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CEO的更迭在企業中是非常自然的現象,但其所帶來的影響相當複雜,並不只是企業管理能力上的變動,其伴隨而來的調整成本與交易成本,理應也是企業在進行CEO更換時需考慮的問題。惟大多數的研究,多在外在環境穩定的背景下進行探討與檢驗,且未考慮CEO變動所帶來的各項成本。 本研究將研究的時空背景設在發生金融海嘯的2008年,並將討論的重心放在CEO更換伴隨而來的調整成本與交易成本所產生的影響,希望能透過這樣的研究,對CEO管理能力與營收改變的關係,能有進一步的了解。 研究結果顯示,即使是在外在極度不穩定的環境中,CEO的更換對於營收改變仍然會有影響,且企業在做CEO的更換時所產生的調整成本,亦會影響其更換CEO後對營收改變所產生的結果。
CEO turnover is a common activity in the business world; however, it brings a chain reaction to the existing business operation. Hence, firms should consider the change of managerial capability and the accompanying adjustment cost and the trans-action cost when the CEO substitution occurs. Most of the researches relating to CEO turnover and firm revenue examine and discuss the cases based on the relatively steady environment and rarely consider the costs when the CEO turnover occurs. This research emphasizes on the effect on both adjustment cost and transaction cost after the CEO turnover, when the financial crisis of 2008 was happening. The goal of this research is to explore the relationship between CEO’s turnover and firm’s revenue. The result shows that the CEO turnover affects the firm’s revenue even though the environment is under extremely uncertainty. Furthermore, the adjustment cost caused by the CEO turnover will be an important issue to the business firm after the CEO turnover.



CEO更換, 營收變化, 調整成本, 交易成本, CEO turnover, revenue, adjustment cost, transaction cost