Factors in Top Executive Turnover: An Empirical Analysis of the Italian Listed Firms
AbstractThis paper aims to study the existing link between CEOs turnover and several variables that could explain the exit of a CEO. The survey takes performance measures into account as main variables. Besides performance variables the study includes: ownership structure variables; variables that highlight personal features of a CEO and the composition of the board; firm variables. The number of sampled Italian companies ranges from 134 to 218 over the period 1996-2002. Accounting returns explain the turnover much better than market measures of performance; CEOs of stateowned firms change more frequently than others; the stake of minority shareholders is positively related to the turnover; the presence of syndicates negatively affects the turnover. In Italy, accounting returns “count” much more than market-based performances.
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Bibliographic InfoArticle provided by SIPI Spa in its journal Rivista di Politica Economica.
Volume (Year): 95 (2005)
Issue (Month): 6 (November-December)
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Find related papers by JEL classification:
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
- J63 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Turnover; Vacancies; Layoffs
- L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
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