CEO变更、继任来源与盈余管理

本文研究CEO变更前后公司盈余管理程度的变化,发现我国上市公司在CEO变更当年进行显著的负向盈余管理,调低利润;在变更次年进行正向盈余管理,调高利润,并进而恢复到变更前一年的水平;其中外部继任在继任当年的负向盈余管理程度更大,而在继任次年的正向盈余管理程度更大;并且来自大股东的外部继任与内部继任企业之间的盈余管理政策类似,但来自经理人市场的外部继任与内部继任企业之间的盈余管理政策有明显差异。     

中国企业CEO继任与企业绩效的关系问题研究

通过对CEO继任的相关文献进行回顾,梳理了具有代表性的经典文献,并将重点集中在21世纪以来10年左右的前沿论文。通过对重要研究成果的梳理,分析了CEO继任与企业绩效的关系,提出了研究的框架和研究的结论。     

远见管理资讯

审视商业模式的九个刻度，高成长企业的关键成功要素，高成长企业CEO在想什么，红高梁快餐创始人乔赢八大创业反思，郭广昌何以成为复星创业团队领军人物，企业成长动力来自领导人的洞察力和创新力     

西方CEO继任者来源理论及成本收益分析

高层管理人员的继任正在成为企业战略规划的主要部分,在继任者的来源选择上, 没有一种固定的“内部继任”或“外部继任”的模式永恒地适用于某个企业。本文试图通过对西 方CEO继任理论的介绍,使我国企业在高层管理人员的继任者来源选择上有所借鉴。     

拉里·佩奇:书呆子重掌谷歌

BT VIP谷歌新任CEO拉里·佩奇(Larry Page)谷歌创始人、38岁的拉里·佩奇将于4月起取代埃里克·施密特就任CEO,带领企业进行第三次创业,这一消息立即引起IT界的轰动,谷歌美女副总裁玛丽莎·梅耶     

美国公司CEO继任方式比较及启示

美国公司CEO继任方式包括：内部接班继任、内部竞争继任、突然政变继任和广泛选择继任。每一种继任方式都有其各自的优势和劣势。公司应该选取何种继任方式由其经营业绩、在任CEO的权力和董事会的构成等条件决定，不存在适用于所有公司的继任方式。     

国内化妆培训新锐企业 熊虎培训：王牌化妆师的草根创业

初次见面，很难相信熊虎这个外表时尚且青涩尚未褪尽的年轻人，曾经是一家年营收6亿元的企业的CEO。如今，他也加入创业大潮，已经是一家化妆培训学校的创始人，同时正在操盘一家日化公司的重生。     

读者反馈

宁波中达石化有限公司总经理周建立；杭州某公司总经理姚云；宁波理德企业管理咨询有限公司总经理张晓彬；中国废品网创始人兼CEO李友宙；     

“美体小铺”的CEO——化妆品业巨子安妮塔·罗迪克

在环球美容化妆品业界,有 这样一位威震世界的跨国 企业巨子。 她,就是“英国美体小铺美 容化妆品公司”的创始人、时任 CEO的安妮塔·罗迪克。 “英国美体小铺美容化妆品 公司”创业伊始,仅是一家出售 护肤品的街头小店,历经29载     

一个90后创业的血和泪的教训

<正>我是一名90后,现在是一家移动互联网创业公司里的一名员工。如果回到2013年的这个时候我的名片上印着是"为你爱"创始人兼CEO。现在的我却背负了一身债务,每月为了还债整夜辗转反侧。提到90后创业者大多数人一定会想到,大象创始人刘克楠,脸萌创始人郭列,Segmentfault创始人高阳,以及泡否创始人马佳佳。至于像我们这样的创业者who care?说实话在国内的创业圈子里,     

CEO Turnover in Dual-Path Career: An Examination of Followers’ Power

This paper highlights the internecine struggle within the top management team in listed companies in China. Drawing on a power perspective, we longitudinally examine the antecedents of CEO dismissal followed by inside succession in dual-path CEO career. It examines the influence of followers’ power on the dismissal of incumbent CEO and demonstrates the liability of newness and outsiderness, which is strengthened by the power of followers. It also highlights conflicts of interest and competition within the top management team and the joint effects of followers’ power on both the liability of newness and outsiderness.     

CEO succession and firms’ internationalization processes: Insights from German companies

This article analyses the relationship between CEO succession events and German firms’ internationalization processes, which is represented by the degree of internationalization (DOI) growth and internationalization rhythm. Based on a theoretical framework combining elements of agency theory, institutionalism and upper echelons approach, we propose a longitudinal model to examine the relationships of both process variables with the number of CEO changes and succession type (internal vs. external succession), respectively. The results of our study of 102 German firms over 23 years (1990–2012) show an inverted U-shaped impact (no impact) of the number of CEO changes (succession type) on the DOI growth and a positive (negative) monotonic effect on the rhythm of internationalization.     

The Effects of CEO Founder Status and Stock Ownership on Entrepreneurial Orientation in Small Firms

This paper studies how governance drives entrepreneurial orientation (EO) in small firms. We argue that founder status and ownership create powerful personal incentives for small firm CEOs to engage in behaviors that influence EO. Integrating stewardship theory and the principal‐principal branch of agency theory, we test our hypotheses on a sample of 339 Swedish firms, and find that CEO founder status is significantly and positively associated with EO, while CEO stock ownership significantly but negatively predicts EO. We additionally test two boundary conditions that show that the founder‐CEO's prior managerial experience in start‐up firms positively moderates the founder‐EO relationship, while contrary to expectations, CEO ownership diversification has no effect on the negative association between ownership and EO. Thus, our study adopts a corporate governance perspective to explain how variations in EO across small firms are driven by the goals and motivations of its leader. Our research also shows that in small, private firms the balance of power is tipped in favor of the CEO rather than the board of directors. Finally, we underline the importance of adopting alternative theoretical lens like stewardship and principal‐principal agency, given that traditional principal‐agent problems are largely mitigated in the small firm context.     

Successor characteristics,organisational slack,and change in the degree of firm internationalisation

In this paper, we use chief executive officer (CEO) succession events to explore the effects of successor characteristics, including outside succession and differences between a new CEO/existing chairman on changes in the degree of firm internationalisation. In addition, we examine the moderating effect of organisational slack on the relationship between successor characteristics and change in the degree of firm internationalisation. We test our hypotheses using a sample of 2000–2005 data from 160 successive observations of listed companies in Taiwan. The results show that a firm will opt for higher levels of change on an international scale when it is characterized by the following: (1) outside succession and (2) differences between the CEO successor and the existing chairman. Further, we find that organisational slack will positively moderate the relationship between successor characteristics and the change in the degree of firm internationalisation.     

The new generation of millennial entrepreneurs: A review and call for research

Entering the third decade of the new millennium, the millennial generation is stepping into their most productive stage of life. We have witnessed a number of exemplary millennial entrepreneurs, such as Mark Zuckerberg, founder and CEO of Facebook. The world’s economy is evolving fast and presenting distinct entrepreneurial opportunities to millennials across the globe. It is critical that scholars of international entrepreneurship explore the new breed of millennial entrepreneurs and contrast them across generations and countries. Regrettably, the extant literature comes up short in fully addressing the new generation of entrepreneurs. We call for immediate scholarly attention on millennial entrepreneurs as they are in substantive ways unlike all earlier generations. We urge researchers to explore the unique characteristics of millennial entrepreneurs, their influence on entrepreneurial motivation, orientation, opportunity discovery and exploitation process, and the global ambition of their entrepreneurial ventures.     

Influence of CEO Demography on Entrepreneurial Orientation: The Moderating Role of Competitive Intensity

Although entrepreneurial orientation has been identified as a key facilitator of a firm’s innovative behaviors, its antecedents, especially the determinant role of the business leader, have yet to be explored. Drawing on strategic leadership theory, which posits the role of CEO in determining a firm’s strategic direction, we examined the influence of CEO demography, specifically age, tenure, and education, on a firm’s entrepreneurial orientation. Based on a sample of 231 Chinese firms, we found firms with a CEO who was younger, higher educated, and with a shorter tenure on the job had a greater extent of entrepreneurial orientation. Moreover, the firm’s competitive environment moderated these relationships.     

家族企业创业导向探析-以浙江万事利集团为例

目前国内外有关创业导向的维度及其测量存在着差异,在一定程度上阻碍了公司创业理论的发展和实践创新。因此,文章通过案例分析,对家族企业创业导向的关键特征进行解析,探讨在我国情景下家族企业创业导向构念的维度结构及其各维度间的共变性问题,使相关构念更具有针对性也确保其适用性。      

Founder/Chief Executive Officer Exit: A Social Capital Perspective of New Ventures

The founder/chief executive officer (CEO) exit is a significant event for all business organizations. However, a social capital perspective suggests that the exit of the founder/CEO may be more disruptive for new start-ups due to the critical role the founder/CEO plays in the new organization and the heightened potential chance for failure of a new venture. A social capital perspective suggests that the ability of the entrepreneurial firm to perform better is affiliated with the social capital within the organization. This study supports a social capital perspective of CEO exit and social capital's impact on performance. It helps establish a foundation of study of CEO exit and new ventures from this perspective.     

Top management team turnover, CEO succession type, and strategic change

While previous research suggests that CEO turnover correlates with strategic changes in firm's operations such as discontinuation of operations, we demonstrate that such findings apply only to specific types of CEO turnover, and only if non-CEO members of the top management team also exit the firm. Our analysis examines cases of contender, follower, and outsider succession and reinforces the key role of non-CEO departures in strategic change at a firm. The results support an integration of the upper echelons perspective and the power circulation theory view of top management team turnover.     

CEO turnover and shareholder wealth: Evidence from CEO power in Taiwan

This paper investigates the relationship between CEO turnovers and shareholder wealth and/or the volatility of firm performance, and examines whether CEO power matters in this relationship. Successors tend to possess less power than predecessors. The announcement effects of CEO turnovers present higher abnormal returns for turnovers in which predecessors and successors share a similar power level and a lower volatility for turnovers in which successors have less power. Volatility is lower and liquidity is higher when CEO turnovers involve successors with less power.