CEO Succession Under Anticipatory Awareness Misalignment

Published Online:https://doi.org/10.1287/orsc.2025.20384

References

  • Ahuja G, Coff RW, Lee PM (2005) Managerial foresight and attempted rent appropriation: Insider trading on knowledge of imminent breakthroughs. Strategic Management J. 26(9):791–808.CrossrefGoogle Scholar
  • Arrow K (1951) Alternative approaches to the theory of choice in risk-taking situations. Econometrica 19(4):404–437.CrossrefGoogle Scholar
  • Bandiera O, Prat A, Hansen S, Sadun R (2020) CEO behavior and firm performance. J. Political Econom. 128(4):1325–1369.CrossrefGoogle Scholar
  • Beatty R, Zajac E (1987) Ceo change and firm performance in large corporations: Succession effects and manager effects. Strategic Management J. 8(4):305–317.CrossrefGoogle Scholar
  • Berns KV, Klarner P (2017) A review of the CEO succession literature and a future research program. Acad. Management Perspective 31(2):83–108.CrossrefGoogle Scholar
  • Besley T, Ghatak M (2005) Competition and incentives with motivated agents. Amer. Econom. Rev. 95(3):616–636.CrossrefGoogle Scholar
  • Boivie S, Withers MC, Graffin SD, Corley KG (2021) Corporate directors’ implicit theories of the roles and duties of boards. Strategic Management J. 42(9):1662–1695.CrossrefGoogle Scholar
  • Camuffo A, Gambardella A, Pignataro A (2024) Theory-driven strategic management decisions. Strategy Sci. 9(4):382–396.LinkGoogle Scholar
  • Chen G, Hambrick D (2012) CEO replacement in turnaround situations: Executive (mis) fit and its performance implications. Organ. Sci. 23(1):225–243.LinkGoogle Scholar
  • Cohen MD, March JG, Olsen JP (1972) A garbage can model of organizational choice. Admin. Sci. Quart. 17(1):1–25.CrossrefGoogle Scholar
  • Connelly BL, Ketchen DJJ, Gangloff KA, Shook CL (2016) Information asymmetry and the dismissal of newly appointed CEOs: An empirical investigation. Strategic Management J. 37(10):2135–2151.CrossrefGoogle Scholar
  • Cragun OR, Nyberg AJ, Wright PM (2016) CEO succession: What we know and where to go? J. Organ. Effectiveness: People Performance 3(3):222–264.CrossrefGoogle Scholar
  • Ehrig T, Schmidt J (2022) Theory-based learning and experimentation: How strategists can systematically generate knowledge at the edge between the known and the unknown. Strategic Management J. 43(7):1287–1318.CrossrefGoogle Scholar
  • Essman SM, Schepker DJ, Nyberg AJ, Ray C (2021) Signaling a successor? A theoretical and empirical analysis of the executive compensation‐chief executive officer succession relationship. Strategic Management J. 42(1):185–201.CrossrefGoogle Scholar
  • Felin T, Zenger TR (2017) The theory-based view: Economic actors as theorists. Strategy Sci. 2(4):258–271.LinkGoogle Scholar
  • Finkelstein S, Hambrick DC, Cannella AA (2009) Strategic Leadership: Theory and Research on Executives, Top Management Teams, and Boards (Oxford University Press, Oxford, UK).Google Scholar
  • Gibbons R, Henderson R (2012) Relational contracts and organizational capabilities. Organ. Sci. 23(5):1350–1364.LinkGoogle Scholar
  • Hansen LP, Marinacci M (2016) Ambiguity aversion and model misspecification: An economic perspective. Statist. Sci. 31(4):511–515.CrossrefGoogle Scholar
  • Harris D, Helfat C (1997) Specificity of CEO human capital and compensation. Strategic Management J. 18(11):895–920.CrossrefGoogle Scholar
  • Holmström B (1979) Moral hazard and observability. Bell J. Econom. 10(1):74–91.CrossrefGoogle Scholar
  • Holmström B (1987) Managerial incentive problems: A dynamic perspective. Rev. Econom. Stud. 66(1):169–182.CrossrefGoogle Scholar
  • Holmström B, Milgrom P (1991) Multitask principal–agent analyses: Incentive contracts, asset ownership, and job design. J. Law Econom. Organ. 7(special issue):24–52.CrossrefGoogle Scholar
  • Joshi A, Hambrick DC, Jiyeon K (2021) The generativity mindsets of chief executive officers: A new perspective on succession outcomes. Acad. Management Rev. 46(2):385–405.CrossrefGoogle Scholar
  • Lee E, Busenbark J, Withers M, Zajac E (2024) How music theory can inform competitive dynamics: Anticipatory awareness and successful preemption. Acad. Management Rev. 0(ja). https://doi.org/10.5465/amr.2022.0263.CrossrefGoogle Scholar
  • Nyberg AJ, Cragun OR, Schepker DJ (2021) Chief executive officer succession and board decision making: Review and suggestions for advancing industrial and organizational psychology, human resources management, and organizational behavior research. Ann. Rev. Organ. Psych. Organ. Behav. 8(1):173–198.CrossrefGoogle Scholar
  • Pepper A, Gore J (2015) Behavioral agency theory: New foundations for theorizing about executive compensation. J. Management 41(4):1045–1068.CrossrefGoogle Scholar
  • Rohrbeck R, Battistella C, Huizingh E (2015) Corporate foresight: An emerging field with a rich tradition. Tech. Forecasting Soc. Change 101:1–9.CrossrefGoogle Scholar
  • Schepker DJ, Kim Y, Patel PC, Thatcher SM, Campion MC (2017) CEO succession, strategic change, and post-succession performance: A meta-analysis. Leadership Quart. 28(6):701–720.CrossrefGoogle Scholar
  • Shen W, Cannella AAJ (2002a) Power dynamics within top management and their impacts on CEO dismissal followed by inside succession. Acad. Management J. 45(6):1195–1206.CrossrefGoogle Scholar
  • Shen W, Cannella AAJ (2002b) Revisiting the performance consequences of CEO succession: The impacts of successor type, postsuccession senior executive turnover, and departing CEO tenure. Acad. Management J. 45(4):717–733.CrossrefGoogle Scholar
  • Shen W, Cannella AA Jr (2003) Will succession planning increase shareholder wealth? Evidence from investor reactions to relay CEO successions. Strategic Management J. 24(2):191–198.CrossrefGoogle Scholar
  • Sorenson O (2024) Theory, search, and learning. Strategy Sci. 9(4):372–381.LinkGoogle Scholar
  • Van den Steen E (2010) Interpersonal authority in a theory of the firm. Amer. Econom. Rev. 100(1):466–490.CrossrefGoogle Scholar
  • Weick KE (1995) Sensemaking in Organizations, vol. 3 (Sage Publications, Thousand Oaks, CA).Google Scholar
  • Wiseman RM, Gomez-Mejia LR (1998) A behavioral agency model of managerial risk taking. Acad. Management Rev. 23(1):133–153.CrossrefGoogle Scholar
  • Zajac EJ, Westphal JD (1996) Who shall succeed? How CEO/board preferences and power affect the choice of new CEOs. Acad. Management J. 39(1):64–90.CrossrefGoogle Scholar
  • Zhang Y (2008) Information asymmetry and the dismissal of newly appointed CEOs: An empirical investigation. Strategic Management J. 29(8):859–872.CrossrefGoogle Scholar
  • Zhang Y, Qu H (2016) The impact of CEO succession with gender change on firm performance and successor early departure: Evidence from China’s publicly listed companies in 1997–2010. Acad. Management J. 59(5):1845–1868.CrossrefGoogle Scholar
INFORMS site uses cookies to store information on your computer. Some are essential to make our site work; Others help us improve the user experience. By using this site, you consent to the placement of these cookies. Please read our Privacy Statement to learn more.