Long-Term Firm Performance and Chief Executive Turnover: An Empirical Study of the Dynamics
AbstractThis article examines the dynamics of chief executive turnover and its relation with firm performance, using a duration model incorporating up to ten years of firm performance. The estimation results are as follows. First, firm performance has a persistent effect on the chief executive's future turnover, except the performance in the early years of the executive's tenure. However, when we limit our analyses to the turnover in which the chief executive officer leaves the firm without retaining any other position, the effect of past performance fades more quickly. Second, after controlling for the effects of age and firm performance, the probability of chief executive turnover is significantly lower in the beginning and after ten years of a chief executive's tenure. Copyright 1996 by Oxford University Press.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Journal of Law, Economics and Organization.
Volume (Year): 12 (1996)
Issue (Month): 2 (October)
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- Pessarossi, Pierre & Weill, Laurent, 2012.
"Does CEO turnover matter in China? Evidence from the stock market,"
BOFIT Discussion Papers
21/2012, Bank of Finland, Institute for Economies in Transition.
- Pessarossi, Pierre & Weill, Laurent, 2013. "Does CEO turnover matter in China? Evidence from the stock market," Journal of Economics and Business, Elsevier, vol. 70(C), pages 27-42.
- Johansson, Anders C. & Feng, Xunan, 2013. "CEO Incentives in Chinese State-Controlled Firms," Working Paper Series 2013-27, Stockholm China Economic Research Institute, Stockholm School of Economics.
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