Holding out for a hero: Linking hiring duration and managerial fit

Abstract Although prolonged executive vacancies are often viewed negatively, decision‐makers often extend the hiring duration in an attempt to identify the right fit. What is the relationship between the hiring duration and the level of fit in the new hire? Using the presidential hires of elite colleges and universities in the United States between 2005 and 2019, this study identifies the effects of executive search and vacancy durations on managerial fit. Findings indicate a nonlinear relationship between search duration and fit; longer searches lead to less fit in the short‐term, but this effect diminishes after roughly 77 weeks. Surprisingly, this effect is also dampened over time by longer vacancy duration, which acts as a moderator between search duration and fit. Thus, to the extent that decision‐makers are concerned about fit and short‐term performance, steps should be taken to reduce search duration as much as possible, unless a long vacancy is likely to be incurred.