CEO Tenure and Firm Performance – Analysis of U.S. and Chinese Industrial Firms --中国期刊网

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CEO Tenure and Firm Performance – Analysis of U.S. and Chinese Industrial Firms

发表时间：2021/8/3 来源：《教育学文摘》2021年第36卷四月10期作者：林雨璇

[导读] While lots of researchers focus on investigating the

        林雨璇
        广东省珠海市北京理工大学珠海学院 519000

        Abstract

        While lots of researchers focus on investigating the relationship between CEO tenure and firm performance in one country, they give little evidence on the differences of this relationship in different countries. Therefore, more nuanced view of this kind of research in different countries have remained largely unexplored. We focus on the same industry but two countries in our study. This research investigates the relationship between CEO tenure and firm performance in U.S. and Chinese industrial firms. Our study is based on 1062 observations including 181 U.S. industrial firms and 2699 observations including 649 Chinese industrial firms. We employ the fixed effects models to get reliable results. We find that there is no evidence to support any linear or curvilinear relationship between CEO tenure and firm performance in U.S. industrial firms. And we find an inverted U-shaped relationship between executives’ tenure and firm performance in Chinese industrial firms. These results have implications for a more nuanced and subtle view of the relationship between CEO tenure and firm performance.