Xiao, Rui. / "August 2010." / Thesis (M.Phil.)--Chinese University of Hong Kong, 2010. / Includes bibliographical references (leaves 28-30). / Abstracts in English and Chinese. / Abstract --- p.i / 摘要 --- p.ii / ACKNOWLEDGMENTS --- p.iii / Chapter 1. --- Introduction --- p.1 / Chapter 2. --- Literature Review --- p.2 / Chapter 3. --- Research Hypothesis --- p.5 / Chapter 3.1 --- Institutional Background --- p.5 / Chapter 3.2 --- Hypothesis Development --- p.6 / Chapter 3.2.1 --- Firm Performance and Outside Succession --- p.6 / Chapter 3.2.2 --- Board Composition and Outside Succession --- p.6 / Chapter 3.2.3 --- Predecessor Characteristics and Outside Succession --- p.7 / Chapter 3.2.4 --- Successor Characteristics and Outside Succession --- p.7 / Chapter 3 2 --- 5 Performance Consequences and the Source of Successor --- p.9 / Chapter 4. --- Methodology --- p.9 / Chapter 4.1 --- Measurement --- p.9 / Chapter 4.2 --- Bivariate Probit with Sample Selection --- p.11 / Chapter 4.3 --- Event Study --- p.13 / Chapter 5. --- Data --- p.15 / Chapter 5.1 --- Sample Selection and Data Sources --- p.15 / Chapter 5.2 --- Descriptive Statistics --- p.16 / Chapter 6. --- Empirical Results --- p.17 / Chapter 6.1 --- The Determinants of Outside Succession --- p.17 / Chapter 6.1.1 --- Univariate Tests of Outside Succession and Firm Performance --- p.17 / Chapter 6.1.2 --- Univariate Tests of Outside Succession and Board Composition --- p.18 / Chapter 6.1.3 --- Univariate Tests of Outside Succession and Predecessor Characteristics --- p.18 / Chapter 6.1.4 --- Regression Results --- p.18 / Chapter 6.2 --- Outside Succession and Successor Characteristics --- p.21 / Chapter 6.2.1 --- Univariate Tests --- p.21 / Chapter 6.2.2 --- Regression Results --- p.21 / Chapter 6.3 --- Market Reaction and CEO Succession --- p.22 / Chapter 6.4 --- Post-turnover Performance and Outside Succession --- p.23 / Chapter 6.5 --- Robustness Tests --- p.26 / Chapter 7. --- Conclusion --- p.26 / Reference --- p.28 / Table 1. The Percentage of CEO Outside Succession during the Sample Period …… --- p.31 / Figure 1. CEO Turnover and Outside Succession in Each Year --- p.32 / Figure 2. Outside Succession Rate in the Turnover Sample --- p.32 / Table 2. Literature Summary of Outside Succession --- p.33 / Table 3. Descriptive Statistics of Variables --- p.34 / Table 4. Outside Succession Rates at Different Performance Levels --- p.36 / Table 5. Relation between Outside Succession Rates and Board Composition --- p.37 / Table 6. Relation between Outside Succession Rates and CEO Predecessor Characteristics --- p.38 / Table 7. Outside Successions Regression Results --- p.39 / Table 8. CEO Successor Characteristics --- p.41 / Table 9. Regression Results of the CEO Successor Characteristics --- p.42 / Table 10. Cumulative Abnormal Returns around the Announcement of CEO