"Heirs apparent' are frequently a central component of CEO successions but have been largely ignored in the succession literature. Our study examines heir apparent tenures and two contrasting outcomes-promotion to CEO and firm exit. We propose that the distribution of power along an incumbent CEO , outside directors, and an heir appar- ent influences these outcomes. Results suggest that out side director and CEO power are important influences on heir promotion and exit and that heirs who arise from within a firm are less likely to exit.
展开▼
