Abstract
This study introduces a new dimension of human capital, institution-specific skills, which captures the working experience under a specific institutional environment. We argue institution-specific skill is the fourth type of human capital in addition to generic, industry-specific, and firm-specific skills. Base on human capital theory, we argue that institution-specific skills extend CEOs’ understanding of the focal firms. Thus we propose that institution-specific skills decrease the risk of CEO non-routine departure, and increase the likelihood of internal and external promotions, especially for outsiders. Results based on analyses of CEO turnovers in Chinese state-owned enterprises during the 20 years period from 2000 to 2019 provide strong support for our theory.
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