总经理更替与企业绩效——基于PSM和DID方法的分析
    点此下载全文
引用本文:关 健,王 洋,蔡佳慧.总经理更替与企业绩效——基于PSM和DID方法的分析[J].财经理论与实践,2018,(6):98-104
摘要点击次数: 840
全文下载次数: 0
作者单位
关 健,王 洋,蔡佳慧 (中南大学 商学院湖南 长沙 410083) 
中文摘要:基于公司治理相关理论,采用倾向性评分匹配法(PSM)和双重差分法(DID)控制其他混淆变量的影响,考量总经理更替与企业绩效关系。结果发现:总经理更替事件会导致短期内的业绩不佳,但随着继任时间的延长,其对绩效的提升作用不断显现。同时,外部继任相较于内部继任的业绩改善优势也具有一定的时间滞后性。
中文关键词:总经理更替  继任来源  绩效  倾向性得分匹配  双重差分
 
The Replacement of General Managers and Corporate Performance——An Analysis Based on PSM and DID Methods
Abstract:Based on related theories of corporate governance, we use propensity score matching and difference-in-difference to control interference of confounding variables, in order to analyze the net effect of CEO turnover events on the improvement of firm performance. Furthermore, in order to discuss the moderating effect of origin of successor, we compare the effect of internal successor on performance with external successor. Research results show that, although CEO turnover events lead to the decline of firm performance in the short term, it shows positive long-term effect on performance promotion. Besides, the higher positive effect of external succession than internal succession will also gradually emerge after a relatively long time.
keywords:CEO turnover  succession origin  firm performance  propensity score matching  difference-in-difference
查看全文   查看/发表评论   下载pdf阅读器