Abstract
In this study we are the first to draw on longitudinal matched employer-employee data to study CEO turnover. Using this data we contribute to the existing literature by examining the effect of previously unstudied individual characteristics on CEO turnover. Additionally, we are able to examine CEO turnover across a variety of firm types that differ with respect to the corporate governance issues they face. Our simple methodology to define CEO turnover results in turnover rates similar to those found previously. Our results indicate that CEO characteristics are an important factor in explaining CEO turnover. Finally, the inverse relationship between firm performance and CEO turnover only exists in LLL firms (larger limited liability firms, both publicly and privately held), where agency costs are assumed and found to be highest.
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