Федоренко Олег Игоревич
Do Overconfident CEOs Have Better Chances to be Replaced?
Стратегическое управление финансами фирмы
In this paper, we investigate the influence of CEO overconfidence behavioral bias on the probability of his replacement in industries that are classified as high-technology and medium-high technology. Studying the sample of US companies from NASDAQ for the period from 2005 to 2015, we find evidence that CEO overconfidence is negatively related on the probability of CEO turnover either forced or voluntary. Moreover, examining different factors that influence the replacement of overconfident CEO we notice the importance of CEO abilities, his tendency to innovate more and show the importance of accounting-based measure of firm performance as indicator of CEO turnover probability.
Текст работы (работа добавлена 15 мая 2017г.)