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Top Executives, Turnover, and Firm Performance in Germany

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  • Kaplan, Steven N

Abstract

This article examines executive turnover--for both management and supervisory boards--and its relation to firm performance in the largest companies in Germany in the 1980s. Turnover of the management board increases significantly with poor stock performance and particularly poor (i.e., negative) earnings, but is unrelated to sales growth and earnings growth. These turnover-performance relations do not vary with measures of stock owenrship and bank voting power. Supervisory board appointments and turnover also increase with poor stock performance, but are unrelated to other measures of performance. Copyright 1994 by Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Journal of Law, Economics and Organization.

Volume (Year): 10 (1994)
Issue (Month): 1 (April)
Pages: 142-59

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Handle: RePEc:oup:jleorg:v:10:y:1994:i:1:p:142-59

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  1. Stephen D. Prowse, 1990. "Institutional investment patterns and corporate financial behavior in the U.S. and Japan," Finance and Economics Discussion Series 108, Board of Governors of the Federal Reserve System (U.S.).
  2. Steven N. Kaplan, 1992. "Top Executive Rewards and Firm Performance: A Comparison of Japan and the U.S," NBER Working Papers 4065, National Bureau of Economic Research, Inc.
  3. Benjamin E. Hermalin & Michael S. Weisbach, 1988. "The Determinants of Board Composition," RAND Journal of Economics, The RAND Corporation, vol. 19(4), pages 589-606, Winter.
  4. Grundfest, Joseph A., 1990. "Subordination of American capital," Journal of Financial Economics, Elsevier, vol. 27(1), pages 89-114, September.
  5. Steven Kaplan & Bernadette Minton, 1993. "'Outside' Intervention in Japanese Companies: Its Determinants and Implications for Mangers," NBER Working Papers 4276, National Bureau of Economic Research, Inc.
  6. Hoshi, Takeo & Kashyap, Anil & Scharfstein, David, 1991. "Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups," The Quarterly Journal of Economics, MIT Press, vol. 106(1), pages 33-60, February.
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