标题：Managerial turnover policies with switching costs
作者：Wu, Shi-Jian ;Wang, Song ;Liu, Xin-Min
作者机构：[Wu, Shi-Jian ;Wang, Song ;Liu, Xin-Min ] College of Economics and Management, Shandong University of Science and Technolgoy, Qingdao, China
会议名称：2010 International Conference on Management and Service Science, MASS 2010
会议日期：24 August 2010 through 26 August 2010
来源：2010 International Conference on Management and Service Science, MASS 2010
关键词：CEO turnover; Dismissing; Managerial turnover; Online decision theory; Switching costs
摘要：the connection between managerial turnover and switching costs is studied within a model under conditions of declining performance. Utilizing the online decision theory, this paper characterizes optimal managerial turnover policies as a function of the time series properties of performance measure and switching costs. When the owner of an enterprise, e.g. stockholder, is risk aversion, we provide some managerial turnover policies, which are evaluated to be effective by competitive ratio. When the owner of an enterprise is risk seeking, a risk managerial turnover policy is designed based on the owner' risk tolerance and forecast. It is shown that the achieved optimal dismissing time is negatively correlated with switching costs, and is positively correlated with discount factors. Result analyses are given to help the owner of an enterprise to perfect the managerial turnover mechanism. © 2010 IEEE.