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Pascal Nguyen, Tarek Miloud and Ruoyun Zhao
''CEO tenure and firm growth: A conditional analysis''
( 2017, Vol. 37 No.4 )
This paper investigates the influence that CEO tenure may have on firm growth. We hypothesize that the effect of CEO tenure is conditional on the firm's growth rate. The empirical analysis reveals that the effect on growth is negative in high-growth firms and positive in low-growth firms. These findings are consistent with the view that long CEO tenure is beneficial in a more stable environment, but detrimental under rapidly-changing circumstances.
Keywords: Firm growth, sales growth, CEO tenure, quantile regression, Australia
JEL: G3 - Corporate Finance and Governance: General
L2 - Firm Objectives, Organization, and Behavior: General
Manuscript Received : Jul 28 2017 Manuscript Accepted : Oct 26 2017

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