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If only I could sack you! Management turnover and performance in Great German Banks between 1874 and 1913

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  • Christian Bayer
  • Carsten Burhop

Abstract

We analyse the relation of firm performance and managerial turnover in 19th century German banking by probit estimation. This period covers a major reform of corporate governance. Before the reform performance and turnover were unrelated, whereas after the reform more successful managers left firms more seldom. However, only short-run performance matters in this turnover-success relationship.

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  • Christian Bayer & Carsten Burhop, 2009. "If only I could sack you! Management turnover and performance in Great German Banks between 1874 and 1913," Applied Economics Letters, Taylor & Francis Journals, vol. 16(2), pages 141-145.
    • Handle: RePEc:taf:apeclt:v:16:y:2009:i:2:p:141-145
    DOI: 10.1080/13504850601018205
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    Cited by:

    1. Bayer, Christian & Burhop, Carsten, 2009. "Corporate governance and incentive contracts: Historical evidence from a legal reform," Explorations in Economic History, Elsevier, vol. 46(4), pages 464-481, October.
    2. repec:jes:wpaper:y:2012:v:4:p:648-656 is not listed on IDEAS
    3. Cristina Boþa-Avram, 2012. "Managerial Ownership, Board Structure And Firm’S Performance: A Review Of Main Findings," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 4(4), pages 648-656, December.

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