Title: When does CEO tenure matter for performance? Evidence from Brazilian firms

Authors: Roberto Tommasetti; Patricia Maria Bortolon; Vinicius Mothé Maia; Marcelo Alvaro da Silva Macedo

Addresses: Federal University of Rio de Janeiro, Av. Pasteur, 250 – Urca, Rio de Janeiro – RJ, 21941-901, Brazil ' Federal University of Espirito Santo, Av. Fernando Ferrari, 514 – Goiabeiras, Vitória – ES, 29075-910, Brazil ' Federal University of Rio de Janeiro, Av. Pasteur, 250 – Urca, Rio de Janeiro – RJ, 21941-901, Brazil ' Federal University of Rio de Janeiro, Av. Pasteur, 250 – Urca, Rio de Janeiro – RJ, 21941-901, Brazil

Abstract: Literature about the relationship between the chief executive officer (CEO) longevity and the firm's profitability is traditionally focused - with mixed results - on CEO's seasons, trying to assess their different impact on the firm's performance (as a whole). The present study investigates CEO tenure contribution to different companies' (performance) seasons. Using quantile regression, we show that CEO tenure impact on firm performance is possibly not uniform cross-sectionally, demonstrating that the one (CEO tenure) size fits all (firm's performance stages) approach is not applicable. Our research fuels the topic-related scholars' debate and could help shareholders choose the appropriate leadership for the corresponding company phase.

Keywords: CEO tenure; CEO longevity; firm's performance seasons; quantile regression.

DOI: 10.1504/IJBEM.2026.152669

International Journal of Business and Emerging Markets, 2026 Vol.18 No.2, pp.154 - 172

Received: 06 Aug 2022
Accepted: 26 May 2023
Published online: 07 Apr 2026 *

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