Managerial Entrenchment and the Market for Talent
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comunitat-uji-handle2:10234/8643
comunitat-uji-handle3:10234/8644
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INVESTIGACIONMetadata
Title
Managerial Entrenchment and the Market for TalentAuthor (s)
Date
2022-08-19Publisher
Society for Financial Studies; Oxford University PressISSN
2046-9128; 2046-9136Bibliographic citation
FERIOZZI, Fabio. Managerial Entrenchment and the Market for Talent, The Review of Corporate Finance Studies, Volume 13, Issue 1, February 2024, Pages 235–263, https://doi.org/10.1093/rcfs/cfac028Type
info:eu-repo/semantics/articlePublisher version
https://academic.oup.com/rcfs/advance-article/doi/10.1093/rcfs/cfac028/6671859?s ...Version
info:eu-repo/semantics/acceptedVersionAbstract
This paper studies how the nature of managerial skills affects firms’ governance
decisions. As required skills shift from firm specific toward more general abilities,
replacing an underperforming CEO with an outside ... [+]
This paper studies how the nature of managerial skills affects firms’ governance
decisions. As required skills shift from firm specific toward more general abilities,
replacing an underperforming CEO with an outside hire becomes more profitable for
shareholders. Therefore, firms adopt stronger governance arrangements to limit the
entrenchment of incumbent CEOs and exploit the improved opportunities offered by
the market for talent. The analysis rationalizes the observed trend toward stronger
corporate governance and offers novel empirical predictions concerning the relationship
between managerial entrenchment, firm size, and the nature of managerial skills. (JEL
D83, D86, G34) [-]
Is part of
The Review of Corporate Finance Studies, 2023Rights
This is a pre-copyedited, author-produced version of an article accepted for publication in The Review of Corporate Finance Studies following peer review. The version of record FERIOZZI, Fabio. Managerial Entrenchment and the Market for Talent, 2022 is available online at: https://academic.oup.com/rcfs/advance-article/doi/10.1093/rcfs/cfac028/6671859?searchresult=1
[https://doi.org/10.1093)/rcfs/cfac028]
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