When does CEO tenure matter for performance Evidence from Brazilian firms

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.