Firm Competition and CEO Turnover: Evidence from US Railroad Deregulation

Felipe Aldunate*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review


In this article, I examine how changes in the competitive environment of firms affect matches between chief executive officers (CEOs) and firms. I exploit the 1980 Staggers Rail Act, which drastically deregulated the freight railroad industry, as a source of arguably exogenous variation in the operating environment. Using hand-collected data, I obtain three main findings: first, CEO turnover rates increase; second, relative to utility firms, railroad CEOs have more business education and show broader work experience after deregulation; and third, firm performance leads to CEO turnover only during the regulated period.

Original languageEnglish
Pages (from-to)451-476
Number of pages26
JournalFinancial Management
Issue number2
StatePublished - 1 Jun 2018
Externally publishedYes

Bibliographical note

Publisher Copyright:
© 2018 Financial Management Association International.


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