B17ThemarketforCEOsAnempiricalanalysis.docxVIP

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B17ThemarketforCEOsAnempiricalanalysis.docx

B17ThemarketforCEOs:Anempiricalanalysis首席执行官市场的实证研究分析abstractWeinvestigateempiricallyamarket-basedexplanationfortheriseinrecentyearsinexternalCEOhiringandcompensationandfind,consistentwiththemarket-basedtheory,thatfirmsinindustriesrelyingongeneralmanagerialskillsaremorelikelytohireCEOsexternallythanfirmsinindustriesrelyinglessonsuchskills.WeshowthatfirmsrelyingoninternalCEOshaveonaveragehigherprofitsthanexternal-CEOfirmsandthatthedifferenceinprofitsdecreasesasgeneralskillsbecomemoreimportantintheindustry.WerelatemanagerialskillstocompensationandshowthatCEOgeneralskillsinducebetterfirmperforman

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