高管离职和继任研究:框架、命题与方向

Executive Departure and Succession: Frameworks, Propositions and Directions

  • 摘要: 高管离职和继任不但事关高管个人职业生涯,更决定着整个组织的发展。Finkelstein et al.(2009)系统回顾了自Grusky(1960)以来近50年的研究进展,并提出了26个命题。易希薇等(2017)回顾了2000—2016年的研究,并提出了未来研究方向。迄今,该领域又积累了许多新成果。然而,自Finkelstein et al.(2009)以来,尚无研究系统检视其命题的验证情况,更无研究提出新命题。鉴于此,本文聚焦高管离职和继任,系统回顾2008—2024年间发表于54种中英文重要期刊上的190篇文献(含78篇中文文献、112篇英文文献)。首先,分别梳理了CEO离职和继任的原因与效应;其次,回顾了非CEO高管更替的前因和后果并与CEO进行比较;最后,考察了中国情境下高管更替的独特性。在此过程中,本文检验了Finkelstein et al.(2009)所提命题的验证情况,提出了17个新命题,并从六个方面指出了未来研究方向。

     

    Abstract: Executive turnover and succession not only affect the personal career of executives,but also determine the stability and development of the entire organization.Since Grusky (1960) first placed succession under a more scientific and rigorous framework,relevant theoretical and empirical research has been abundant.In response,Finkelstein et al.(2009) systematically reviewed the research progress in this field over the past 50 years,and proposed future research directions in the form of 26 propositions.Yi et al.(2017) reviewed relevant studies from 2001 to 2016 and compared Chinese and Western literature,but did not propose new propositions.In the following seven years,the field has accumulated many new achievements.However,since Finkelstein et al.(2009),no studies have systematically examined the validation of their propositions,let alone proposed new propositions.This paper aims to fill these research gaps. This research defines an executive as a member of the executive team who can influence the strategic decisions of the company,including the CEO and all executives at the level of vice president or above who report directly to the CEO (for example,COO,CFO,senior vice president,president,chairman,vice chairman,etc.).Since the whole process of turnover starts from resignation,this paper regards senior management turnover as the sum of turnover/departure and succession,which mainly involves three themes:first,senior management turnover is the premise for new executives to take office; Second,the succession process involves many issues such as the selection of succession methods and the characteristics of successors.Third,the effect of replacement.Based on the work of Finkelstein et al.(2009),this paper aims to systematically review the quantitative research results on executive turnover and succession in both Chinese and English from 2008 to 2024,test the validation of their propositions,and propose new propositions for future empirical exploration.Furthermore,17 new propositions are proposed in this paper to point out the direction for further research.Among them,the Chinese papers are derived from 85 of the National Natural Science Foundation,while the English papers cover FT50 journals.A total of 190 papers from 54 Chinese and English journals were ultimately selected.Among them,there are 31 Chinese journals with 78 papers,and 23 English journals with 112 papers. On this basis,this paper first sorted out the antecedents and effects of CEO departure and succession.Subsequently,the antecedents and effects of non-CEO executive turnover were reviewed and compared with the CEO.This paper summarizes the antecedents of departure,dynamics of succession progress,and turnover effects of CEOs and non-CEO executives,covering multiple aspects such as compensation,performance,corporate governance,and the internal and external environment of the organization.Afterward,the research analyzes the particularity of executive replacement in state-owned enterprises and family enterprises in the Chinese context,and makes a comparative analysis of executive replacement studies in the Chinese and Western contexts:①First,Chinas research on state-owned enterprises and family enterprises is more abundant;②Some unique entry points are put forward in the discussion of the reasons before turnover and succession in the Chinese context,such as salary policy,director type,gender,etc.; ③Research on dimission and succession effects in China is more diversified,and also involves environmental governance behavior,internationalization,etc.; ④China pays more attention to the research on the replacement of TMT members.Among them,the research on non-ceos in China mainly focuses on CFOs.Finally,by comparing existing research deficiencies,future research directions were pointed out from six aspects:①diversify data sources and innovate research methods; ②Pay attention to the internal causes of departure and refine the types of departure and succession; ③Expand the boundary of effects and explore regulatory and mediating effects; ④Focus on the antecedents and effects of non-CEO executives turnover; ⑤Based on the Chinese context,provide inspiration for the development of management practice and theory; ⑥Combined with the background of The Times,explore the new characteristics of executive departure and succession. The contributions of this research mainly include three aspects:First,in terms of research objects,this research covers both CEOs and non-CEOs,not just CEOs,breaking through the limitations of Yi et al.(2017) in terms of research objects,so as to better highlight the team dynamics brought about by the interaction of executive team members.Second,this study reviewed and examined in detail the validation of Finkelstein et al.(2009) related propositions in subsequent studies.It not only updated the research results of recent years,but also proposed 17 new propositions based on the theory,which realized the integration of both time and proposition,and thus provided the direction for carrying out empirical tests.Third,it analyzes the particularity of executive turnover and succession in the Chinese context,and further improves and expands the classic analytical framework of executive turnover and succession by Finkelstein et al.(2009).

     

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