This study examines the effects of the industry environment, corporate governance, and business strategy on the firm's choice of CEO successors from outside the company or within the firm, as well as the endogenous implications of the succession type for post-succession performance. Our findings indicate that: (1) firms are more likely to select their CEO successors from outside the company than to promote their successors within the firm when they are in less munificent, when the top executives are less entrenched, when the board structure is more independent, and when they pursue a differentiation strategy; (2) firms selecting their CEO successors from inside the company generally perform better than firms selecting their CEO successors outside the company; and (3) firms would make choices of succession type that best correspond to the conditions they encounter.

中文翻译：

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外部与内部继任：环境和组织环境、战略决策和公司绩效


本研究考察了行业环境、公司治理和商业战略对公司从公司外部或公司内部选择 CEO 继任者的影响，以及继任类型对继任后绩效的内生影响。我们的研究结果表明：（1） 当公司不那么慷慨、高层管理人员不那么根深蒂固、董事会结构更加独立以及追求差异化战略时，公司更有可能从公司外部选择他们的 CEO 继任者，而不是在公司内部提拔他们的继任者;（2） 从公司内部选择 CEO 继任者的公司通常比在公司外部选择 CEO 继任者的公司表现更好;（3） 公司将选择最符合他们所遇到的条件的继任类型。