Abstract
SummaryWe use the resource‐based theory and leadership categorization theory to develop hypotheses about ethnic minority CEO turnover. Using survival analysis, we test the hypotheses and find that, as a group, ethnic minority CEOs at US firms experience only about half of the risk of turnover at any time as do nonethnic minority CEOs. However, the risk is not spread evenly across ethnic minority subgroups. Asian and Hispanic CEOs experience lower risk of turnover than nonethnic minority CEOs. Black CEOs of US firms do not share this reduced risk of turnover. We find that the resource‐based theory is consistent with the turnover experience of Asian and Hispanic ethnic minority CEOs, but that it is not useful for explaining Black CEO turnover. Some implications of our findings are the following: (1) In research, all minorities should not be treated as a single homogenous group, and (2) in practice, it may be useful to increase CEO social capital to lengthen tenure.
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