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In addition, this research investigates the moderating role of network effects using cluster analysis. Using a system generalized method of moments (GMM) estimation of panel data obtained from Compustat and S&amp;P's Execucomp database, this study finds that it is less likely to have superior performance in the long-term for firms with frequent CEO turnover. While it is more likely to have better accounting performance over the short-term, but less likely to have superior market performance. This study further validates the moderating role of network effects. This article contributes to the research by providing new insights of CEO turnover effects on firm performance and investigating the moderation effect of network structure. 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