최고경영자 성과측정치 사전 조정: 외부 영입 및 여성 최고경영자의 취임 첫해를 중심으로

We classi fy the characteristics o f replaced CEO into externally recruited or female CEO. And then, we veri fies whether CEO per formance measures are pre-adjusted in the first year when externally recruited or fe male CEO inaugurates . Using CEOs’ short-term annual incentive plan contracts fro m the ISS Incentive Lab Database, we sample U.S. S&P 500 co mpanies for the period 2011-2014. The main test results of the study are as follows. First, CEO turnover has no effect on the ex-ante adjust ments o f CEO performance measures. This test result implies that it is di fficult to find an i mpact o f CEO replacement on the pre-adjust ment o f the CEO performance measures. Second, when the replaced CEO is externally recruited, the firm is more likely to i mplement ex-ante adjust ment o f CEO performance measures. Third, when the replaced CEO is fe male, the co mpany is more likely to i mple ment ex-ante adjust ment o f CEO performance measures. These second and third test results i mply that the firm is more likely to adjust CEO performance measures in advance when the replaced CEO is externally recruited or female. This study makes the contribution to the previous literature and practice by identi fying the replaced CEO characteristics that in fluence the ex-ante adjust ment o f CEO p erfo rman ce measu res .