Abstract
The dynamic managerial capabilities framework posits that CEOs differ in their ability to deal with a changing environmental context. However, little is known empirically about what enables some but not other CEOs to maintain fit with an evolving environmental context over their tenure. Using a large data sample of 16805 CEO-year observations encompassing 3,482 CEOs in 2,094 firms, we find evidence that CEOs differ in their capacity to respond to changes in their firms’ environment, that this adaptive capacity is rooted in the nature of their prior experience, and it is evident in their performance trajectories over time. We discuss the implications of our findings for the dynamic managerial capabilities literature and renewal at the upper-echelons in practice.
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