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Leadership Vacillation As a Pattern of CEO Succession

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Leadership Vacillation As a Pattern of CEO Succession Washington University in St. Louis Washington University Open Scholarship All Theses and Dissertations (ETDs) Spring 4-27-2014 Leadership Vacillation as a Pattern of CEO Succession: Existence, Antecedents, Boundary Conditions, and Performance Implications Chieh-Chung James Yen Washington University in St. Louis Follow this and additional works at: https://openscholarship.wustl.edu/etd Recommended Citation Yen, Chieh-Chung James, "Leadership Vacillation as a Pattern of CEO Succession: Existence, Antecedents, Boundary Conditions, and Performance Implications" (2014). All Theses and Dissertations (ETDs). 1273. https://openscholarship.wustl.edu/etd/1273 This Dissertation is brought to you for free and open access by Washington University Open Scholarship. It has been accepted for inclusion in All Theses and Dissertations (ETDs) by an authorized administrator of Washington University Open Scholarship. For more information, please contact [email protected]. WASHINGTON UNIVERSITY IN ST. LOUIS Olin Business School Dissertation Examination Committee Jackson Nickerson, Chair Nicholas Argyres Stuart Bunderson Steven Fazzari Anne Marie Knott Gary Miller Todd Zenger Leadership Vacillation as a Pattern of CEO Succession: Existence, Antecedents, Boundary Conditions, and Performance Implications by Chieh-Chung James Yen A dissertation presented to the Graduate School of Arts and Sciences of Washington University in partial fulfillment of the requirements for the degree of Doctor of Philosophy May 2014 St. Louis, Missouri © 2014, Chieh-Chung James Yen Table of Contents List of Tables ............................................................................................................................................... iv List of Figures ............................................................................................................................................... v Acknowledgments ........................................................................................................................................ vi Abstract of the Dissertation .......................................................................................................................... x Chapter I: Introduction .............................................................................................................................. 1 Problem Statement .................................................................................................................................... 1 Study Outline ............................................................................................................................................. 3 Chapter II: The Phenomenon of Leadership Vacillation ........................................................................ 6 Introduction ............................................................................................................................................... 8 PepsiCo’s CEO Successions ................................................................................................................... 10 Assessment: A Vacillating CEO Succession Pattern .............................................................................. 22 Chapter III: Literature Review ............................................................................................................... 27 Introduction ............................................................................................................................................. 27 Alignment Between Leadership and Strategy ......................................................................................... 29 Endogenous Strategy Vacillation ............................................................................................................ 31 High Adjustment Costs for CEOs to Change the Nature of Strategies ................................................... 34 Summary ................................................................................................................................................. 38 Chapter IV: A Theory of Leadership Vacillation .................................................................................. 39 Introduction ............................................................................................................................................. 39 Dynamic System of Leadership Vacillation ............................................................................................ 39 Existence of Leadership Vacillation ....................................................................................................... 42 Antecedents of Leadership Vacillation ................................................................................................... 44 Boundary Conditions of Leadership Vacillation .................................................................................... 49 Performance Implications of Leadership Vacillation ............................................................................. 55 Chapter V: Existence of Leadership Vacillation .................................................................................... 59 Introduction ............................................................................................................................................. 59 Issue of Estimation .................................................................................................................................. 59 Sample and Data Sources ....................................................................................................................... 60 Measures ................................................................................................................................................. 61 Method: A Chi-Square Test .................................................................................................................... 64 Results ..................................................................................................................................................... 67 ii Chapter VI: Antecedents and Boundary Conditions of Leadership Vacillation ................................ 78 Introduction ............................................................................................................................................. 78 Issue of Estimation .................................................................................................................................. 79 Sample and Data Sources ....................................................................................................................... 80 Measures ................................................................................................................................................. 80 Method: A Bivariate Probit Model with Sample Selection ..................................................................... 84 Results ..................................................................................................................................................... 87 Chapter VII: Performance Implications of Leadership Vacillation .................................................. 100 Introduction ........................................................................................................................................... 100 Issues of Estimation .............................................................................................................................. 101 Sample, Data, and Measures ................................................................................................................ 102 Method: A Modified Treatment Effect Model ....................................................................................... 104 Results ................................................................................................................................................... 107 Chapter VIII: Discussion and Conclusion ............................................................................................ 116 Discussion ............................................................................................................................................. 116 Managerial Implication ........................................................................................................................ 117 Limitations ............................................................................................................................................ 118 Future Research .................................................................................................................................... 121 Conclusion ............................................................................................................................................ 124 Bibliography ............................................................................................................................................. 125 Appendix ................................................................................................................................................... 132 iii List of Tables Table 1. Model Hypotheses ........................................................................................................................57 Table 2. Criteria of Sample Selection ........................................................................................................61 Table 3. List of Variables: Definitions
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