Haque Md Reiazul, Choi Bobae, Lee Doowon, Wright Sue
University of Newcastle, Australia & Hajee Mohammad Danesh Science and Technology University, Bangladesh.
University of Newcastle, Australia.
Financ Res Lett. 2022 Jun;47:102609. doi: 10.1016/j.frl.2021.102609. Epub 2021 Dec 3.
We examine the connection between firm performance and a CEO's previous position (inside or outside the firm), using Covid-19 as an exogenous shock. Firms led by insider CEOs outperformed those led by outsider CEOs in terms of return on assets during the Covid-19 crisis period in 2020, but there was no performance differential in the period before the crisis. Additional tests indicate that outperformance under insider CEOs is observed in firms holding more cash and firms with a higher proportion of internally promoted non-CEO executives. These findings have important implications for boards of directors making CEO appointments.
我们以新冠疫情作为外部冲击，研究公司业绩与首席执行官（CEO）先前职位（公司内部或外部）之间的联系。在2020年新冠疫情危机期间，由内部CEO领导的公司在资产回报率方面优于由外部CEO领导的公司，但在危机前的时期没有业绩差异。进一步的测试表明，在持有更多现金的公司以及内部晋升的非CEO高管比例较高的公司中，内部CEO领导下的公司表现更优。这些发现对董事会进行CEO任命具有重要意义。
