{"id":"https://openalex.org/W2011548533","doi":"https://doi.org/10.1002/smj.4250080402","title":"Ceo change and firm performance in large corporations: Succession effects and manager effects","display_name":"Ceo change and firm performance in large corporations: Succession effects and manager effects","publication_year":1987,"publication_date":"1987-07-01","ids":{"openalex":"https://openalex.org/W2011548533","doi":"https://doi.org/10.1002/smj.4250080402","mag":"2011548533"},"language":"en","primary_location":{"id":"doi:10.1002/smj.4250080402","doi":"https://doi.org/10.1002/smj.4250080402","is_oa":false,"landing_page_url":"https://doi.org/10.1002/smj.4250080402","pdf_url":null,"source":{"id":"https://openalex.org/S102949365","display_name":"Strategic Management Journal","issn_l":"0143-2095","issn":["0143-2095","1097-0266"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Strategic Management Journal","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5071073929","display_name":"Randolph P. Beatty","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I79576946","display_name":"University of Pennsylvania","ror":"https://ror.org/00b30xv10","country_code":"US","type":"education","lineage":["https://openalex.org/I79576946"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Randolph P. Beatty","raw_affiliation_strings":["The Wharton School, University of Pennsylvania, Philadelphia, Pennsylvania, U.S.A"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"The Wharton School, University of Pennsylvania, Philadelphia, Pennsylvania, U.S.A","institution_ids":["https://openalex.org/I79576946"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5002733438","display_name":"Edward J. Zajac","orcid":"https://orcid.org/0000-0002-4453-7147","observed_orcids":["https://orcid.org/0000-0002-4453-7147"]},"institutions":[{"id":"https://openalex.org/I111979921","display_name":"Northwestern University","ror":"https://ror.org/000e0be47","country_code":"US","type":"education","lineage":["https://openalex.org/I111979921"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Edward J. Zajac","raw_affiliation_strings":["Kellogg Graduate School of Management, Northwestern University, Evanston, Illinois, U.S.A"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Kellogg Graduate School of Management, Northwestern University, Evanston, Illinois, U.S.A","institution_ids":["https://openalex.org/I111979921"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":4250,"currency":"USD","value_usd":4250},"apc_paid":null,"fwci":21.6034,"has_fulltext":false,"cited_by_count":268,"citation_normalized_percentile":{"value":0.98891697,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":98,"max":100},"biblio":{"volume":"8","issue":"4","first_page":"305","last_page":"317"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9595000147819519,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9595000147819519,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11843","display_name":"Family Business Performance and Succession","score":0.019300000742077827,"subfield":{"id":"https://openalex.org/subfields/1407","display_name":"Organizational Behavior and Human Resource Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12843","display_name":"Human Resource and Talent Management","score":0.010599999688565731,"subfield":{"id":"https://openalex.org/subfields/1407","display_name":"Organizational Behavior and Human Resource Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/ceo-succession","display_name":"CEO succession","score":0.8539999723434448},{"id":"https://openalex.org/keywords/ceo-turnover","display_name":"CEO turnover","score":0.6650000214576721},{"id":"https://openalex.org/keywords/firm-performance","display_name":"firm performance","score":0.953000009059906},{"id":"https://openalex.org/keywords/large-firms","display_name":"large corporations","score":0.6439999938011169},{"id":"https://openalex.org/keywords/stock-market-reaction","display_name":"stock market reaction","score":0.6470000147819519},{"id":"https://openalex.org/keywords/production-decisions","display_name":"production decisions","score":0.6790000200271606},{"id":"https://openalex.org/keywords/investment-decisions","display_name":"investment decision-making","score":0.9049999713897705},{"id":"https://openalex.org/keywords/firm-value","display_name":"firm value","score":0.6240000128746033}],"concepts":[{"id":"https://openalex.org/C2778971194","wikidata":"https://www.wikidata.org/wiki/Q1664551","display_name":"Insider","level":2,"score":0.84504234790802},{"id":"https://openalex.org/C150117547","wikidata":"https://www.wikidata.org/wiki/Q188230","display_name":"Ecological succession","level":2,"score":0.8283514976501465},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5784488916397095},{"id":"https://openalex.org/C23032112","wikidata":"https://www.wikidata.org/wiki/Q1344727","display_name":"Enterprise value","level":2,"score":0.4937308728694916},{"id":"https://openalex.org/C198531522","wikidata":"https://www.wikidata.org/wiki/Q485146","display_name":"Sample (material)","level":2,"score":0.4773947596549988},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.43374770879745483},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.4331781268119812},{"id":"https://openalex.org/C2988984586","wikidata":"https://www.wikidata.org/wiki/Q1020013","display_name":"Stock price","level":3,"score":0.4102700352668762},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.4100882411003113},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.366354376077652},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.295591801404953},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.24998542666435242},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.06016981601715088},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C18903297","wikidata":"https://www.wikidata.org/wiki/Q7150","display_name":"Ecology","level":1,"score":0.0},{"id":"https://openalex.org/C185592680","wikidata":"https://www.wikidata.org/wiki/Q2329","display_name":"Chemistry","level":0,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C143724316","wikidata":"https://www.wikidata.org/wiki/Q312468","display_name":"Series (stratigraphy)","level":2,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C43617362","wikidata":"https://www.wikidata.org/wiki/Q170050","display_name":"Chromatography","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1002/smj.4250080402","doi":"https://doi.org/10.1002/smj.4250080402","is_oa":false,"landing_page_url":"https://doi.org/10.1002/smj.4250080402","pdf_url":null,"source":{"id":"https://openalex.org/S102949365","display_name":"Strategic Management Journal","issn_l":"0143-2095","issn":["0143-2095","1097-0266"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Strategic Management Journal","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":35,"referenced_works":["https://openalex.org/W1490496491","https://openalex.org/W1965666958","https://openalex.org/W1975937955","https://openalex.org/W1979436160","https://openalex.org/W1979898091","https://openalex.org/W1984536024","https://openalex.org/W1991765332","https://openalex.org/W2008940548","https://openalex.org/W2015466998","https://openalex.org/W2016050048","https://openalex.org/W2028873219","https://openalex.org/W2037258109","https://openalex.org/W2038876956","https://openalex.org/W2039912284","https://openalex.org/W2041959507","https://openalex.org/W2044156198","https://openalex.org/W2045358645","https://openalex.org/W2054467010","https://openalex.org/W2068155429","https://openalex.org/W2068805170","https://openalex.org/W2073001674","https://openalex.org/W2075911810","https://openalex.org/W2087815556","https://openalex.org/W2101718392","https://openalex.org/W2110321237","https://openalex.org/W2124224757","https://openalex.org/W2140684915","https://openalex.org/W2302285197","https://openalex.org/W2324679714","https://openalex.org/W2334117709","https://openalex.org/W2795938941","https://openalex.org/W3123035919","https://openalex.org/W3136907628","https://openalex.org/W4230729759","https://openalex.org/W4240307802"],"related_works":["https://openalex.org/W1990643312","https://openalex.org/W2320126362","https://openalex.org/W2865832485","https://openalex.org/W4233156854","https://openalex.org/W3142180299","https://openalex.org/W3121301593","https://openalex.org/W2172128317","https://openalex.org/W2080453520","https://openalex.org/W2595363085","https://openalex.org/W2283838637"],"abstract_inverted_index":{"Abstract":[0],"This":[1],"paper":[2],"argues":[3],"that":[4,39,66],"the":[5,51,54,59,62,73],"succession/performance":[6],"relationship":[7],"is":[8],"a":[9,25,30,48],"function":[10],"of":[11,32,41,53,61,78],"two":[12],"distinct,":[13],"complementary":[14],"concepts:":[15],"manager":[16],"effects":[17],"and":[18,65,75,87],"succession":[19],"effects.":[20],"Hypotheses":[21],"are":[22,44],"tested":[23],"using":[24],"cross\u2010sectional/longitudinal":[26],"research":[27],"design,":[28],"with":[29,47],"sample":[31],"209":[33],"large":[34],"corporations.":[35],"The":[36],"results":[37,82],"suggest":[38],"announcements":[40],"CEO":[42,67],"changes":[43],"typically":[45],"associated":[46],"reduction":[49],"in":[50,58],"value":[52],"firm,":[55],"as":[56],"reflected":[57],"perceptions":[60],"stock":[63],"market,":[64],"successors":[68],"tend":[69],"to":[70],"significantly":[71],"influence":[72],"production":[74],"investment":[76],"decisions":[77],"their":[79],"firms.":[80],"These":[81],"hold":[83],"for":[84],"both":[85],"insider":[86],"outsider":[88],"succession.":[89]},"counts_by_year":[{"year":2026,"cited_by_count":9},{"year":2025,"cited_by_count":8},{"year":2024,"cited_by_count":6},{"year":2023,"cited_by_count":8},{"year":2022,"cited_by_count":6},{"year":2021,"cited_by_count":10},{"year":2020,"cited_by_count":10},{"year":2019,"cited_by_count":7},{"year":2018,"cited_by_count":8},{"year":2017,"cited_by_count":12},{"year":2016,"cited_by_count":8},{"year":2015,"cited_by_count":10},{"year":2014,"cited_by_count":10},{"year":2013,"cited_by_count":14},{"year":2012,"cited_by_count":11}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2016-06-24T00:00:00"}