Stepping into Ill-Fitting Shoes: Local Status Contrasts and Acquisitiveness of New CEOs

References

• Aguinis H, Edwards JR, Bradley KJ (2017) Improving our understanding of moderation and mediation in strategic management research. Organ. Res. Methods 20(4):665–685.Crossref, Google Scholar
• Ammann M, Horsch P, Oesch D (2016) Competing with superstars. Management Sci. 62(10):2842–2858.Link, Google Scholar
• Andersen PK, Gill RD (1982) Cox’s regression model for counting processes: A large sample study. Ann. Statist. 10(4):1100–1120.Google Scholar
• Askin A, Bothner MS (2016) Status-aspirational pricing: The “Chivas Regal” strategy in U.S. higher education, 2006–2012. Admin. Sci. Quart. 61(2):217–253.Crossref, Google Scholar
• Avery C, Chevalier JA, Schaefer S (1998) Why do managers undertake acquisitions? An analysis of internal and external rewards for acquisitiveness. J. Law Econom. Organ. 14(1):24–43.Crossref, Google Scholar
• Baddeley A, Møller J, Pakes AG (2008) Properties of residuals for spatial point processes. Ann. Inst. Statist. Math. 60(3):627–649.Crossref, Google Scholar
• Baron RM, Kenny DA (1986) The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. J. Personality Soc. Psych. 51(6):1173–1182.Crossref, Google Scholar
• Baum JA, Li SX, Usher JM (2000) Making the next move: How experiential and vicarious learning shape the locations of chains’ acquisitions. Admin. Sci. Quart. 45(4):766–801.Crossref, Google Scholar
• Baumeister RF, Tice DM, Hutton DG (1989) Self-presentational motivations and personality differences in self‐esteem. J. Personality 57(3):547–579.Crossref, Google Scholar
• Belliveau MA, O’Reilly CA, Wade JB (1996) Social capital at the top: Effects of social similarity and status on CEO compensation. Acad. Management J. 39(6):1568–1593.Crossref, Google Scholar
• Benjamin BA, Podolny JM (1999) Status, quality, and social order in the California wine industry. Admin. Sci. Quart. 44(3):563–589.Crossref, Google Scholar
• Bigley GA, Wiersema MF (2002) New CEOs and corporate strategic refocusing: How experience as heir apparent influences the use of power. Admin. Sci. Quart. 47(4):707–727.Crossref, Google Scholar
• Bothner MS, Kang JH, Stuart TE (2007) Competitive crowding and risk-taking in a tournament: Evidence from NASCAR racing. Admin. Sci. Quart. 52(2):208–247.Crossref, Google Scholar
• Boyle E, Shapira Z (2012) The liability of leading: Battling aspiration and survival goals in the Jeopardy! Tournament of Champions. Organ. Sci. 23(4):1100–1113.Link, Google Scholar
• Bromiley P (1991) Testing a causal model of corporate risk-taking and performance. Acad. Management J. 34:37–59.Crossref, Google Scholar
• Cappelli P, Hamori M (2005) The new path to the top. Harvard Bus. Rev. 83(1):25–32.Google Scholar
• Carroll GR, Hannan MT (1989) Density dependence in the evolution of populations of newspaper organizations. Amer. Sociol. Rev. 54(4):524–541.Crossref, Google Scholar
• Chatterjee A, Hambrick DC (2007) It’s all about me: Narcissistic chief executive officers and their effects on company strategy and performance. Admin. Sci. Quart. 52(3):351–386.Crossref, Google Scholar
• Chen WR (2008) Determinants of firms’ backward-and forward-looking R&D search behavior. Organ. Sci. 19(4):609–622.Link, Google Scholar
• Clawson D, Neustadtl A, Scott D (1992) Money Talks. Corporate PACs and Political Influence (Basic, New York).Google Scholar
• Conger JA, Nadler DA (2004) When CEOs step up to fail. MIT Sloan Management Rev. 45(3):50–56.Google Scholar
• Core JE, Guay W, Larcker DF (2008) The power of the pen and executive compensation. J. Financial Econom. 88(1):1–25.Crossref, Google Scholar
• Cox DR (1972) Regression models and life-tables. J. Roy. Statist. Soc.: Ser. B 34(2):187–202.Google Scholar
• D’Aveni RA (1990) Top managerial prestige and organizational bankruptcy. Organ. Sci. 1(2):121–142.Google Scholar
• Daily CM, Johnson JL (1997) Sources of CEO power and firm financial performance: A longitudinal assessment. J. Management 23(2):97–117.Crossref, Google Scholar
• Deephouse DL (1996) Does isomorphism legitimate? Acad. Management J. 39(4):1024–1039.Crossref, Google Scholar
• Deephouse DL (2000) Media reputation as a strategic resource: An integration of mass communication and resource-based theories. J. Management 26(6):1091–1112.Crossref, Google Scholar
• Denis DJ, Denis DK (1995) Performance changes following top management dismissals. J. Finance 50(4):1029–1057.Crossref, Google Scholar
• Devers CE, McNamara G, Haleblian J, Yoder ME (2013) Do they walk the talk? Gauging acquiring CEO and director confidence in the value creation potential of announced acquisitions. Acad. Management J. 56(6):1679–1702.Crossref, Google Scholar
• Ellersgaard CH, Larsen AG, Munk MD (2013) A very economic elite: The case of the Danish top CEOs. Sociology 47(6):1051–1071.Crossref, Google Scholar
• Ertug G, Castellucci F (2013) Getting what you need: How reputation and status affect team performance, hiring, and salaries in the NBA. Acad. Management J. 56(2):407–431.Crossref, Google Scholar
• Favaro K, Karlsson P-O, Neilson GL (2012) CEO succession 2011: The new CEO’s first year. Strategy+Business 67:1–10.Google Scholar
• Fee CE, Hadlock CJ, Pierce JR (2013) Managers with and without style: Evidence using exogenous variation. Rev. Financial Stud. 26(3):567–601.Crossref, Google Scholar
• Feigen MA, Williams R (2018) The CEO’s guide to retirement. Harvard Bus. Rev. (September 14), https://hbr.org/2018/09/the-ceos-guide-to-retirement.Google Scholar
• Festinger L (1954) A theory of social comparison processes. Human Relations 7(2):117–140.Google Scholar
• Finkelstein S, Hambrick DC, Cannella AA (2009) Strategic Leadership: Theory and Research on Executives, Top Management Teams, and Boards (Oxford University Press, London).Google Scholar
• Fiss PC (2006) Social influence effects and managerial compensation evidence from Germany. Strategic Management J. 27(11):1013–1031.Crossref, Google Scholar
• Frank RH (1985) Choosing the right pond: Human behavior and the quest for status (Oxford University Press, London).Google Scholar
• Fredrickson JW, Hambrick DC, Baumrin S (1988) A model of CEO dismissal. Acad. Management Rev. 13(2):255–270.Crossref, Google Scholar
• Fremeth A, Richter BK, Schaufele B (2013) Campaign contributions over CEOs’ careers. Amer. Econom. J. Appl. Econom. 5(3):170–188.Crossref, Google Scholar
• Friedman SD, Singh H (1989) CEO succession and stockholder reaction: The influence of organizational context and event content. Acad. Management J. 32(4):718–744.Crossref, Google Scholar
• Golbe DL, White LJ (1988) A time-series analysis of mergers and acquisitions in the US economy. Auerbach AJ, ed. Corporate Takeovers: Causes and Consequences (University of Chicago Press, Chicago), 265–310.Google Scholar
• Govindarajan V (1989) Implementing competitive strategies at the business unit level: Implications of matching managers to strategies. Strategic Management J. 10(3):251–269.Crossref, Google Scholar
• Graffin SD, Boivie S, Carpenter MA (2013) Examining CEO succession and the role of heuristics in early‐stage CEO evaluation. Strategic Management J. 34(4):383–403.Crossref, Google Scholar
• Graffin SD, Wade JB, Porac JF, McNamee RC (2008) The impact of CEO status diffusion on the economic outcomes of other senior managers. Organ. Sci. 19(3):457–474.Link, Google Scholar
• Greene WH (1993) Econometric Analysis (Prentice-Hall, Englewood Cliffs, NJ).Google Scholar
• Greiner LE, Bhambri A (1989) New CEO intervention and dynamics of deliberate strategic change. Strategic Management J. 10(S1):67–86.Crossref, Google Scholar
• Greve HR (1998) Performance, aspirations, and risky organizational change. Admin. Sci. Quart. 43(1):58–86.Crossref, Google Scholar
• Greve HR (2003) A behavioral theory of R&D expenditures and innovations: Evidence from shipbuilding. Acad. Management J. 46(6):685–702.Crossref, Google Scholar
• Hambrick DC, Cannella AA (1993) Relative standing: A framework for understanding departures of acquired executives. Acad. Management J. 36(4):733–762.Crossref, Google Scholar
• Hambrick DC, Cannella AA (2004) CEOs who have COOs: Contingency analysis of an unexplored structural form. Strategic Management J. 25(10):959–979.Google Scholar
• Hannan MT, Freeman J (1987) The ecology of organizational founding: American labor unions, 1836–1985. Amer. J. Sociol. 92(4):910–943.Crossref, Google Scholar
• Harford J, Schonlau RJ (2013) Does the director labor market offer ex post settling-up for CEOs? The case of acquisitions. J. Financial Econom. 110(1):18–36.Crossref, Google Scholar
• Hayes AF (2009) Beyond Baron and Kenny: Statistical mediation analysis in the new millennium. Comm. Monographs 76(4):408–420.Crossref, Google Scholar
• Hayward ML, Hambrick DC (1997) Explaining the premiums paid for large acquisitions: Evidence of CEO hubris. Admin. Sci. Quart. 42(1):103–127.Crossref, Google Scholar
• Hayward ML, Rindova VP, Pollock TG (2004) Believing one’s own press: The causes and consequences of CEO celebrity. Strategic Management J. 25(7):637–653.Crossref, Google Scholar
• He J, Huang Z (2011) Board informal hierarchy and firm financial performance: Exploring a tacit structure guiding boardroom interactions. Acad. Management J. 54(6):1119–1139.Crossref, Google Scholar
• Iyer DN, Miller KD (2008) Performance feedback, slack, and the timing of acquisitions. Acad. Management J. 51(4):808–822.Crossref, Google Scholar
• Jellison JM, Riskind J (1970) A social comparison of abilities interpretation of risk-taking behavior. J. Personality Soc. Psych. 15(4):375–390.Crossref, Google Scholar
• Jensen MC (1989) Eclipse of the public corporation. Harvard Bus. Rev. 5:61–74.Google Scholar
• Jensen M (2006) Should we stay or should we go? Accountability, status anxiety, and client defections. Admin. Sci. Quart. 51(1):97–128.Crossref, Google Scholar
• Jensen M, Kim H (2015) The real Oscar curse: The negative consequences of positive status shifts. Organ. Sci. 26(1):1–21.Link, Google Scholar
• Jensen M, Roy A (2008) Staging exchange partner choices: When do status and reputation matter? Acad. Management J. 51(3):495–516.Crossref, Google Scholar
• Jensen M, Kim H, Kim BK (2012) Meeting expectations: A role-theoretic perspective on reputation. Pollock TG, Barnett ML, eds. Oxford Handbook of Corporate Reputation (Oxford University Press, London), 140–159.Crossref, Google Scholar
• Johnson WB, Magee RP, Nagarajan NJ, Newman HA (1985) An analysis of the stock price reaction to sudden executive deaths: Implications for the managerial labor market. J. Accounting Econom. 7(1–3):151–174.Google Scholar
• Jonsson S, Greve HR, Greve T (2009) Undeserved loss: The spread of legitimacy loss to innocent organizations in response to reported corporate deviance. Admin. Sci. Quart. 54(2):195–228.Crossref, Google Scholar
• Jovanovic B, Rousseau PL (2002) The Q-theory of mergers. Amer. Econom. Rev. 92(2):198–204.Crossref, Google Scholar
• Karlsson P-O, Turner M, Gassmann P (2019) Succeeding the long-serving legend in the corner office. Strategy+Business (May 15), https://www.strategy-business.com/media/file/Succeeding-the-long-serving-legend-in-the-corner-office.pdf.Google Scholar
• Kesner IF, Sebora TC (1994) Executive succession: Past, present & future. J. Management 20(2):327–372.Crossref, Google Scholar
• Kozhikode RK (2016) Dormancy as a strategic response to detrimental public policy. Organ. Sci. 27(1):189–206.Link, Google Scholar
• Krishnan R, Kozhikode RK (2015) Status and corporate illegality: Illegal loan recovery practices of commercial banks in India. Acad. Management J. 58(5):1287–1312.Crossref, Google Scholar
• Lant TK (1992) Aspiration level adaptation: An empirical exploration. Management Sci. 38(5):623–644.Link, Google Scholar
• Levi M, Li K, Zhang F (2014) Director gender and mergers and acquisitions. J. Corporate Finance 28:185–200.Crossref, Google Scholar
• Lim EN, McCann BT (2014) Performance feedback and firm risk-taking: The moderating effects of CEO and outside director stock options. Organ. Sci. 25(1):262–282.Link, Google Scholar
• Linck JS, Netter JM, Yang T (2009) The effects and unintended consequences of the Sarbanes-Oxley Act on the supply and demand for directors. Rev. Financial Stud. 22(8):3287–3328.Crossref, Google Scholar
• Little TD, Bovaird JA, Widaman KF (2006) On the merits of orthogonalizing powered and product terms: Implications for modeling interactions among latent variables. Structural Equation Model. 13(4):497–519.Crossref, Google Scholar
• Lynn FB, Podolny JM, Tao L (2009) A sociological (de)construction of the relationship between status and quality. Amer. J. Sociol. 115(3):755–804.Crossref, Google Scholar
• Mahadevan N, Gregg AP, Sedikides C (2019) Is self-regard a sociometer or a hierometer? Self-esteem tracks status and inclusion, narcissism tracks status. J. Personality Soc. Psych. 116(3):444–466.Google Scholar
• Malmendier U, Tate G (2005) CEO overconfidence and corporate investment. J. Finance 60(6):2661–2700.Google Scholar
• Malmendier U, Tate G (2008) Who makes acquisitions? CEO overconfidence and the market’s reaction. J. Financial Econom. 89(1):20–43.Crossref, Google Scholar
• Malmendier U, Tate G (2009) Superstar CEOs. Quart. J. Econom. 124(4):1593–1638.Google Scholar
• Martens JP, Tracy JL, Shariff AF (2012) Status signals: Adaptive benefits of displaying and observing the nonverbal expressions of pride and shame. Cognition Emotion 26(3):390–406.Crossref, Google Scholar
• Martin J (1986) Tolerance of injustice. Olson MM, Herman CP, Zanna MP, eds. Relative Deprivation and Social Comparison: Ontario Symp., vol. 4 (Erlbaum, Hillsdale, NJ), 217–240.Google Scholar
• Matta E, Beamish PW (2008) The accentuated CEO career horizon problem: Evidence from international acquisitions. Strategic Management J. 29(7):683–700.Crossref, Google Scholar
• McNamara G, Bromiley P (1997) Decision making in an organizational setting: Cognitive and organizational influences on risk assessment in commercial lending. Acad. Management J. 40(5):1063–1088.Crossref, Google Scholar
• Men LR, Tsai WS (2016) Public engagement with CEOs on social media: Motivations and relational outcomes. Public Relations Rev. 42(4):932–942.Crossref, Google Scholar
• Milbourn TT (2003) CEO reputation and stock-based compensation. J. Financial Econom. 68(2):233–262.Crossref, Google Scholar
• Mishina Y, Dykes BJ, Block ES, Pollock TG (2010) Why “good” firms do bad things: The effects of high aspirations, high expectations, and prominence on the incidence of corporate illegality. Acad. Management J. 53(4):701–722.Crossref, Google Scholar
• Mitchell ML, Mulherin JH (1996) The impact of industry shocks on takeover and restructuring activity. J. Financial Econom. 41(2):193–229.Crossref, Google Scholar
• Moeller SB, Schlingemann FP, Stulz RM (2005) Wealth destruction on a massive scale? A study of acquiring‐firm returns in the recent merger wave. J. Finance 60(2):757–782.Crossref, Google Scholar
• Murphy KJ, Zabojnik J (2004) CEO pay and appointments: A market-based explanation for recent trends. Amer. Econom. Rev. 94(2):192–196.Crossref, Google Scholar
• Murphy KJ, Zimmerman JL (1993) Financial performance surrounding CEO turnover. J. Accounting Econom. 16(1–3):273–315.Crossref, Google Scholar
• Netter J, Wasserman W, Kutner MH (1985) Applied Linear Regression Models (Richard D. Irwin, Homewood, IL).Google Scholar
• Palmer D, Barber BM (2001) Challengers, elites, and owning families: A social class theory of corporate acquisitions in the 1960s. Admin. Sci. Quart. 46(1):87–120.Crossref, Google Scholar
• Petrenko OV, Aime F, Ridge J, Hill A (2016) Corporate social responsibility or CEO narcissism? CSR motivations and organizational performance. Strategic Management J. 37(2):262–279.Crossref, Google Scholar
• Pettit NC, Sivanathan N (2012) The eyes and ears of status how status colors perceptual judgment. Personality Soc. Psych. Bull. 38(5):570–582.Crossref, Google Scholar
• Phillips DJ, Zuckerman EW (2001) Middle status conformity: Theoretical restatement and empirical demonstration in two markets. Amer. J. Sociol. 107(2):379–429.Crossref, Google Scholar
• Piezunka H, Lee W, Haynes R, Bothner MS (2018) The Matthew effect as an unjust competitive advantage: Implications for competition near status boundaries. J. Management Inquiry 27(4):378–381.Crossref, Google Scholar
• Podolny JM (1993) A status-based model of market competition. Amer. J. Sociol. 98(4):829–872.Crossref, Google Scholar
• Podolny JM (2005) Status Signals (Princeton University Press, Princeton, NJ).Google Scholar
• Prato M, Kypraios E, Ertug G, Lee YG (2019) Middle-status conformity revisited: The interplay between achieved and ascribed status. Acad. Management J. 62(4):1003–1027.Crossref, Google Scholar
• Rajgopal S, Shevlin T, Zamora V (2006) CEOs’ outside employment opportunities and the lack of relative performance evaluation in compensation contracts. J. Finance 61(4):1813–1844.Crossref, Google Scholar
• Reinganum MR (1985) The effect of executive succession on stockholder wealth. Admin. Sci. Quart. 30(1) 46–60.Crossref, Google Scholar
• Sauder M, Lynn F, Podolny JM (2012) Status: Insights from organizational sociology. Annual Rev. Sociol. 38:267–283.Crossref, Google Scholar
• Seo J, Gamache DL, Devers CE, Carpenter MA (2015) The role of CEO relative standing in acquisition behavior and CEO pay. Strategic Management J. 36(12):1877–1894.Crossref, Google Scholar
• Shi W, Hoskisson RE, Zhang YA (2017) Independent director death and CEO acquisitiveness: Build an empire or pursue a quiet life? Strategic Management J. 38(3):780–792.Crossref, Google Scholar
• Shleifer A, Vishny RW (1991) Takeovers in the ’60s and the ’80s: Evidence and implications. Strategic Management. J. 12(S2):51–59.Crossref, Google Scholar
• Sitkin SB, Pablo AL (1992) Reconceptualizing the determinants of risk behavior. Acad. Management Rev. 17(1):9–38.Crossref, Google Scholar
• Spencer Stuart (2012) U.S. Spencer Stuart Board Index. Report, Spencer Stuart, New York.Google Scholar
• Spencer Stuart (2019) U.S. Spencer Stuart Board Index. Report, Spencer Stuart, New York.Google Scholar
• Tesser A (1986) Some effects of self-evaluation maintenance on cognition and action. Sorrentino RM, Higgins ET, eds. Handbook of Motivation and Cognition: Foundations of Social Behavior (Guilford Press, New York), 435–464.Google Scholar
• Useem M (1982) Classwide rationality in the politics of managers and directors of large corporations in the United States and Great Britain. Admin. Sci. Quart. 27(2):199–226.Crossref, Google Scholar
• Useem M (1984) The Inner Circle, vol. 617 (Oxford University Press, New York).Google Scholar
• Useem M, Karabel J (1986) Pathways to top corporate management. Amer. Sociol. Rev. 51(2)184–200.Crossref, Google Scholar
• Vancil RF (1987) Passing the Baton: Managing the Process of CEO Succession (Harvard Business School Press, Boston).Google Scholar
• Wade JB, O’Reilly CA III, Pollock TG (2006) Overpaid CEOs and underpaid managers: Fairness and executive compensation. Organ. Sci. 17(5):527–544.Link, Google Scholar
• Wasserman N (2003) Founder-CEO succession and the paradox of entrepreneurial success. Organ. Sci. 14(2):149–172.Link, Google Scholar
• Weisbach MS (1995) CEO turnover and the firm’s investment decisions. J. Financial Econom. 37(2):159–188.Crossref, Google Scholar
• Westphal JD, Khanna P (2003) Keeping directors in line: Social distancing as a control mechanism in the corporate elite. Admin. Sci. Quart. 48(3):361–398.Crossref, Google Scholar
• Westphal JD, Park SH, McDonald ML, Hayward MLA (2012) Helping other CEOs avoid bad press: Social exchange and impression management support among CEOs in communications with journalists. Admin. Sci. Quart. 57(2):217–268.Crossref, Google Scholar
• Wood JV (1989) Theory and research concerning social comparisons of personal attributes. Psych. Bull. 106(2):231–248.Crossref, Google Scholar
• Yermack D (2004) Remuneration, retention, and reputation incentives for outside directors. J. Finance 59(5):2281–2308.Crossref, Google Scholar
• Yi X, Zhang YA, Windsor D (2020) You are great and I am great (too): Examining new CEOs’ social influence behaviors during leadership transition. Acad. Management J. 63(5):1508–1534.Crossref, Google Scholar
• Yim S (2013) The acquisitiveness of youth: CEO age and acquisition behavior. J. Financial Econom. 108(1):250–273.Crossref, Google 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.Crossref, Google Scholar
• Zhang Y, Wiersema MF (2009) Stock market reaction to CEO certification: The signaling role of CEO background. Strategic Management J. 30(7):693–710.Crossref, Google Scholar