Title Page
Contents
Abstract 11
Chapter 1. Introduction 15
1. Research Context and Research Questions 15
2. Dissertation Overview 20
Chapter 2. Appointments of Rookie Outside CEOs 27
1. Introduction 27
2. Theory and Hypotheses 31
2.1. Advantages and Disadvantages of Rookie Outside CEO Succession 31
2.2. Pre-Succession Firm Performance and Rookie Outside CEO Succession 36
2.3. Performance Attribution and Rookie Outside CEO Succession 38
3. Method 47
3.1. Sample 47
3.2. Measures 49
3.3. Analysis 52
4. Results 53
5. Discussion 61
Chapter 3. Rookie Outside CEOs, Ingratiation, and Turnover 66
1. Introduction 66
2. Theory and Hypotheses 70
2.1. CEO-Board Relationship During the Post-Succession Period 70
2.2. Effects of Ingratiation on CEO-Board Relationship 71
2.3. Rookie Outside CEOs and Ingratiation 76
2.4. Moderating Effects of Board Characteristics and Succession Contexts 79
2.5. Consequences of Ingratiation: New CEO Turnover 83
3. Method 90
3.1. Sample 90
3.2. Measures 91
3.3. Analysis 98
4. Results 99
5. Discussion 112
Chapter 4. Rookie Outside CEOs and Strategic Change 117
1. Introduction 117
2. Theory and Hypotheses 124
2.1. Challenges for Rookie Outside CEOs to Initiate Strategic Changes 124
2.2. Rookie Outside CEOs and Strategic Changes 129
2.3. Moderating Effects of Succession Contexts and New CEO Characteristics 134
3. Method 144
3.1. Sample 144
3.2. Variables 146
3.3. Analysis 152
4. Results 153
5. Discussion 169
Chapter 5. Discussion 175
1. Research Questions and Findings 175
2. Contributions 177
3. Limitation and Future Studies 179
4. Final Conclusion 182
References 184
Appendix. Tables and Figures 218
Table 1. Rookie Outside CEO Successions 18
Table 2. New CEOs Characteristics 19
Table 3. Sample Selection Process 48
Table 4. Sample Comparisons 48
Table 5. Descriptive Statistics and Correlations 55
Table 6. Effects of Pre-Succession Firm Performance on New CEO Selection 56
Table 7. Sample Selection Process 90
Table 8. Sample Comparisons 91
Table 9. Descriptive Statistics and Correlations (Ingratiation) 103
Table 10. Descriptive Statistics and Correlations (CEO Turnover) 105
Table 11. Effects of New CEO Types on Ingratiation 106
Table 12. Effects of Post-Succession Firm Performance on CEO Turnover 109
Table 13. Sample Selection Process 145
Table 14. Sample Comparisons 146
Table 15. Descriptive Statistics and Correlations (All CEO Successions) 155
Table 16. Descriptive Statistics and Correlations (Outside CEO Successions) 157
Table 17. Effects of Outside CEO Succession on Strategic Changes 159
Table 18. Effects of Rookie Outside CEO Succession on Strategic Dynamism 164
Table 19. Effects of Rookie Outside CEO Succession on Strategic Deviance 166
Table 20. Prior Frim Characteristics 218
Table 21. Hiring Firm Characteristics 218
Table 22. Comparisons Between Prior Firm Characteristics and Hiring... 218
Table 23. Descriptive Statistics and Correlations (Study 3. the First Stage Model) 219
Table 24. Effects of Pre-Succession Conditions on Outside CEO Succession 220
Table 25. Effects of Outside CEO Succession on Strategic Changes (2) 221
Table 26. Effects of Rookie Outside CEO Succession on Strategic... 223
Table 27. Effects of Rookie Outside CEO Succession on Strategic... 225
Figure 1. Research Model 46
Figure 2. Effect of Pre-Succession Firm Performance on Rookie... 59
Figure 3. Moderating Effect of Prior CEO Tenure on Rookie Outside... 59
Figure 4. Moderating Effect of Prior CEO Power on Rookie Outside... 60
Figure 5. Research Model 89
Figure 6. Effect of CEO Types on Ingratiation 107
Figure 7. Moderating Effect of Public Board Directorships on Ingratiation 108
Figure 8. Moderating Effect of Prior CEO Dismissal on Ingratiation 108
Figure 9. Moderating Effect of CEO Types on Early CEO Turnover 111
Figure 10. Moderating Effect of CEO Types and Ingratiation on CEO Turnover 111
Figure 11. Research Model 143
Figure 12. Moderating Effect of Industry Instability on Strategic Deviance 168
Figure 13. Moderating Effect of Initial Market Reactions on Strategic Deviance 168
Figure 14. Moderating Effect of CEO Industry Experience on... 169