Impermanent Power Contested Power the Circulation of Chief Executive Officers

Cover Impermanent Power Contested Power the Circulation of Chief Executive Officers
Impermanent Power Contested Power the Circulation of Chief Executive Officers
William Ocasio
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036 0. 057 0. 081 -0. 064 0. 006 0. 077 Founder -0. 004 0. 052 -0. 035 -0. 045 0. 028 -0. 021 Prior Board Tenure (Log) 0. 073 -0. 003 0. 075 -0. 005 -0. 053 0. 051 Prop. Outside Directors 0. 116 0. 056 0. 091 -0. 069 -0. 001 0. 068 Prop. Dir. Appointed 0. 096 0. 056 0. 031 -0. 073 -0. 017 0. 037 Size of Board 0. 086 0. 056 0. 097 -0. 086 -0. 006 0. 031 Variables ROAX ROAX ROAX ROAX ROAX ROAX Tenure Founder Prior Prop.
Prop. Dir.
Size of Tenure Out. Dir.
App.
Board ROA X Tenure 1. 000 — — ROA X
...Founder 0. 336 1. 000 ROA X Prior Tenure 0. 692 0. 009 1. 000 ROA X Prop. Out. Dir.
0. 961 0. 256 0. 691 1. 000 ROA X Prop. Dir. Appt.
0. 926 0. 437 0. 539 0. 870 1. 000 ROA X Size of Board 0. 915 0. 332 0. 737 0. 919 0. 798 1. 000 RESULTS Table 3 presents the results of the hazard rate model of CEO succession. Six alternative model specifications are presented. Model 1 presents the baseline model, which includes return on assets (adjusted for industry average), all the control variables, and the effects of tenure.


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