ترجمه مقاله نقش ضروری ارتباطات 6G با چشم انداز صنعت 4.0
- مبلغ: ۸۶,۰۰۰ تومان
ترجمه مقاله پایداری توسعه شهری، تعدیل ساختار صنعتی و کارایی کاربری زمین
- مبلغ: ۹۱,۰۰۰ تومان
ABSTRACT
Although more generalist CEOs command a significant pay premium and are known for initiating a variety of strategic changes, whether their sought-after experience is associated with higher firm performance remains unexplored. Drawing on instrumental leadership and domain expertise frameworks, we propose a negative association between more generalist CEO experience (across different industries or firms) and firm performance, but one that is alleviated by longer tenure. Based on a sample of 16,158 CEO-firm-year observations from 2243 firms, we find support for a negative association between more generalist CEO experience and firm performance, which is alleviated with longer CEO tenure. These preliminary results have implications for the increasingly common practice of seeking to hire more generalist CEOs in an effort to improve firm performance.
Conclusion
Generalist CEOs are highly sought-after executives and receive a significant pay premium. However, a significant body of work in this area has not focused on the most desired outcome of higher pay: firm performance. If there is an economic rationale for leveraging the diverse abilities of the so-called generalist CEOs, then the economic rationale would also dictate a higher pay-for-performance sensitivity. The results show a negative association between more general CEO experience and firm performance, although longer tenure has the potential to limit further declines in performance. These findings paint a bleaker picture of the pay-for-performance rationale for hiring more generalist CEOs. The results suggest there may be an irrational exuberance about hiring CEOs with more general experiences, however, the economic returns from such exuberance are negative in the shortrun and neutral in the long-term.