On theoretical grounds, monitoring of top executives by the (supervisory) board is expected to be value relevant. The empirical evidence is ambiguous and we analyze three non-competing explanations for this ambiguity: (i) The positive effect on firm value of board monitoring is hidden in stock...

On theoretical grounds, monitoring of top executives by the (supervisory) board is expected to be value relevant. The empirical evidence is ambiguous and we analyze three non-competing explanations for this ambiguity: (i) The positive effect on firm value of board monitoring is hidden in stock...

This study aims to explore the gender differences in the relationships between leader-member exchange (LMX), job embeddedness, and turnover intention. Hypotheses formulation was conducted by integrating conservation of resources (COR) theory and social role theory, and data were collected from...

We develop a theory of non-monetary costs incurred by CEOs when deciding about layoffs and test its predictions on French data. Our results support the idea that, being embedded in their social environment, CEOs find it more difficult to fire employees closer to their own workplace. This effect...

Since the publication of Organization Science's 1999 Special Issue on complexity theory, researchers have applied this paradigm to various organizational phenomena. In this paper, we examine post-merger and acquisition (M&A) executive turnover from a Complex Adaptive Systems (CAS) perspective....

Given that an owner cannot commit to her timing strategy under a manager's hidden action, we consider (i) how the owner's timing decisions to launch a project and to replace the manager or change a project are determined, and (ii) how the optimal compensation contract for the manager is...

We examine whether involuntary CEO replacements pay off by improving firm prospects. We find CEO successors' acquisition investments to be associated with significantly higher shareholder gains relative to their predecessors and the average CEO. This improvement in post-turnover acquisition...

We examine how employee layoffs, an action that lowers a firm's social performance, affect stakeholders' wealth and contract terms. We find that although layoff-performance sensitivity is similar between firms with high and low corporate social responsibility (CSR) performance, high CSR firms'...

We examine whether and how accounting conservatism plays a disciplinary role in corporate layoffs. Analyzing 722 layoff announcements in Form 8-K over the period 2004 to 2012, we first document that the level of hiring on average falls short of the optimal level (i.e., under-hiring) even before...

This paper analyzes the relationship between CEO education, CEO turnover and firm performance. Our primary interest is on the role that CEO education plays in a firm's decision to replace its current CEO, the role that it plays in selecting a new CEO, and on whether CEO education significantly...