Abstract
We examine the influence of dedicated institutional investors on CEO succession. We integrate the extant findings regarding executive succession and recent research concerned with the time horizons and influence of outside institutional investors to examine the critical governance decision of CEO succession. We theorize and find that dedicated institutional investors are positively related to executive succession and the selection of outside successors following the turnover event. We extend this finding to consider boundary conditions that may influence the relationship between dedicated institutional investors and CEO succession. In particular, we highlight the moderating influence of prior firm performance and incumbent CEO origin on the relationship between the percentage of dedicated institutional investors and CEO succession. We test our hypotheses with a sample of Fortune 500 firms from 2000 and 2011.
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