Journal of Financial Economics, 108: 822-839.
37. Johnson, R. A., Hoskisson, R. E., & Hitt, M. A. 1993. Board of director involvement in restructuring: The effects of board versus managerial controls and characteristics. Strategic Management Journal, 14(S1): 33-50.
38. Katila, S., & Meriläinen, S. 1999. A serious researcher or just another nice girl?: Doing gender in a maledominated scientific community. Gender, Work and Organization, 6: 163-173.
39. Khan, W. A., & Vieito, J. P. 2013. CEO gender and firm performance. Journal of Economics and Business, 67: 55-66.
40. Kolev, G. I. 2012. Underperformance by female CEOs: A more powerful test. Economics Letters, 117: 436-440.
41. Kulich, C., Trojanowski, G., Ryan, M. K., Alexander Haslam, S., & Renneboog, L. D. 2011. Who gets the carrot and who gets the stick? Evidence of gender disparities in executive remuneration. Strategic Management Journal, 32: 301-321.
42. Lau, D. C., & Murnighan, J. K. 1998. Demographic diversity and faultlines: The compositional dynamics of organizational groups. Academy of Management Review, 23: 325-340.
43. Lee, P. M., & James, E. H. 2007. She-e-os: gender effects and investor reactions to the announcements of top executive appointments. Strategic Management Journal, 28: 227-241.
44. Li, J., & Tang, Y. 2010. CEO hubris and firm risk taking in China: The moderating role of managerial discretion. Academy of Management Journal, 53: 45-68.
45. Lo, A. W., Wong, R. M., & Firth, M. 2010. Can corporate governance deter management from manipulating earnings? Evidence from related-party sales transactions in China. Journal of Corporate Finance, 16: 225-235.
46. Manner, M. H. 2010. The impact of CEO characteristics on corporate social performance. Journal of Business Ethics, 93: 53-72.
47. Martin, A. D., Nishikawa, T., & Williams, M. A. 2009. CEO gender: Effects on valuation and risk. Quarterly Journal of Finance and Accounting, 48: 23-40.
48. Ocasio, W. 1994. Political dynamics and the circulation of power: CEO succession in US industrial corporations, 1960-1990. Administrative Science Quarterly, 39: 285-312.
49. Phillips, D. J. 2005. Organizational genealogies and the persistence of gender inequality: The case of Silicon Valley law firms. Administrative Science Quarterly, 50: 440-472.
50. Rosette, A. S., & Tost, L. P. 2010. Agentic women and communal leadership: How role prescriptions confer advantage to top women leaders. The Journal of Applied Psychology, 95: 221-235.
51. Ryan, M. K., & Haslam, S. A. 2007. The glass cliff: Exploring the dynamics surrounding the appointment of women to precarious leadership positions. Academy of Management Review, 32: 549-572.
52. Ryan, M.K., Haslam, S.A., Hersby, M.D., & Bongiorno, R. 2011. Think crisis-Think female: The glass cliff and contextual variation in the thinkmanager-Think male stereotype. The Journal of Applied Psychology, 96: 470-484.
53. Shaver, J. M. 1998. Accounting for endogeneity when assessing strategy performance; Does entrymode choice affect FDI survival?ManagementScience, 44: 571-585.
54. Shen, W. 2003. The dynamics of the CEO-board relationship: An evolutionary perspective. Academy of Management Review, 28: 466-476.
55. Shen, W., & Cannella, A. A. 2002a. Power dynamics within top management and their impacts on CEO dismissal followed by inside succession. Academy of Management Journal, 45: 1195-1206.
56. Shen, W., & Cannella, A. A. 2002b. Revisiting the performance consequences of CEO succession: The impacts of successor type, postsuccession senior executive turnover, and departing CEO tenure. Academy of Management Journal, 45: 717-733.
57. Subasic, E., Reynolds, K. J., Turner, J. C., Veenstra, K. E., & Haslam, S. A. 2011. Leadership, power and the use of surveillance: Implications of shared social identity for leaders capacity to influence. The Leadership Quarterly, 22: 170-181.
58. Tajfel, H., & Turner, J. C. 1986. The social identity theoy of intergroup behavior. In S. Worchel & W. G. Austin (Eds.), Psychology of Intergroup Relations: 7-24. Chicago, IL.: Nelson-Hall.
59. Turner, J. C. 1987.Aself-categorization theory. In M. Hogg, P. Oakes, S. Reicher & M. S. Wetherell (Eds.), Rediscovering the Social Group: A Self-categorization Theory: 42-67. Oxford: Blackwell.
60. Vafeas, N. 1999. Board meeting frequency and firm performance. Journal of Financial Economics, 53: 113-142.
61. Wang, H., & Qian, C. 2011. Corporate philanthropy and corporate financial performance: The roles of stakeholder response and political access. Academy of Management Journal, 54: 1159-1181.
62. Weisbach, M. S. 1988. Outside directors andCEOturnover. Journal of Financial Economics, 20: 431-460.
63. Westphal, J. D., & Milton, L. P. 2000. How experience and network ties affect the influence of demographic minorities on corporate boards. Administrative Science Quarterly, 45: 366-398.
64. Wiersema, M. 2002. Holes at the top: Why CEO firings backfire. Harvard Business Review, 80: 70-77.
65. Wiersema, M. F., & Zhang, Y. 2011. CEO Dismissal: The role of investment analysts. Strategic Management Journal, 32: 1161-1182.
66. Zajac, E. J., & Westphal, J. D. 1996.Whoshall succeed?How CEO/board preferences and power affect the choice of new CEOs. Academy of Management Journal, 39: 64-90.
67. Zhang, Y. 2008. Information asymmetry and the dismissal of newly appointed CEOs: An empirical investigation. Strategic Management Journal, 29: 859-872.
68. Zhang, Y. 2012. Lessons for executive women from Chinese boardrooms. New York: Forbes.
69. Zhang, Y., & Rajagopalan, N. 2003. Explaining New CEO Origin: Firm Versus Industry Antecedents. Academy of Management Journal, 46: 327-338.
70. Zhang, Y., & Rajagopalan, N. 2004. When the known devil is better than an unknown god: An empirical study of the antecedents and consequences of relay CEO successions. Academy ofManagement Journal, 47:483-500.
71. Zhu, D. H., Shen, W., & Hillman, A. 2014. Recategorization into the in-group:The appointment of demographically different new directors and their subsequent positions on corporate boards. Administrative Science Quarterly, 59: 240-270.
72. Zhu, D. H., & Westphal, J. D. 2014. How directors prior experience with other demographically similar CEOs affects their selection onto corporate boards and the consequences for CEO compensation. Academy of Management Journal, 57: 791-813.