Bu çalışmanın amacı, literatürde örtük bir şekilde kabul edilen, ancak hakkında yeterli ampirik kanıt bulunmayan, dışarıdan atanan CEO’ların yüksek genel yönetsel beceri düzeyine sahip olduğu varsayımını Türkiye bağlamında test etmektir. Araştırma, Borsa İstanbul’da işlem gören firmaların mevcut CEO’larından 2013-2023 yılları arasında göreve getirilmiş olan 239 CEO ile yürütülmüş ve araştırmada kullanılan tüm veriler yazar tarafından elle toplanmıştır. CEO kökeni belirlenirken, literatürde yaygın olarak kabul edilen yöntem izlenmiş ve CEO olmadan önce bir yıldan uzun süredir firmada çalışanlar içeriden, bir yıl ve daha az süredir çalışanlar ise dışarıdan CEO olarak tanımlanmıştır. CEO’ların genel yönetsel beceri düzeyi ise Custodio, Ferreira ve Matos (2013) tarafından geliştirilen “Genel Beceri Endeksi” ile ölçülmüştür. Araştırma bulguları, 112 CEO’nun firma içinden terfi ettirilerek, 127 CEO’nun ise dışarıdan atanarak bu pozisyona getirildiğini ve dışarıdan atanan CEO’ların genel yönetsel beceri düzeyinin içeriden terfi edenlere göre anlamlı derecede yüksek olduğunu göstermiştir. Böylece dışarıdan atanan CEO’ların genelci olduğu varsayımı, ülkemiz yönetici işgücü piyasası bağlamında doğrulanmıştır. Araştırma bulguları, CEO değişimlerinde son yılların önemli trendlerinden biri haline gelen dışarıdan CEO transferinin önemli bir sebebinin, farklı kurumsal çevrelerde deneyim kazanmış genelci CEO’ların sahip olduğu, firmalar açısından gittikçe önem kazanan üstün genel yönetsel becerileri olduğu şeklinde yorumlanabilir.
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Boeker, W. (1997). Strategic change: The influence of managerial characteristics and organizational growth. Academy of Management Journal, 40(1), 152-170. Doi: https://doi.org/10.5465/257024
Boeker, W. ve Goodstein, J. (1993). Performance and successor choice: The moderating effects of governance and ownership. Academy of Management Journal, 36(1), 172-186. Doi: https://doi.org/10.5465/256517
Bower JL. (1970). Managing the resource allocation process: A study of corporate planning and investment. Harvard University: Boston, MA.
Brockman, P., Lee, H. S. G. ve Salas, J. M. (2016). Determinants of CEO compensation: Generalist–specialist versus insider–outsider attributes. Journal of Corporate Finance, 39, 53-77. Doi: https://doi.org/10.1016/j.jcorpfin.2016.04.007
Castanias, R. P. ve Helfat, C. E. (1991). Managerial resources and rents. Journal of Management, 17(1), 155-171. Doi: https://doi.org/10.1177/014920639101700110
Chatjuthamard, P., Ongsakul, V., Jiraporn, P. ve Uyar, A. (2022). Corporate governance and generalist CEOs: evidence from board size. Corporate Governance: The International Journal of Business in Society, 22(1), 148-158. Doi: https://doi.org/10.1108/CG-02-2021-0058
Chen, G., Huang, S., Meyer‐Doyle, P. ve Mindruta, D. (2021). Generalist versus specialist CEOs and acquisitions: Two‐sided matching and the impact of CEO characteristics on firm outcomes. Strategic Management Journal, 42(6), 1184-1214. Doi: https://doi.org/10.1002/smj.3258
Choi, H., Karim, K. ve Tao, A. (2023). CEO origin and stock price crash risk: Insider versus outsider CEOs. Corporate Governance: An International Review, 31(1), 105-126. Doi: https://doi.org/10.1111/corg.12442
Coff, R. W. (2002). Human capital, shared expertise, and the likelihood of impasse in corporate acquisitions. Journal of Management, 28(1), 107-128. Doi: https://doi.org/10.1016/S0149-2063(01)00127-1
Coff, R. ve Kryscynski, D. (2011). Invited editorial: Drilling for micro-foundations of human capital–based competitive advantages. Journal of Management, 37(5), 1429-1443. Doi: https://doi.org/10.1177/0149206310397772
Crossland, C. ve Hambrick, D. C. (2007). How national systems differ in their constraints on corporate executives: A study of CEO effects in three countries. Strategic Management Journal, 28(8), 767-789. Doi: https://doi.org/10.1002/smj.610
Crossland, C., Zyung, J., Hiller, N. J. ve Hambrick, D. C. (2014). CEO career variety: Effects on firm-level strategic and social novelty. Academy of Management Journal, 57(3), 652-674. Doi: https://doi.org/10.5465/amj.2012.0469
Custódio, C., Ferreira, M. A. ve Matos, P. (2013). Generalists versus specialists: Lifetime work experience and chief executive officer pay. Journal of Financial Economics, 108(2), 471-492. Doi: https://doi.org/10.1016/j.jfineco.2013.01.001
Custódio, C., Ferreira, M. A. ve Matos, P. (2019). Do general managerial skills spur innovation?. Management Science, 65(2), 459-476. Doi: https://doi.org/10.1287/mnsc.2017.2828
Dalton, D. R. ve Kesner, I. F. (1985). Organizational performance as an antecedent of inside/outside chief executive succession: An empirical assessment. Academy of Management Journal, 28(4), 749-762. Doi: https://doi.org/10.5465/256235
Dane, E. (2010). Reconsidering the trade-off between expertise and flexibility: A cognitive entrenchment perspective. Academy of Management Review, 35(4), 579-603. Doi: https://doi.org/10.5465/amr.35.4.zok579
Datta, D. K. ve Guthrie, J. P. (1994). Executive succession: Organizational antecedents of CEO characteristics. Strategic Management Journal, 15(7), 569-577. Doi: https://doi.org/10.1002/smj.4250150706
Erden Çevik, P. ve Bingöl, D. (2022). Genelci mi, uzman mı? Üst kademe yöneticilerin yönetsel becerileri üzerine bir araştırma. Kafkas Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 13, 190-205. Doi: https://doi.org/10.36543/kauiibfd.2022.ozelsayi9
Evdokimov, E. ve Yusoff, I. (2024). CEO succession and auditor going concern decisions: An analysis of outsider CEOs and generalist skills. Journal of Accounting and Public Policy, 43, 107-159. Doi: https://doi.org/10.1016/j.jaccpubpol.2023.107159
Felin, T. ve Foss, N. J. (2005). Strategic organization: A field in search of micro-foundations. Strategic Organization, 3(4), 441-455. Doi: https://doi.org/10.1177/1476127005055796
Finkelstein, S., Hambrick, D. ve Cannella, A. (1996). Strategic leadership. Minneapolis, MN: West Publishing Company.
Friedman, S. D. ve Singh, H. (1989). CEO succession and stockholder reaction: The influence of organizational context and event content. Academy of Management Journal, 32(4), 718-744. Doi: https://doi.org/10.5465/256566
Frydman, C. (2005). Rising through the ranks. the evolution of the market for corporate executives, 1936-2003. Unpublished working paper, Harvard University.
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Gounopoulos, D. ve Pham, H. (2018). Specialist CEOs and IPO survival. Journal of Corporate Finance, 48, 217-243. Doi: https://doi.org/10.1016/j.jcorpfin.2017.10.012
Hambrick, D. C. ve Finkelstein, S. (1987). Managerial discretion: A bridge between polar views of organizational outcomes. Research in Organizational Behavior, 9, 369–406.
Hambrick, D. C. ve Fukutomi, G. D. (1991). The seasons of a CEO's tenure. Academy of Management Review, 16(4), 719-742. Doi: https://doi.org/10.5465/amr.1991.4279621
Hambrick, D. C. ve Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193-206. Doi: https://doi.org/10.5465/amr.1984.4277628
Hambrick, D. C. ve Quigley, T. J. (2014). Toward more accurate contextualization of the CEO effect on firm performance. Strategic Management Journal, 35(4), 473-491. Doi: https://doi.org/10.1002/smj.2108
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CEO origin and general managerial skills: A research on firms listed on Borsa Istanbul
The aim of this research is to test the hypothesis that outsider CEOs have high general managerial skills, which is implicitly accepted in the literature but for which there is limited empirical evidence in the Turkish context. The research was conducted with 239 CEOs who were appointed between 2013-2023 among the current CEOs of the firms listed on Borsa Istanbul and the data used in the research were hand-collected. While determining the origin of CEOs, the method widely accepted in the literatüre is followed, and those who worked for a firm for more than one year prior to CEO position were defined as an insider CEO, while those who worked for one year or less were defined as an outsider CEO. The general managerial skill level of CEOs was measured by the “General Skill Index” developed by Custodio, Ferreira and Matos (2013). The results showed that 112 CEOs were insiders and 127 CEOs were outsiders, and the general managerial skill level of outsider CEOs was significantly higher than that of insiders. Thus, the assumption that outsider CEOs are generalists is confirmed in the context ofTurkey’s managerial labor market. The results of the research can be interpreted as a justification of external CEO transfers, which have become one of the most important trends in CEO turnover in recent years, that is the superior general managerial skills of generalist CEOs who have gained experience in different corporate environments, which have become increasingly important for firms.
Allen, M. P., Panian, S. K. ve Lotz, R. E. (1979). Managerial succession and organizational performance: A recalcitrant problem revisited. Administrative Science Quarterly, 167-180. Doi: https://doi.org/10.2307/2392492
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120. Doi: https://doi.org/10.1177/014920639101700108
Becker, G. S. (1962). Investment in human capital: A theoretical analysis. Journal of Political Economy, 70(5, Part 2), 9-49.
Becker, G. S. (2009). Human capital: A theoretical and empirical analysis, with special reference to education. University of Chicago Press.
Bernthal, P. R., Rioux, S. M. ve Willins, R. S. (1999). The leadership forecast: A benchmarking study. Pittsburg: Development Dimensions International.
Boeker, W. (1997). Strategic change: The influence of managerial characteristics and organizational growth. Academy of Management Journal, 40(1), 152-170. Doi: https://doi.org/10.5465/257024
Boeker, W. ve Goodstein, J. (1993). Performance and successor choice: The moderating effects of governance and ownership. Academy of Management Journal, 36(1), 172-186. Doi: https://doi.org/10.5465/256517
Bower JL. (1970). Managing the resource allocation process: A study of corporate planning and investment. Harvard University: Boston, MA.
Brockman, P., Lee, H. S. G. ve Salas, J. M. (2016). Determinants of CEO compensation: Generalist–specialist versus insider–outsider attributes. Journal of Corporate Finance, 39, 53-77. Doi: https://doi.org/10.1016/j.jcorpfin.2016.04.007
Castanias, R. P. ve Helfat, C. E. (1991). Managerial resources and rents. Journal of Management, 17(1), 155-171. Doi: https://doi.org/10.1177/014920639101700110
Chatjuthamard, P., Ongsakul, V., Jiraporn, P. ve Uyar, A. (2022). Corporate governance and generalist CEOs: evidence from board size. Corporate Governance: The International Journal of Business in Society, 22(1), 148-158. Doi: https://doi.org/10.1108/CG-02-2021-0058
Chen, G., Huang, S., Meyer‐Doyle, P. ve Mindruta, D. (2021). Generalist versus specialist CEOs and acquisitions: Two‐sided matching and the impact of CEO characteristics on firm outcomes. Strategic Management Journal, 42(6), 1184-1214. Doi: https://doi.org/10.1002/smj.3258
Choi, H., Karim, K. ve Tao, A. (2023). CEO origin and stock price crash risk: Insider versus outsider CEOs. Corporate Governance: An International Review, 31(1), 105-126. Doi: https://doi.org/10.1111/corg.12442
Coff, R. W. (2002). Human capital, shared expertise, and the likelihood of impasse in corporate acquisitions. Journal of Management, 28(1), 107-128. Doi: https://doi.org/10.1016/S0149-2063(01)00127-1
Coff, R. ve Kryscynski, D. (2011). Invited editorial: Drilling for micro-foundations of human capital–based competitive advantages. Journal of Management, 37(5), 1429-1443. Doi: https://doi.org/10.1177/0149206310397772
Crossland, C. ve Hambrick, D. C. (2007). How national systems differ in their constraints on corporate executives: A study of CEO effects in three countries. Strategic Management Journal, 28(8), 767-789. Doi: https://doi.org/10.1002/smj.610
Crossland, C., Zyung, J., Hiller, N. J. ve Hambrick, D. C. (2014). CEO career variety: Effects on firm-level strategic and social novelty. Academy of Management Journal, 57(3), 652-674. Doi: https://doi.org/10.5465/amj.2012.0469
Custódio, C., Ferreira, M. A. ve Matos, P. (2013). Generalists versus specialists: Lifetime work experience and chief executive officer pay. Journal of Financial Economics, 108(2), 471-492. Doi: https://doi.org/10.1016/j.jfineco.2013.01.001
Custódio, C., Ferreira, M. A. ve Matos, P. (2019). Do general managerial skills spur innovation?. Management Science, 65(2), 459-476. Doi: https://doi.org/10.1287/mnsc.2017.2828
Dalton, D. R. ve Kesner, I. F. (1985). Organizational performance as an antecedent of inside/outside chief executive succession: An empirical assessment. Academy of Management Journal, 28(4), 749-762. Doi: https://doi.org/10.5465/256235
Dane, E. (2010). Reconsidering the trade-off between expertise and flexibility: A cognitive entrenchment perspective. Academy of Management Review, 35(4), 579-603. Doi: https://doi.org/10.5465/amr.35.4.zok579
Datta, D. K. ve Guthrie, J. P. (1994). Executive succession: Organizational antecedents of CEO characteristics. Strategic Management Journal, 15(7), 569-577. Doi: https://doi.org/10.1002/smj.4250150706
Erden Çevik, P. ve Bingöl, D. (2022). Genelci mi, uzman mı? Üst kademe yöneticilerin yönetsel becerileri üzerine bir araştırma. Kafkas Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 13, 190-205. Doi: https://doi.org/10.36543/kauiibfd.2022.ozelsayi9
Evdokimov, E. ve Yusoff, I. (2024). CEO succession and auditor going concern decisions: An analysis of outsider CEOs and generalist skills. Journal of Accounting and Public Policy, 43, 107-159. Doi: https://doi.org/10.1016/j.jaccpubpol.2023.107159
Felin, T. ve Foss, N. J. (2005). Strategic organization: A field in search of micro-foundations. Strategic Organization, 3(4), 441-455. Doi: https://doi.org/10.1177/1476127005055796
Finkelstein, S., Hambrick, D. ve Cannella, A. (1996). Strategic leadership. Minneapolis, MN: West Publishing Company.
Friedman, S. D. ve Singh, H. (1989). CEO succession and stockholder reaction: The influence of organizational context and event content. Academy of Management Journal, 32(4), 718-744. Doi: https://doi.org/10.5465/256566
Frydman, C. (2005). Rising through the ranks. the evolution of the market for corporate executives, 1936-2003. Unpublished working paper, Harvard University.
Goulder, A. W. (1954). The norm of reciprocity: A preliminary statement. American Sociological Review, 25: 161-178.
Gounopoulos, D. ve Pham, H. (2018). Specialist CEOs and IPO survival. Journal of Corporate Finance, 48, 217-243. Doi: https://doi.org/10.1016/j.jcorpfin.2017.10.012
Hambrick, D. C. ve Finkelstein, S. (1987). Managerial discretion: A bridge between polar views of organizational outcomes. Research in Organizational Behavior, 9, 369–406.
Hambrick, D. C. ve Fukutomi, G. D. (1991). The seasons of a CEO's tenure. Academy of Management Review, 16(4), 719-742. Doi: https://doi.org/10.5465/amr.1991.4279621
Hambrick, D. C. ve Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193-206. Doi: https://doi.org/10.5465/amr.1984.4277628
Hambrick, D. C. ve Quigley, T. J. (2014). Toward more accurate contextualization of the CEO effect on firm performance. Strategic Management Journal, 35(4), 473-491. Doi: https://doi.org/10.1002/smj.2108
Hambrick, D. C., Geletkanycz, M. A. ve Fredrickson, J. W. (1993). Top executive commitment to the status quo: Some tests of its determinants. Strategic Management Journal, 14(6), 401-418. Doi: https://doi.org/10.1002/smj.4250140602
Hamori, M. ve Koyuncu, B. (2015). Experience matters? The impact of prior CEO experience on firm performance. Human Resource Management, 54(1), 23-44. Doi: https://doi.org/10.1002/hrm.21617
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