CEO Tenure and Firm Value

Item Type Journal paper
Abstract Our study is the first to provide systematic evidence of a hump-shaped CEO tenure-firm value relation. Cross-sectionally, firm value starts to decline after fewer years of CEO tenure in more dynamic industries, if CEOs are less adaptable to changes, and in the presence of greater labor market frictions. Overall, the dynamics of CEO-firm match quality appear to be a first-order driver of the CEO tenure-firm value association, as explained by CEO characteristics (adaptability), firm/industry characteristics (dynamism), and labor market characteristics that facilitate optimal matching between firms and CEOs.
Authors Schmid, Markus; Brochet, Francois; Limbach, Peter & Scholz-Daneshgari, Meik
Journal or Publication Title The Accounting Review
Language English
Subjects economics
HSG Classification contribution to scientific community
HSG Profile Area SOF - System-wide Risk in the Financial System
Refereed Yes
Date December 2021
Publisher American Accounting Association
Volume 96
Number 6
Page Range 47-71
Number of Pages 25
Publisher DOI
Official URL
Contact Email Address
Depositing User Beatrix Kobelt-Glock
Date Deposited 05 Jan 2022 13:27
Last Modified 05 Jan 2022 13:34


Full text not available from this repository. (Request a copy)


Schmid, Markus; Brochet, Francois; Limbach, Peter & Scholz-Daneshgari, Meik (2021) CEO Tenure and Firm Value. The Accounting Review, 96 (6). 47-71.

Edit item Edit item