摘要
基于企业行为理论的视角,本文通过2007—2015年中国上市公司样本实证检验了经营期望落差对CEO变更的影响。研究结果表明:经营期望落差越大,CEO变更的可能性越大。本文根据内部治理机制(股权集中度、独立董事比例)与外部治理机制(分析师关注度)进一步分组检验后发现:首先,相较于股权集中度较低的企业,股权集中度较高的企业其经营期望落差与CEO变更之间的正相关关系更强;其次,相较于独立董事比例较低的企业,独立董事比例较高的企业其经营期望落差与CEO变更之间的正相关关系更弱;最后,相较于分析师关注度较低的企业,分析师关注度较高的企业其经营期望落差与CEO变更之间的正相关关系更强。本研究不仅增进了文献对CEO变更的理解,对进一步改善公司治理体系也具有一定的启示意义。
Based on the perspective of the theory of corporate behavior,this paper empirically examined the influence of the performance-aspiration gap on CEO Turnover through a sample of Chinese listed companies from 2007 to 2015. The result indicates that the larger performanceaspiration gap leads to higher possibility of CEO turnover. Based on the further grouping of internal governance mechanisms( ownership concentration and proportion of independent directors) and external governance mechanisms( analyst coverage attention),this paper finds that: Firstly,compared with corporates with lower ownership concentration,corporates with higher ownership concentration have a stronger positive correlation between performance-aspiration gap and CEO turnover. Secondly,compared with corporates with lower proportion of independent directors,corporates with higher proportion of independent directors have a weaker positive correlation between performance-aspiration gap and CEO turnover. Thirdly, compared with corporates with lower analyst coverage attention,corporates with higher analyst coverage attention have a stronger positive correlation between performance-aspiration gap and CEO turnover. This paper not only expands the understanding on CEO turnover,but also have certain enlightenment meanings to improve the corporate governance.
作者
陈伟宏
蓝海林
钟熙
周荷晖
Chen Weihong;Lan Hailin;Zhong Xi;Zhou Hehui(School of Business Administration,South China University of Technology,Guangzhou,510640)
出处
《珞珈管理评论》
2019年第1期1-17,共17页
Luojia Management Review
基金
教育部重大攻关项目“中国制造业转型升级战略研究”(项目批准号:15JZD020)
国家社会科学基金重点项目“转型升级制度压力下优势制造企业战略反应与政策”(项目批准号:15AGL003)
华南理工大学中央高校基本科研业务费社会科学类项目(项目批准号:2015ZDXMPY02)
关键词
经营期望落差
CEO变更
股权集中度
独立董事比例
分析师关注度
Performance-aspiration gap
CEO turnover
Ownership concentration
Proportion of independent directors
Analyst coverage attention
