Abstract
Do CEO appointments in China follow the same pattern as those documented in extant studies conducted in the West? In this study, we replicate and extend a recent study on the functional background of CEOs into the context of China's emerging economy. Using China's largest 100 listed firms as our sample, we analyze the functional backgrounds of the 232 CEOs appointed between 2000 and 2010, as well as the background of the 728 senior executives of these firms in 2010. Our findings show that, the context of an emerging economy has a significant impact on both the criteria and mechanism of CEO appointments. Contrary to the patterns in the West, firms led by CEOs with operations background in China do not outperform those led by CEOs with other functional backgrounds, nor are they favored in more recent CEO appointments. Our findings also show that it is those executives with a functional background in Chinese Communist Party (CCP) operation and government administration who are most likely to occupy the CEO position in China's large listed firms.
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