For the current organizations, retaining executive members is one of the most important functions of human resource management. Given that importance, although executives’ mobility becomes prevalent, most prior studies tended to focus on involuntary turnover of executive members. To fill this gap, the current theoretical paper suggests a model of executive voluntary turnover, drawing on the lierature of employee mobility and entrepreneurship. First, running a new business as a CEO negatively affects prior-firm performance, but collaboration between two firms mitigate the negative association. Second, spin-off positively affects prior-firm performance, but this is weakened as spin-off firm performance decreases. Finally, moving to a competitor negatively, while moving to a collaborator positively affects prior-firm performance.

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