IMPLICATIONS OF INSIDER AND OUTSIDER CEOs ON FIRM PERFORMANCE: EVIDENCE FROM CEO SUCCESSIONS FROM TURKEY

Year 2018, Volume: 5 Issue: 3, 583 - 596, 27.12.2018

Aylin Ataay

https://doi.org/10.30798/makuiibf.417482

Cited By: 1

Abstract

This study investigates
the performance consequences of Chief Executive Officer (CEO) succession in an
emerging market as prior research suggests that the differences in the
performance implications of CEO successor’s origin may be related to the distinctive
contexts offered by these economies. Hence, we investigated the impact of a new
CEO origin on firm profitability in Turkey for the years 2010 and 2011. The
results showed that there is a positive association between outsider successors
and post-succession profitability in listed companies in Turkey. Further, the
effects of unrelated and related outside succession on post-succession firm
performance differ. While the related outsiders affect negatively the firm
performance, unrelated outsiders contribute positively to the post-succession
profitability (ROA). These findings thus contribute to the existing CEO
succession literature by emphasizing the value of outsider CEOs’ fresh
perspectives, new and diverse skills and initiative for change. 

Keywords

CEO succession, outside succession, inside succession, firm performance, emerging economy

ŞİRKET İÇİNDEN VE DIŞINDAN ATANAN GENEL MÜDÜRLERİN FİRMA PERFORMANSINA ETKİLERİ: TÜRKİYE'DE GENEL MÜDÜR DEĞİŞİMLERİ İLE İLGİLİ BULGULAR

Abstract

Genel
müdür değişimleri alanında bugüne kadar yapılmış araştırmalar genel müdür
haleflerinin şirket içinden veya dışından seçilmesinin firma performansı
üzerinde farklı et-kilere neden olmasını gelişen ekonomiler tarafından sunu-lan
farklı bağlamlarla da ilişkili olabileceğini öne sürmek-tedir. Bu kapsamda,
çalışmamızda gelişen bir ekonomi olan Türkiye’de genel müdür değişimlerinin
firma performansı üzerindeki etkilerinin incelenmesi hedeflenmektedir. Bu
amaçla, 2010 ve 2011 yılları arasında atanan yeni genel mü-dürlerin firma
karlılığı üzerindeki etkisi araştırılmıştır. So-nuçlar, Türkiye'de borsada
işlem gören şirketlerde şirket dışından atanan halefler ile değişim sonrası
firma karlılıkları arasında olumlu bir ilişki olduğunu göstermiştir. Ayrıca,
şir-ket dışından atanan bağlantılı veya bağlantısız haleflerin fir-ma
performansına etkilerinin farklı olduğu bulunmuştur. Şirket dışından atanan
fakat bağlantılı yöneticiler firma per-formansını olumsuz yönde etkilerken,
bağlantısız şirket dışı genel müdürlerin şirket kârlılığına (aktif karlılığı)
olumlu katkıda bulunduğu saptanmıştır. Bu bulgular, şirket dışın-dan transfer
edilen genel müdürlerin yeni bakış açıları, yeni ve çeşitli becerileri ve
değişim yönelimliliklerinin önemini bir kere daha vurgulayarak mevcut Genel
Müdür değişimi yazınına katkıda bulunmaktadır.

Keywords

Genel Müdür değişimleri, şirket dışı halefler, firma performansı, gelişen ülkeler

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