Table 1 Summary of Empirical Studies and Findings
Study | Sample(s) | Turnover Type | Formal Theory | Antecedents | Consequences | Analysis Strategy | Key Findings |
|---|---|---|---|---|---|---|---|
Cai and Li, 2016 | A panel data of 187 companies listed in growth enterprise board covering the years 2010 to 2013 | Top management team | Agency theory | Firm performance, pay level, stock incentive | Multiple regression analysis | Firm performance and stock incentive were negatively related to TMT members’ turnover rates. Pay level had non-significant negative effect on turnover rates. | |
Chen et al., 2016 | 107 media reports on collective turnover events occurred in the period between 2000 and 2015 | Networks | Social network theory | Centrality, strength of connection | Content analysis of media reports and depth interview with 8 employees of 4 companies | Centrality in a network predicted the first leaver. Strength of connection predicted following leavers. | |
Deng et al., 2016 | 376 top management teams in listed A-share companies from 2012 to 2013 | Top management team | Tournament theory | Pay dispersion, pay level | Hierarchical regression analysis | Pay dispersion among top management teams was positively related to managers’ turnover rates. This positive relationship was weakened by average pay levels. | |
Li and Liu, 2016 | 861 listed state-owned companies | Top management team | Tournament theory; social comparison theory | Pay dispersion | Fractional Logit model | Pay dispersion among top management teams was positively related to turnover rates of TMT members. | |
Liu and Tang, 2015 | 36 firms listed in growth enterprise board covering the years 2010 to 2013 | Top management team | Pay level, stock options, firm growth, firm performance, firm size, firm longevity, managers’ age | Hierarchical regression analysis | Firm growth was positively related to TMT members’ turnover rates. Firm size was negatively related to turnover rates. Pay level, stock options, firm performance, firm longevity, and average age of TMT members were not related to turnover rates. | ||
Mei and Zhao, 2016 | Chinese A-share listed companies from 2005 to 2013 | Top management team | Tournament theory; equity theory | Vertical and horizontal pay dispersion | Firm performance | Fractional Logit model | The relationship between pay dispersion and firm performance was mediated by turnover rates of VPs. The positive relationship between pay dispersion and turnover rates was stronger in state-owned enterprises than in non-state-owned ones. |
Shen et al., 2011a | 19 ST companies and 19 non-ST companies from 2008 to 2009 | Top management team | Firm performance, TMT members’ average pay levels, shareholder monopolization | Logistic regression | Firm performance and TMT members’ average pay levels were related negatively to top management team’s clustered turnover. Shareholder monopolization was related positively to turnover clustering. | ||
Shen et al., 2011b | 19 ST companies and 19 non-ST companies from 2008 to 2009 | Top management team | Financial distress, shareholder monopolization, TMT members’ average pay levels | Logistic regression | Financial distress and shareholder monopolization related positively to top management team’s turnover clustering. TMT members’ average pay level was related negatively to top management team’s turnover clustering. | ||
Shen et al., 2016 | A Chinese hospital | All employees | Performance appraisal | Descriptive statistics | After a new performance appraisal system was implemented, turnover rates in a hospital dropped from 7.14% to 4.55%. | ||
Yang, 2013 | Chinese A-share listed companies | Top management team | Tournament theory; justice theory | Pay dispersion | Linear regression | Pay dispersion among top management teams was positively related to turnover rates. | |
Yang and Huang, 2008 | 64 top management teams | Top management team | Structural hole | Collective job satisfaction, trust, shared team vision, collective turnover intention, network intensity, structural hole, structural bridge, network centrality | EFA, CFA, SEM | The authors claimed that collective turnover intention and team social network structure were associated with turnover rates, but they did not report how these variables were measured and how the SEM model was tested. | |
Zhang et al., 2014 | A Chinese hospital | All employees | Work system | Descriptive statistics | After integrated medical care working mode was implemented in the hospital, turnover rates of nurses dropped. | ||
Zhao, 2016 | 419 firms listed in growth enterprise board from 2009 to 2014 | Top management team | Agency theory; prospect theory | Stock incentive, restricted stock | Linear regression | Stock incentive was positively related to management turnover rates, and restricted stock options were positively related to abnormal turnover rates. | |
Zhou, 2008 | 211 listed companies from 2004 to 2006 | Top management team | Social identity theory | Demographic heterogeneity | Hierarchical regression analysis | Age heterogeneity and education heterogeneity related significantly and positively to turnover rates. Team tenure was positively related to turnover rates, but the relationship was not statistically significant. | |
He and Liu, 2011 | 14 plants of a company from 2007 to 2010 | All employees | Productivity | Linear regression | Total turnover rates and involuntary turnover rates related positively to total defective rate. Total turnover rates, voluntary turnover rates, and involuntary turnover rates were positively related to defective rate caused by manpower. | ||
Xie, 2012 | 100 open-ended funds of 50 fund companies from 2008 to 2010 | Managers | Fund performance | Hierarchical regression analysis | Fund managers’ turnover rates was negatively related to fund performance. |