Logit regression reveals that demographic similarity impacts CEO turnover in Chinese firms, highlighting Confucian culture's moderating effect.
Purpose Traditional studies of chief executive officer (CEO) turnover tend to focus on formal relationships in the work domain while omitting informal relationships. This study aims to explore the link between chairman−CEO demographic similarity and voluntary CEO turnover by focusing on the moderating role of equity incentives and Confucian culture. Design/methodology/approach Using logit regression models, this study analyzed data from 2,572 A-listed firms in the People’s Republic of China from 2010 to 2022. Findings The results showed that chairman−CEO demographic similarity was negatively related to voluntary CEO turnover. Moreover, Confucian culture moderated the above relationship such that the relationship was stronger in a high Confucian culture than in a low Confucian culture. Originality/value This study contributes to social identity theory by highlighting the important role of demographic similarity, Confucian culture and equity incentives in Chinese companies.
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Qi et al. (2025) studied this question.
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