This paper investigates differences in worker turnover characteristics between periods of workforce expansion and contraction in a firm. We derive a Cox proportional hazard model from a simple model of job separation based on the expected surpluses from the firm and its workers. We account for...

Uncertainty about management appears to affect firms' cost of borrowing and financial policies. In a sample of S&P 1500 firms between 1987 and 2010, CDS spreads, loan spreads and bond yield spreads all decline over the first three years of CEO tenure, holding other macroeconomic, firm, and...

Management risk occurs because uncertainty about future managerial decisions increases a firm's overall risk. This paper documents the importance of management risk in determining firms' cost of borrowing. CDS spreads, loan spreads and bond yield spreads all increase at the time of CEO turnover,...

Many observers consider the most important responsibility of the board of directors its responsibility to hire and fire the CEO. To this end, an interesting situation arises when a CEO resigns and the board chooses neither an internal nor external candidate, but a current board member as...

This paper examines how networks of professional contacts contribute to the development of the careers of executives of North American and European companies. We build a dynamic model of career progression in which career moves may both depend upon existing networks and contribute to the...

Mehr Flexibilität im Arbeitsmarkt hat kürzere und flüchtigere Beziehungen zwischen Arbeitgeber und Arbeitnehmer zur Folge. Damit erodieren Vertrauen und Loyalität, wodurch Betriebe mehr Manager benötigen, um die Folgen einzudämmen. Die Autoren zeigen am Beispiel der Niederlande, dass...

Using comprehensive financial and accounting data on China's listed firms from 1998 to 2002, augmented by unique data on CEO turnover, ownership structure and board characteristics, we estimate Logit models of CEO turnover. We find consistently for all performance measures including both stock...

The competitiveness and sustainability of employees in service and non-service-based organizations continue to trigger scholars' interest to investigate the related factors. As per the review of literature, there are only a few studies have been conducted on abusive supervision and intrinsic...

We investigate the consequences for losing competitors following the end of a promotion tournament. We examine CEO tournaments and find that the total incentives of non-promoted executives (NPEs) are likely to decrease significantly at the end of a tournament based on evidence of their lower...

Product reliability is a key concern for manufacturers. We examine a significant but under-recognized determinant of product reliability: the rate of workers quitting from the product's assembly line, or its worker turnover. While modern manufacturers make extensive efforts to control defects...