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Purpose - This paper investigates how past performance changes, prior CEO replacements and changes in the chairperson impact CEO turnover in public and large private businesses. Design/methodology/approach - We analyze 1,679 CEO replacements documented in a sample of 1,493 Spanish public and...
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Prior research finds that firms tend to select external CEO hires from companies with superior past performance and that this past performance is associated with a compensation premium in the hiring firm. We test whether this pay premium is associated with future performance in the hiring firm....
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