The objective of the study is to contemplate the effectiveness of hierarchical CEO succession and hierarchical CEO succession intensity on SOEs & Non-SOEs performance separately. Meanwhile, the impact of hierarchical CEO succession on cash holdings has also been analysed. The authenticated data has been accumulated from CSMAR for the years 2012-2016 contemplating the listed companies (SOE and Non-SOEs separately for performance while overall companies for cash holdings) on Shenzhen and Shanghai stock exchanges. Through categorization of hierarchical CEO succession, it has been signified that middle-level hierarchical CEO succession elevates the SOEs performance. In contrast, middle and high-level hierarchical CEO succession mitigate the cash holdings. Conclusively, earning management as a moderator has been analysed while deducing that hierarchical CEO succession reduces cash holdings despite firms involving earning management activity which is ultimately beneficial for firms’ growth. The empirical results are robust to alternate technique 2SLS instrumental regression that controls for endogeneity.

中文翻译：

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神话还是现实？揭示层级 CEO 继任对公司业绩和现金持有量的影响

本研究的目的是分别考虑等级 CEO 继任和等级 CEO 继任强度对国有企业和非国有企业绩效的影响。同时，还分析了层级CEO继任对现金持有量的影响。认证数据是从 CSMAR 2012-2016 年积累的，以深圳和上海证券交易所的上市公司（国有企业和非国有企业分别业绩，整体公司现金持有）为对象。通过对CEO层级继任的分类，可以看出中层层级CEO继任提升了国有企业的绩效。相比之下，中高层 CEO 继任会减少现金持有量。最终，盈余管理作为调节者进行了分析，同时推断出，尽管公司涉及盈余管理活动，最终有利于公司的增长，但层级的 CEO 继任减少了现金持有量。实证结果对于控制内生性的替代技术 2SLS 工具回归是稳健的。