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

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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