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Changements de dirigeants et richesse des actionnaires:une analyse explicative multivariée

Author

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  • Isabelle Dherment-Férère

    (Université de Toulon et du Var)

Abstract

This paper investigates French market reactions to announcements of top managers successions over the period 1988-1992. The impact is examined from two different perspectives:1) in relation to the type of the change (the predecessor's departure may be forced or not and the successor may be an insider or an outsider); 2) in relation to the context in which the succession takes place (this is examined through three main variables:the company's size, its performance, and the degree of homogeneity of its industrial sector). The methodology used is the multiple linear regression with interactive effects.

Suggested Citation

  • Isabelle Dherment-Férère, 1998. "Changements de dirigeants et richesse des actionnaires:une analyse explicative multivariée," Revue Finance Contrôle Stratégie, revues.org, vol. 1(1), pages 71-97, March.
    • Handle: RePEc:dij:revfcs:v:1:y:1998:i:1:p:71-97
    as

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    References listed on IDEAS

    as
    1. Furtado, Eugene P. H. & Rozeff, Michael S., 1987. "The wealth effects of company initiated management changes," Journal of Financial Economics, Elsevier, vol. 18(1), pages 147-160, March.
    2. Parrino, R., 1992. "CEO Turnover and Outside Succession: A Cross-Sectional Analysis," Papers 54, Rochester, Business - Ph.D.,.
    3. Fama, Eugene F, 1980. "Agency Problems and the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 288-307, April.
    4. Bonnier, Karl-Adam & Bruner, Robert F., 1989. "An analysis of stock price reaction to management change in distressed firms," Journal of Accounting and Economics, Elsevier, vol. 11(1), pages 95-106, February.
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